Trump Media and Crypto.com Form ETF Partnership

Trump Media is teaming with Crypto.com to launch a series of exchange traded funds (ETFs).

The president’s media company, owner of the Truth Social platform, announced the partnership Monday (March 24), saying the ETFs would “comprise digital assets as well as securities with a Made in America focus spanning diverse industries such as energy.”

Crypto.com will offer back-end technology support, custody and supply the cryptocurrencies for the ETFs, which are expected to include “a unique ETF basket of cryptocurrencies” such as bitcoin, cronos and other crypto assets, the announcement said.

Trump Media CEO Devin Nunes said the funds would incorporate “firms that concentrate on rapid growth, technological innovation, and strengthening the U.S. economy, unencumbered by woke nonsense and political posturing.”

The partnership comes nearly two months after Trump Media moved into the financial service/FinTech space with the launch of the Truth.Fi platform, focused on cryptocurrency and customized ETFs.

It’s all part of a series of crypto-related ventures tied to Trump. Just before announcing Truth.Fi, the president introduced a meme coin which has since become a form of accepted payment for some merchants.

The president has backed the notion of making the U.S. the “crypto capital of the world.” In a speech last week at the Blockworks Digital Asset Summit in New York Trump highlighted actions his administration has taken to achieve this goal.

These efforts include hosting the first White House digital asset summit, signing an executive order to establish the Strategic Bitcoin Reserve and the U.S. Digital Asset Stockpile, ending what he called the Biden administration’s “regulatory war on crypto and bitcoin.”

The administration has also called on Congress to pass “simple, commonsense rules” for stablecoins and market structure, Trump told the conference.

“With the right legal framework, institutions large and small will be liberated to invest, innovate and take part in one of the most exciting technological revolutions in modern history,” he said.

Bitcoin ETFs were approved by the U.S. Securities and Exchange Commission (SEC) last year, with the regulator’s then-Chair Gary Gensler saying that this approval should not be seen as an indication that the regulator is ready to approve other listed securities.

“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin,” Gensler said. “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”

With Gensler now replaced by a Trump appointee, that attitude toward crypto ETFs could change. As noted here in January, more than a dozen ETFs from crypto firms are awaiting approval from the SEC this year.