The Trump Media and Technology Group (TMTG) is pushing for a utility crypto token and wallet launch tied to its video streaming site, Truth+. The move is part of a broader push to integrate blockchain technology into the conservative social media site’s overall business model.
The media group has already written a letter asking shareholders for their approval. In the letter, they detailed that the token could help drive the growth of their wider ecosystem in the current financial environment.
TMTG said the utility token will act as the “backbone” of a crypto-powered engagement system that incentivizes users to be active on the platform.
The token’s launch date, distribution structure, and name are under wraps. Still, early discussion indicates the token will likely be designed for platform-native actions such as tipping, boosting content, and participating in decision-making processes.
Trump Media plans to invest $250 million in crypto products and services
TMTG CEO Devin Nunes, in the shareholders’ letter, shared the background of how each platform began. He started with Truth Social, explaining they launched it to provide a space free from censorship and to give Americans their voices back. He then affirmed they released Truth+ to provide a platform for canceled newscasters and content or those at risk of cancellation.
Then, he discussed Truth.Fi, claiming its purpose is to serve millions of investors who believe in America’s great economic power.
Nunes then proceeded to push for their planned utility crypto token. He wrote, “We’re exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs and later be applied to other products and services in the Truth ecosphere.”
He also highlighted that the crypto token and wallet were intended to be elements of a rewards program that Trump Media is developing for its platforms, including Truth Social and the financial service Truth.Fi.
The media group had first hinted at intentions to launch a crypto payment project in November 2024 when it submitted a trademark application with the US Patent and Trademark Office. The organization sought a trademark for computer software as a digital wallet, payment processing for crypto and fiat, and trading in digital assets.
The TMTG has even signed a formal deal with exchange Crypto.com and asset manager Yorkville America Digital to introduce exchange-traded funds (ETFs) dealing with crypto assets and stocks on the Truth.Fi platform.
Moreover, the media group plans to invest up to $250 million of its cash reserves into Bitcoin and other crypto tokens or crypto-related securities.
President Trump received backlash over his ties in the crypto space
Nevertheless, if TMTG releases its planned utility crypto token, it may fuel more concerns about President Trump’s conflict of interest.
Trump’s family is now knee-deep in the crypto world. Aside from NFT launches, the President and his family have built ties to the DeFi world.
Trump has already received a lot of backlash over his ties to the World Liberty Financial. He is still the firm’s Chief Crypto Advocate and still receives part of the company’s gains. Not to mention, his family still has a 60% stake in WLFI.
He was also heavily criticized for launching his TRUMP memecoin just two days before he assumed office.
Analysts and political counterparts are worried that the President’s crypto projects may interfere with his responsibilities or pose legal challenges over abuse of authority later.
These concerns come as the Trump administration adopts an aggressively pro-crypto regulatory stance. Since taking office as the 47th president, Trump has authorized the creation of a strategic reserve for Bitcoin and other cryptocurrencies, welcomed top crypto industry figures to the White House, pushed for legislation related to stablecoins, and accompanied the scaling back of federal crypto enforcement efforts.
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