The president-elect Trump, who supports cryptocurrencies, was reported earlier this week that his media and technology company (Trump Media and Technology Group, TMTG) is in deep negotiations to acquire the cryptocurrency trading platform Bakkt, which is owned by Intercontinental Exchange (ICE), causing great attention.
And just yesterday (22nd), according to a document on the website of the United States Patent and Trademark Office (USPTO), TMTG submitted a new trademark application for "TruthFi" on November 18, which seems to indicate that Trump will further enter the cryptocurrency market.
What businesses does "TruthFi" include?
Regarding this application, well-known US trademark and patent attorney Josh Gerben also posted on Twitter stating that the application filed by Trump Media indicates that it may provide the following services in the future:
- Digital wallets
- Financial analysis and data research
- Cryptocurrency payment services
- Financial asset management
- Digital asset trading
Trump Media has filed a new trademark application for:
"TruthFI"
The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer:
1. Digital wallets
2. Cryptocurrency payment processing services
3. A digital asset trading platform#Trump #TruthSocial pic.twitter.com/24J6J8xjuC
— Josh Gerben (@JoshGerben) November 21, 2024
However, it is worth noting that Gerben also pointed out in the analysis that although these signs indicate that Trump Media may be involved in these cryptocurrency-related businesses in the future, we do not know the current progress. In addition, it will take 1 year or 1.5 years for the USPTO to complete the review of the registration application for this product.
Trump Media stock price has risen 10.52% in the last 5 days
We know that before Trump won the presidential election, Trump Media's stock price had been falling due to the uncertainty of the election. However, after Trump's victory, the stock price of Trump Media has improved, closing at $30.77 last night, up slightly by 1%, and has gained more than 10% in the last 5 days.
Trump sets up a cryptocurrency advisory council
It is worth mentioning that although Trump will not officially take office until January 20 next year, there have been frequent reports recently about Trump's positive actions on cryptocurrency policy.
For example, according to a recent Reuters report, several digital asset industry leaders, including Ripple, Kraken and Circle, have revealed that they are vying for seats on the cryptocurrency advisory council promised by President-elect Trump, in an attempt to exert influence on his US policy reform plan.
According to two sources, the cryptocurrency advisory council may be under the National Economic Council of the White House, which is responsible for coordinating and implementing the president's economic policies, or it may be set up in a separate department within the White House.
The council is expected to provide advice on digital asset policies, work with Congress to develop cryptocurrency-related legislation, assist in establishing the Bitcoin reserve promised by Trump, and coordinate cooperation between the SEC, CFTC, and the Treasury Department.
