Trump Media looks to partner with Crypto.com to launch ETFs

Trump Media has signed a non-binding agreement with Crypto.com to launch a series of exchange-traded funds in the US.

Trump Technology Group Corp (TMTG) — the operator of the social media platform Truth Social and fintech brand Truth.Fi — is also part of the agreement, which is subject to regulatory approval, according to a March 24 statement from Trump Media.

The parties plan to launch the ETFs later this year through Crypto.com’s broker-dealer, Foris Capital US LLC. The ETFs will consist of digital assets and securities with a “Made in America” focus.

Crypto.com will provide the infrastructure and custody services to supply the cryptocurrencies for the ETFs, which may include a basket of tokens, including Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP (XRP) and Cronos (CRO).

The parties involved expect the ETFs to be widely available internationally, including in the US, Europe and Asia across existing brokerage platforms.

”Once launched, these ETFs will be available on the Crypto.com App for our more than 140 million users around the world,” Crypto.com co-founder and CEO Kris Marszalek said.

The ETFs are anticipated to launch alongside a slate of Truth.Fi Separately Managed Accounts (SMA), which TMTG also plans to invest in with its cash reserves.

Related: Who’s running in Trump’s race to make US a ‘Bitcoin superpower?’

The potential ETF launch would mark yet another crypto-related endeavor involving US President Donald Trump.

However, Democratic lawmakers say that conflicts of interest have already arisen between Trump’s presidential duties and the Trump Organization’s ownership of the crypto platform, World Liberty Financial, in addition to the Official Trump (TRUMP) memecoin that launched three days before he was inaugurated.

House Representative Gerald Connolly recently referred to the TRUMP token as a “money grab” that has allowed Trump-linked entities to cash in on over $100 million worth of trading fees. 

Democrat Maxine Waters also criticized Trump’s memecoin on Jan. 20, referring to it as a rug pull that represented the “worst of crypto.”

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions