Another absurdity has occurred, dear reader. The Trump Media and Technology Group (TMTG), largely owned by the illustrious President Donald Trump, has conjured up a new venture: Truth.Fi, a financial services firm and cryptocurrency playground.
According to the January 29 announcement, TMTG, in a partnership with the esteemed bank Charles Schwab, plans to offer personalized investment accounts, bespoke exchange-traded funds, and cryptoequivalents for the uninitiated.
TMTG CEO and Trump confidant Devin Nunes exclaimed that this development will “protect Americans” from Big Tech’s iron grip and function as a sanctuary for individual freedom – all while serving on the President’s Intelligence Advisory Board. Because, why not?
This latest shenanigan follows months of speculation that the Trump conglomerate was about to dive into the wonderful world of cryptocurrency. Like a ship sailing full-steam into a sea change – or perhaps a storm – digital asset regulation under the Trump administration is manifestly shifting.
Trump family bets big on crypto
In a show of faith, last September, President Trump unveiled World Liberty Financial, a decentralized finance (DeFi) platform, because why not? Everyone loves DeFi, right? At the time, the market was filled with skepticism regarding the strategy and viability of the venture.
Arkham Intelligence revealed that World Liberty has amassed a substantial stash of over $394 million in cryptocurrencies, including 62,000 Ether (ETH), 646 Wrapped Bitcoin (WBTC), and more than 19,000 Lido Staked Ether (stETH). The platform bought over $100 million worth of these little digital tokens on the President’s inauguration day, taking it all to the house, er… wallet!
World Liberty Financial went ahead and purchased a few Trump-related Ethereum Name Service (ENS) domain names, leaving everyone wondering what the Trumps have in store for the digital assets market.
Ethereum co-founder Joe Lubin quipped that buying ETH and securing domain names hint that the Trump family might establish business operations on Ethereum.
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2025-01-29 18:32