Trump Media is exploring the use of a crypto token and digital wallet for its streaming service Truth+. CEO Devin Nunes outlined plans for a utility token to pay for subscriptions and other products. Concerns over conflict of interest arise due to Trump’s crypto ventures and previous stake in World Liberty Financial, which he has ties to.
Trump Media and Technology Group, the company linked to former President Donald Trump, is reportedly looking to introduce a crypto token and digital wallet for its streaming service, Truth+. Devin Nunes, the CEO, mentioned plans in a letter to shareholders dated April 29. He noted that the idea is to create a utility token usable for Truth+ subscriptions and potentially other services within Trump’s range of platforms, which also include the social media site, Truth Social, and financial services platform Truth.Fi.
This isn’t the first time Trump Media hinted at venturing into cryptocurrency. Last November, the firm filed a trademark application with the US Patent and Trademark Office for software meant to serve as a digital wallet, allowing not only digital asset trading but also the processing of crypto payments through Truth.Fi. Truth+, which launched in October, caters to a politically conservative demographic with its lineup of movies and shows.
In recent developments, there’s been a binding agreement struck with Crypto.com and Yorkville America Digital, aimed at launching exchange-traded funds (ETFs) that will feature both cryptocurrencies and traditional stocks, particularly focused on “Made in America” initiatives, to debut on Truth.Fi. The company also stated back in January its intention to commit up to $250 million from its cash reserves into various financial products, including Bitcoin and other crypto assets. These would be managed by Charles Schwab, a notable asset manager.
However, the potential introduction of a utility token raises fresh questions regarding conflicts of interest. Trump’s dealings in the crypto realm could lead to ethical dilemmas given his previous actions. Notably, he placed his 59% stake in a trust last December to sidestep some of these issues. Nevertheless, concerns linger around his affiliation with World Liberty Financial, a platform where he serves as “Chief Crypto Advocate” and receives a share of the profits. Some senators are worried this could shape policy favourably for World Liberty, which is majority-owned by the Trump family.
Further complicating the narrative is Trump’s controversial launch of his memecoin, Official Trump (TRUMP), on January 18—as he prepared to return to the White House. Critics argue that these crypto ventures posit significant conflicts of interest and potential insider trading concerns for the former president.
