Trump Media has entered into a non-binding agreement with the cryptocurrency exchange Crypto.com, aiming to introduce a range of exchange-traded funds (ETFs) that will focus on digital assets and securities.
According to a statement released on March 24, the collaboration involves Trump Technology Group Corp (TMTG), which oversees the social media platform Truth Social as well as the fintech brand Truth.Fi. This initiative is still pending regulatory approval.
The ETFs are expected to debut later this year through Crypto.com’s broker-dealer branch, Foris Capital US LLC. The funds will highlight a "Made in America" theme by including various digital assets and securities.
Crypto.com will supply the necessary infrastructure and custody solutions, providing the cryptocurrencies for these funds, potentially comprising a range of tokens, including Bitcoin. The ETF offerings are projected to reach a global audience, with accessibility across existing brokerage platforms in the U.S., Europe, and Asia.
Kris Marszalek, co-founder and CEO of Crypto.com, stated, “Once launched, these ETFs will be accessible on the Crypto.com App for our more than 140 million users worldwide.”
Additionally, the ETFs are anticipated to be unveiled alongside a lineup of Truth.Fi Separately Managed Accounts (SMA), which TMTG intends to bolster with its financial reserves.
This possible ETF rollout adds to the growing list of crypto-related initiatives associated with former U.S. President Donald Trump.
However, Democratic lawmakers have raised concerns about potential conflicts of interest stemming from Trump’s presidential responsibilities in light of the Trump Organization's ownership of World Liberty Financial, a crypto platform, in addition to the TRUMP memecoin that was launched just three days prior to his inauguration.
House Representative Gerald Connolly recently labeled the TRUMP token a “money grab,” claiming it has enabled Trump-connected entities to profit over $100 million in trading fees. Furthermore, Democrat Maxine Waters criticized the memecoin on January 20, describing it as a rug pull that exemplifies “the worst of crypto.”
