Crypto Plans of Trump's Social Media Platform

President-elect Donald Trump's social media company, Truth Social, is exploring the world of cryptocurrency. The company filed a trademark application for TruthFi, a cryptocurrency payment processing platform. The application mentions various uses like card payment processing, asset management, and trading digital assets. It's unclear if and when this service will launch, but it could help the company branch out beyond social media. This move raises some concerns about conflicts of interest. Trump and his family have businesses that could benefit from decisions made by his administration. Richard Painter, an ethics lawyer from the George W. Bush administration, said that while there's no law against it, Trump should consider selling his assets to avoid ethical issues.

The news comes after Trump's election win, which was partly supported by the crypto industry hoping for friendlier regulations. Trump has promised to make the U. S. the "crypto capital of the planet" and create a national cryptocurrency reserve. He's also expected to appoint crypto-friendly regulators, which could help his company. Just days before, reports said Trump Media was in talks to buy crypto trading platform Bakkt. Trump also has other crypto ventures, like World Liberty Financial. Lately, he chose Howard Lutnick, a crypto supporter, to lead the Commerce Department.

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