Trump Media Ponders Crypto Token and Wallet for Streaming Venture

The Trump Media and Technology Group, which supports an American president named Donald Trump, is contemplating adding a cryptocurrency token along with a digital wallet feature to their upcoming video-streaming platform called Truth+.

"In an April 29 letter to shareholders, Devin Nunes, the CEO of Trump Media, mentioned that they are considering the launch of a utility token inside the Truth digital wallet. This token would first be usable for covering expenses related to the Truth+ subscription, with future plans to extend its use to various other offerings within the Truth ecosystem," he stated.

He mentioned that the crypto token and wallet will be included in a rewards system being considered by Trump Media for use across all their platforms. These platforms encompass Truth Social, a social media site, as well as Truth.Fi, which offers financial services.

Trump Media first signaled plans for a potential crypto payments venture last November when it filed a trademark application with the US Patent and Trademark Office for computer software aimed at operating as a digital wallet, facilitating digital asset trading and processing cryptocurrency payments on Truth.Fi.

Truth+ was introduced in October, providing primarily movies and series aimed at a predominantly politically conservative viewership.

Trump Media signed a binding agreement In collaboration with the cryptocurrency exchange Crypto.com and asset management firm Yorkville America Digital, plans are underway to introduce exchange-traded funds (ETFs). These ETFs aim to incorporate both cryptocurrencies and stocks with an emphasis on "Made in America." The initiative is set to debut on Truth.Fi.

The firm announced in January its intention to allocate up to $250 million from its cash holdings into various financial instruments, such as Bitcoin. BTC and various cryptocurrency tokens orcrypto-linked financial instruments, which would be held in custody by an asset manager. Charles Schwab .

Greater possibility for conflicts of interest

The launch of a Trump Media utility token would only heighten concerns about the president’s crypto-related ventures potentially conflicting with his duties. Trump, however, transferred He converted his 59% stake into a trust back in December.

Related: Trump’s initial 100 days were deemed 'the worst in history' even with his crypto pledges.

Trump has also been criticized for backing the crypto platform World Liberty Financial , where he’s titled the company’s “Head Cryptocurrency Champion” and receives a share of its earnings.

Several senators have expressed worries that Trump's impact on policies might favor World Liberty, a company in which his family holds a 60% stake.

Trump faced criticism as well for the controversial launch Of his meme coin, Official Trump (TRUMP), on January 18th — merely two days prior to his return to the White House.

Magazine: Trump's forays into cryptocurrency spark concerns about conflicts of interest and insider trading.