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 it described as a cryptocurrency payment processing platform.
The trademark application includes few specifics but lists numerous potential applications for TruthFi, including digital wallets, card payment processing services, asset management, custody service and trading in digital assets.
It’s not clear how far along Trump Media is in evaluating a crypto payment service or whether the Trump-owned public company will ultimately launch such a platform. A move into crypto could be a way to diversify beyond social media.
“The fact that the application was filed indicates there is significant discussion within the company about offering cryptocurrency related products and services,” said Josh Gerben, a trademark attorney based in Washington DC. who noticed the Trump Media trademark application. “The filing was specifically made to protect the idea of expanding the company’s Truth brand to the cryptocurrency world.”
Trump Media did not respond to a request for comment.
The trademark application illustrates the thorny conflict-of-interest issues raised by Trump’s election victory and his sprawling business empire. Trump and his family members own businesses that stand to gain from crucial decisions his administration will make, including on federal regulation.
“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 like it’s a huge problem that members of Congress are trading crypto while they fail to pass legislation regulating crypto and accept huge amounts of donations from the crypto industry.
Painter, who is a law professor at the University of Minnesota, said that criminal conflict of interest laws do not apply to the president, vice president of members of Congress. Still, he said Trump should clearly take steps to address the ethical challenges posed by his financial interests.
“President Trump ought to do what every other president has done: Divest personal assets, Trump Organization assets, everything that creates a conflict of interest with his official duties. And that includes Truth Social and crypto,” Painter said.
Of course, Trump did not divest his assets during his first term and has given no indication he will this term. In fact, days after his victory, Trump dismissed rumors he could sell shares in Trump Media by posting on Truth Social: “I HAVE NO INTENTION OF SELLING!”