According to recent reports, Donald Trump’s media agency has just registered the trademark “Truthfi” in preparation for the launch of a new crypto service.
A few days ago, an application was filed with the United States Patent and Trademark Office (USPTO), following the recent news of the acquisition of the Bakkt exchange.
Now it seems that the new President has all the resources to launch their own platform dedicated to the exchange of digital assets.
All the details below.
Trump Media and Technology Group in negotiations with the crypto platform “Bakkt”
Before the registration of “Truthfi”, the Trump Media and Technology Group had made an offer for the acquisition of the crypto exchange Bakkt.
The agency of the new President would have offered as much as 150 million dollars, as cited in a report by the Financial Times, to take over the business.
The news caused the stock to soar, with a 160% increase in just one day, demonstrating the strong interest of investors.
In the meantime, even the new all-time highs reached by Bitcoin just below 100,000 dollars, further stimulating mainstream interest in the crypto industry.
🔥 The crypto landscape is shifting dramatically.$BAKKT is on the brink of explosive growth, buoyed by Trump’s pro-crypto agenda and soaring institutional interest. With shares skyrocketing over 160%, this isn't just a trend—it’s a potential paradigm shift!
Meanwhile,… pic.twitter.com/tuVg9mdDlc
— Tim Urista (@UristaTim) November 19, 2024
This move is part of the plans reported in the election campaign by the Republican where there was talk of making the United States the capital of the crypto world.
At the moment it is still unknown whether the offer has been accepted by Bakkt and what waiting times there will be for the official transition in case of a positive outcome.
We don’t even know what role the new platform will play at Donald Trump’s federal leadership and how it will differ from other private exchanges.
What is intuitive is that it will be part of the growing US crypto ecosystem, led by the recent DeFi project “World Liberty Financial”.
Trump’s media company, which also manages the social media “Truth”, will certainly have a crucial role in the organization and management of this new apparatus.
Howard Lutnick, CEO di Cantor Fitzgerald, could also take on a significant role in this context having just been appointed head of the commerce department.
For the moment, it seems that Trump is keeping the promises made during the election period, pushing for a political agenda with a focus on crypto.
Trademark “Truthfi” registered: all set for the launch of President Donald Trump’s crypto exchange
As reported by an official filing with the USPTO, Donald Trump’s media agency has officially registered the trademark “Truthfi”, related to his pro crypto intentions.
Based on what is written, “Truthfi” will serve as the name linked to a software for processing and custody of payments for crypto.
In detail, we find indications related to card payment processing services, asset management, custody service, and trading of digital assets.
It is essentially a new platform that offers financial services in the crypto world, with a parallel implementation of fiat channels.
From the name, it is understandable that this sort of crypto exchange will be somehow connected to Donald Trump’s social media Truth.
Source: https://www.uspto.gov/
The launch date of Truth is not yet known, just as it has not yet been presented to the U.S. public. For the moment, it remains only an evident speculation of a probable future move by Trump.
We could reasonably expect to receive new updates regarding the republican from now until the end of January.
We remind you in this regard that on January 20, 2025, Gary Gensler, current president of the SEC, will resign as part of Trump’s political agenda.
That could be the perfect opportunity for the inauguration of the new crypto platform, celebrating the beginning of a new era away from the clutches of the democrats.
Until today, in fact, Gary Gensler has tried on several occasions to put a spoke in the wheels of the expansion of the crypto industry in the country.
His resignation marks a milestone for the development of blockchain technology in the United States and could be celebrated under the name Truthfi.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024
Truthfi and the conflicts of interest between presidency and entrepreneurship
Despite the enthusiasm of the crypto community for the registration of the trademark “Truthfi”, there are still some democrats trying to attack Trump.
Richard Painter, the chief ethics lawyer of the George W. Bush administration, pointed out how there is a strong conflict of interest between the Republican and his initiatives.
At stake, there would be economic issues that are independent of the new President’s cabinet appointments, resulting in a strong contrast.
Here is what was reported in a note by Painter, also indicating the problematic situation in the field of regolamentazione of the crypto sector:
“It is a big problem but it is not a specific problem of Trump. “Just as it is a big problem that members of Congress trade crypto while failing to pass legislation that regulates cryptocurrency and accept huge amounts of donations from the cryptocurrency industry.”
In the United States, the laws on criminal conflict of interest do not apply to the president, vice president, and members of Congress. However, Trump could certainly benefit from his dual position as a politician and entrepreneur.
Already with his victory in the elections, he achieved a good profit from the growth of the companies related to it.
Furthermore, the news of the registration of the trademark “Truthfi” raises even more questions about how Trump will handle this situation.
The democrats suggest that the President should divest personal assets and those of his media organization to avoid the conflict of interest.
It’s a pity that today the democrats have very little say in the matter, especially after stifling the technological innovation of an entire country for several years.
Trump’s plans are much larger than developing a national crypto exchange and encouraging the development of the industry.
The new President aims at the creation of a national Bitcoin reserve, with a target of 1,000,000 coins, elevating the USA to a global cryptographic hub.
This is just the beginning of a new era, made of crypto and blockchain.