The products will be available this year in the US, Europe and Asia, pending regulatory approval
[NEW YORK] Trump Media & Technology Group plans to work with Crypto.com on a lineup of “Made-in-America” investments – an arrangement that puts the president’s social media company in business with a Singapore-based firm that was locked in a legal battle with US regulators last year.
The Truth Social parent will sell exchange-traded funds (ETFs) tied to digital assets and other US-focused investments on a platform owned by Crypto.com, according to a statement on Monday (Mar 24). The products will be available this year in the US, Europe and Asia, pending regulatory approval. Crypto.com will supply the cryptocurrencies and technology underpinning them, and they will be available through Foris Capital, a New Hampshire-based platform it acquired last year.
President Donald Trump’s administration has been easing restrictions on the digital-asset industry. Within his first 100 days in office, the Securities and Exchange Commission (SEC) has abandoned or paused high-profile legal cases against companies including Coinbase Global and Binance Holdings.
Trump Media also revealed that its digital-currency ETFs will include Cronos, a virtual currency affiliated with Crypto.com. Cronos was not mentioned in earlier announcements about the financial products, which it plans to issue under the brand Truth.Fi.
In October, the SEC had filed a notice that it intended to sue Crypto.com for operating an unregistered securities exchange. Crypto.com fired back with its own lawsuit against the Wall Street watchdog, arguing that the regulator had overstepped. But in December, after Trump’s election victory, Crypto.com dropped its complaint.
“We look forward to working with the new administration to develop and advance clear regulations for the crypto industry,” a company spokesperson said.
Crypto.com chief executive officer Kris Marszalek also met with Trump at Mar-a-Lago to discuss political appointments related to the industry.
The president is Trump Media’s largest shareholder, with a US$2.4 billion stake that’s held in a trust controlled by his son, Donald Trump Jr. BLOOMBERG
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