Trump media enters the encryption payment? The new registered trademark 'TruthFi' has sparked heated discussion, worth following up!

The Trump campaign expands its digital financial territory

Trump Media & Technology Group (TMTG) recently submitted a trademark application to the US Patent and Trademark Office for a project called 'TruthFi', planning to develop a Crypto Assets payment platform.

Image source: USPTO. Trump Media & Technology Group has submitted a trademark application to the United States Patent and Trademark Office for the name 'TruthFi'.

According to The New York Times, the platform will provide services such as cryptocurrency payment processing, digital asset custody, and Virtual Money trading. As soon as this news came out, the TMTG stock price rose by about 2%, with a trading price of $30.49 at the time of writing, an increase of nearly 75% since the beginning of this year. It is worth noting that although this trademark application does not provide detailed operational details and timeline planning, the industry generally believes that this represents TMTG's active layout in the digital financial field, trying to expand its business scope.

Washington trademark lawyer Josh Gerben said: "In general, if a client applies for a trademark, it usually means that there is indeed a specific plan in progress behind it, and companies often push related business in the years following the application."

Potential Mergers and Market Strategies

With fewer than 40 employees, TMTG may need to strengthen its technical capabilities and operational capacity through acquisition or strategic cooperation to realize the ambitious plan of the encryption payment platform. According to the previous report of 'Encryption City', TMTG is in talks with Cryptocurrency trading platform Bakkt for acquisition, which immediately triggered market attention, causing Bakkt's stock price to surge by about 140% in a short period of time. Despite financial pressures, Bakkt's mature trading infrastructure could provide important support for TMTG's entry into the Cryptocurrency market. Although Bakkt has stated that it 'does not respond to market rumors', analysts point out that if this potential acquisition deal becomes reality, it will bring significant technological and talent advantages to TMTG, helping to accelerate the development process of TruthFi.

Trump's policy trends have triggered a series of market changes

With Trump set to take office as President of the United States in January 2024, his Cryptocurrency policy planning has begun to unfold gradually, causing a strong response in the market. The current Securities and Exchange Commission (SEC) chairman Gary Gensler has announced his resignation before Trump takes office, and Federal Deposit Insurance Corporation (FDIC) chairman Marty Gruenberg will also step down on January 19th.

Image source: X SEC Chairman Gary Gensler announced he will step down on January 20 next year

The turnover of senior officials in these regulatory agencies, coupled with the friendly policies that the Trump camp may adopt, has driven the encryption currency market to soar across the board, and the overall market capitalization has surpassed $3.4 trillion. Among them, XRP rose by 7%, reaching a three-year high, and BTC also approached $99,000 at one point.

Market reports indicate that the Trump team is considering appointing the White House's first Cryptocurrency advisor, with former Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo seen as a key candidate. At the same time, Wyoming Senator Lummis has proposed purchasing 4% of the circulating BTC supply in the next five years, and has suggested that the Federal Reserve convert some of its gold reserves to establish a larger-scale American BTC position.

From social media to the transformation of fintech

TMTG's main business is currently operating the social media platform Truth Social, which was established in 2022 after Trump was blocked by Facebook and X (formerly Twitter). Although the revenue in the third quarter is slightly higher than 1 million US dollars, mainly from the advertising revenue of Truth Social, the company's market capitalization still reaches 6.5 billion US dollars.

It is worth noting that although Trump himself does not hold an official position in TMTG, he owns 53% of the company's shares, estimated to be worth about $3.4 billion. His eldest son, Trump Jr., also serves on the board of directors, and the company's top management is mostly composed of loyalists to the former president. Market analysts pointed out that Trump's attitude towards cryptocurrency has recently undergone a significant change, from previous skepticism to support. During the campaign, he promised to reduce regulatory restrictions and stated that the future SEC chairman would adopt a more relaxed regulatory stance towards cryptocurrency.

The Trump family launched their own cryptocurrency project, 'World Liberty Financial', this year. It is widely believed that the future regulatory policy adjustments by the Trump administration may directly benefit these related companies. However, as of now, TMTG has not made an official statement regarding the TruthFi project or its cryptocurrency development vision. The market is still closely following its subsequent actions.

"Trump Media Enters Encryption Payment? The newly registered trademark "TruthFi" has attracted heated discussions, and it is worth following in the future!' This article was first published in 'Encryption City'