President Donald Trump’s Truth+ video streaming app is considering releasing a utility token.
Devin Nunes, the chief executive and chairman of the Trump Media & Technology Group (TMTG), says in a new shareholder letter that the firm is exploring a token and a “Truth digital wallet.”
Nunes, a former member of Congress, says the token could be used to pay for Truth+ subscription costs and “later be applied to other products and services in the Truth ecosphere.”
Trump’s controversial Solana (SOL)-based memecoin, TRUMP, ticked down after the news. The 48th-ranked crypto asset by market cap is trading at $12.70 at time of writing and is down more than 7% in the past 24 hours.
In January, TMTG announced a partnership with financial services giant Charles Schwab to launch Truth.Fi, a fintech firm with crypto services.
As a means of diversifying the firm’s reserves, TMTG’s board has approved an investment of $250 million to be custodied by Charles Schwab, which could go toward investment vehicles, exchange-traded funds (ETFs), separately managed accounts (SMAs), as well as Bitcoin (BTC) and other digital assets.
In the recent shareholder letter, Nunes says the first two Truth.Fi products will be slates of customized SMAs and ETFs.
“Both products will have an America-First theme, focusing on a diverse set of companies across multiple industries, with the ETFs offering both cryptocurrencies and traditional equities.
To launch our financial products, Trump Media partnered with top-quality companies that have great synergy with our business and vision. We’ve joined with Index Technologies Group and Yorkville America Equities to develop the SMAs, and with Crypto.com and Yorkville America Digital to develop the ETFs.
Trump Media is planning to invest, alongside you, in these products via its own cash reserves.”
Trump’s ventures in the crypto world have generated significant public criticism: Ethereum (ETH) founder Vitalik Buterin said earlier this year that political coins represented “vehicles for unlimited political bribery.”
In a February letter to the U.S. Department of Justice (DOJ) and the Office of Government Ethics, officials at the nonprofit consumer advocacy organization Public Citizen argued that Trump’s memecoin could be in violation of federal law regulating gifts to government officials.
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