Trump Media’s Bold Move into Crypto with ETFs Focused on Digital Assets
Trump Media has announced a non-binding agreement with Crypto.com to launch a series of exchange-traded funds (ETFs) in the United States. The collaboration involves Trump Technology Group Corp (TMTG), the operator of the social media platform Truth Social and the fintech brand Truth.Fi. The agreement, which is still subject to regulatory approval, could see these ETFs launched later this year, according to a March 24 statement from Trump Media.
ETFs Featuring Digital Assets and “Made in America” Focus
The planned ETFs will include a blend of digital assets and securities with a “Made in America” focus. These funds will be launched through Crypto.com’s broker-dealer, Foris Capital US LLC. The cryptocurrencies included in the ETFs are expected to feature popular digital assets such as Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP (XRP), and Cronos (CRO), among others.
Infrastructure and Custody Services by Crypto.com
Crypto.com will provide the necessary infrastructure and custody services for these cryptocurrencies. According to Kris Marszalek, the co-founder and CEO of Crypto.com, the ETFs will be made available internationally, including in Europe and Asia, in addition to the US. The products will be accessible to over 140 million users globally via the Crypto.com App.
TMTG’s Involvement and Future Plans
The launch of the ETFs will be accompanied by Truth.Fi Separately Managed Accounts (SMA), a project that TMTG plans to invest in using its cash reserves. This partnership marks yet another crypto-related venture for Trump Media, signaling a growing involvement in the cryptocurrency sector.
Political Controversy Surrounding Trump’s Crypto Ventures
While the launch of the ETFs could attract widespread attention, Democratic lawmakers have raised concerns about potential conflicts of interest. Representative Gerald Connolly criticized Trump-linked entities, such as the TRUMP memecoin, suggesting that these ventures may be aimed at profiting from trading fees. Democrat Maxine Waters also voiced concerns about the TRUMP token, calling it a “money grab” and a “rug pull” in the crypto market.
The Trump Media and Crypto.com partnership, if successfully launched, will mark a significant moment in the intersection of politics and digital assets, further intertwining the cryptocurrency sector with mainstream financial products.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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