Trump’s Media Venture to Collaborate with Singapore Crypto Firm
Trump Media & Technology Group is set to partner with Singapore-based Crypto.com, outsourcing its “Made-in-America” investment plans through exchange-traded funds (ETFs) according to an announcement on Monday. This agreement marks the social media company’s entry into a business relationship with the Singapore-based firm, which previously faced legal challenges from U.S. regulators.
The Truth Social parent plans to offer ETFs tied to digital assets and other U.S.-focused investments via the Crypto.com platform. Subject to regulatory approval, these products are slated to become available in the U.S., Europe, and Asia later this year. Crypto.com will provide the necessary cryptocurrencies and the underlying technology. These funds will be accessible through Foris Capital, a New Hampshire-based platform acquired by Crypto.com last year.
Former U.S. President Donald Trump attends the “White House Crypto Summit” in Washington on March 7.
The move comes amidst a period of relaxed regulations for the digital asset industry under the Trump administration. Within the initial 100 days of his term, the Securities and Exchange Commission (SEC) has either abandoned or paused high-profile legal proceedings against companies such as Coinbase Global and Binance Holdings.
Trump Media has also disclosed that its digital-currency ETFs are going to incorporate Cronos, a virtual currency associated with Crypto.com. Notably, Cronos wasn’t featured in the initial announcements regarding these financial products, which are slated to be issued under the Truth.Fi brand.
In the previous year, the SEC had notified its intention to sue Crypto.com for operating an unregistered securities exchange. Crypto.com responded with its own lawsuit against the financial watchdog, alleging overreach. However, after Trump’s electoral victory in December, Crypto.com withdrew its complaint.
“We look forward to working with the new administration to develop and advance clear regulations for the crypto industry,” the company stated at the time.
Representations of cryptocurrencies.
Crypto.com Chief Executive Officer Kris Marszalek also met with Trump at Mar-a-Lago for discussions on potential industry-related political appointments.
