Trump’s social media company explores crypto payment service called TruthFi – Boston News, Weather, Sports

New York (CNN) – Truth Social, the social media platform owned by President-elect Donald Trump, appears to be exploring a move into the crypto space.

Trump Media & Technology Group filed a trademark application earlier this week for TruthFi, which he described as a cryptocurrency payment processing platform.

The trademark application includes few details, but lists numerous potential applications for TruthFi, including card payment processing services, asset management, custody service and digital asset trading.

It’s unclear how far along Trump Media is in evaluating a cryptocurrency service, or whether the public Trump-owned company will eventually launch such a platform. A move into crypto could be a way to diversify beyond social media.

Trump Media did not respond to a request for comment.

The trademark filing illustrates the thorny conflict-of-interest issues raised by Trump’s election victory and his sprawling business empire. Trump and members of his family own businesses that stand to gain from crucial decisions his administration will make, including on federal regulations.

“It’s a huge problem, but it’s not a Trump-specific problem,” said Richard Painter, the top ethics lawyer in the George W. Bush administration. “Just as it is a huge problem that members of Congress trade crypto while failing to pass legislation regulating crypto and accepting huge donations from the crypto industry.

Painter, who is a law professor at the University of Minnesota, said criminal conflict of interest laws do not apply to the president, the vice president to members of Congress. Still, he said Trump should clearly take steps to address the ethical challenges his financial interests pose.

“President Trump should do what every other president has done: divest his personal assets, the assets of the Trump Organization, anything that creates a conflict of interest with his official duties. And that includes Truth Social and crypto,” Painter said.

The brand news comes just weeks after Trump’s election victory, a victory fueled in part by strong support from a crypto industry desperate for a friendlier settlement from Washington.

Trump will soon be able to return the favor — while potentially cashing in on the crypto boom his election helped turbocharge.

Trump, who once bashed bitcoin but has since embraced it, promised during the campaign to make the United States the “crypto capital of the planet” and create a national cryptocurrency reserve.

When he takes office in January, Trump is expected to call for regulators to boost the crypto industry, moves that could help the company in which he owns a controlling stake.

Trump has promised to replace one of the crypto industry’s biggest enemies: Securities and Exchange Commission Chairman Gary Gensler. Gensler announced On Thursday, he will resign on January 20, when Trump will be inaugurated. Analysts anticipate that Trump will pick an SEC chair that accepts cryptocurrencies.

The trademark application for a crypto payment service comes just days after The Financial Times reported that Trump Media is in advanced talks to acquire crypto trading platform Bakkt. The report sent Bakkt shares soaring more than 160%.

Bakkt issued a statement on Tuesday, saying it was “aware of the rumors” that have appeared in the media about a potential deal, but did not “comment on rumors or market speculation.”

Beyond Trump Media’s potential move into crypto payments, Trump has numerous other crypto ventures, including a business launched in September called World Liberty Financial.

Earlier this week, Trump tapped Cantor Fitzgerald CEO Howard Lutnick to lead the Commerce Department. Lutnick became a prominent cheerleader for cryptocurrency firm Tetherwhich has been affected by investor concerns about its operations.