Trump Organization Explores Incorporating Cryptocurrency Payments and Trading Options

The soon-to-be-inaugurated President Donald Trump has made headlines with his venture into social media through his enterprise, Trump Media & Technology Group (TMTG), which, according to recent reports, submitted a trademark request on Monday (Nov. 18) for ‘TruthFi,’ a proposed service dealing with cryptocurrency transactions, safeguarding financial assets, and digital asset exchange.

Although the filing provided scant details regarding this initiative or its potential deployment, this move represents a potential expansion for the company beyond its primary venture, Truth Social, with the development being highlighted by The New York Times on Thursday (Nov. 21).

Josh Gerben, a trademark attorney from Washington, commented in the publication that although a trademark application can be used to secure a name temporarily, typically spanning a few years, the common practice is to file with the intention of actual use.

“Most times when a client is filing the application, there’s usually some activity in the works,” Gerben explained.

Prior reports on Monday (Nov. 18) indicated that TMTG was in deep discussions to negotiate the acquisition of the cryptocurrency exchange platform, Bakkt, which was launched and is managed by Intercontinental Exchange, the entity behind the New York Stock Exchange. In June, reports surfaced that Bakkt was contemplating different strategic options with the assistance of a financial advisor.

Following Trump’s election win, TMTG has gained significant traction as one of the most actively traded equities, now boasting a valuation of $6 billion and empowering the firm to pursue acquisitions.

In the wake of the Nov. 5 election, both Bitcoin and the broader cryptocurrency market have surged to new heights, as investors wager on the cryptocurrency industry reaping benefits from Trump’s endorsement.

During his campaign, Trump committed to transforming the United States into the global epicenter for cryptocurrencies, contrasting with the crypto industry’s criticism of experiencing “regulation by enforcement” during President Joe Biden’s tenure, as reported by PYMNTS on Nov. 6.

The President-elect has pledged to designate a new SEC Chair who harbors a more favorable view towards cryptocurrencies as opposed to the incumbent, Gary Gensler, which leads to speculation of an SEC with a more relaxed approach under new leadership.

It was additionally reported Monday (Nov. 18) that Trump was convening with the CEO of Coinbase, Brian Armstrong, to deliberate on strategic staffing decisions for the oncoming administration.