Malaya Ruiz
Trump Media & Technology Group (TMTG), the company behind Truth Social, has filed for a trademark for TruthFi, described as a platform intended to provide cryptocurrency payment solutions. This development represents the latest indication of the president-elect’s support for the cryptocurrency industry.
The application, which was filed with the U.S. Patent and Trademark Office (USPTO) on Monday, outlined a platform designed to facilitate payment processing for cryptocurrency and fiat currencies, provide financial custody solutions, and enable trading of digital assets.
Josh Gerben, a trademark attorney from Washington, told The New York Times that Trump Media’s filing aimed to secure the TruthFi name for a potential crypto venture. He noted that businesses can reserve a name for several years but usually file trademark applications with plans to actually use the name.
“In my experience, most of the time if a client is going to file an application, there is something going on,” he said.
Following the announcement of the trademark filing, Trump Media shares saw an increase of approximately 2%, reaching $31.04 at the time of reporting.
Currently valued at $6.61 billion, TMTG has rapidly gained status as one of the most actively traded stocks in the wake of Trump’s election victory.
Despite having no official role at Trump Media, Trump owns approximately 53% of its stock, valued at $3.4 billion, the highest asset in his holdings. His eldest son, Donald Jr., sits on the board filled with many of the president-elect’s loyal supporters.
The Trump Effect
The Shib Daily has reported that TMTG is close to an all-share purchase of crypto trading platform Bakkt, which could bolster the Trump brand’s role in the crypto space and align with his campaign’s support for digital assets.
Additionally, Trump’s team is reportedly meeting with industry leaders to evaluate the need for a dedicated role for digital assets. If implemented, this would be the first instance of a U.S. administration designating a high-level position specifically for digital assets. Industry supporters are pushing for this new role to have direct communication with the president.
A major legislative focus that has been gaining traction in the wake of Trump’s electoral success is the establishment of a strategic Bitcoin reserve through the Bitcoin Act, originally introduced by Senator Cynthia Lummis (R-Wyo.). This initiative may spark increased interest from institutions and governments, which could possibly result in Bitcoin’s substantial growth and increased value.
Read More
- Shibarium Dominates: Crushing TVL Records, Surpassing 8M Blocks
- Teresa Goody Guillén Pushes for SEC Overhaul as Gensler Prepares to Exit
- The Shib Crypto Recap: Thursday
Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
