Trump Media taps Singapore-based Crypto.com for Made-in-America ETFs
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US President Donald Trump’s administration has been easing restrictions on the digital asset industry.
PHOTO: REUTERS
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NEW YORK - Trump Media & Technology Group plans to work with Crypto.com on a line-up of “Made-in-America” investments – an arrangement that puts the US President’s social media company in business with a Singapore-based firm that was locked in a legal battle with US regulators in 2024.
Mr Donald Trump is Trump Media’s largest shareholder, with a US$2.4 billion (S$3.2 billion) stake that is held in a trust controlled by his son Donald Trump Jr.
The Truth Social parent will sell exchange-traded funds (ETFs) tied to digital assets and other US-focused investments on a platform owned by Crypto.com, according to a statement on March 24.
The products will be available in 2025 in the United States, Europe and Asia, pending regulatory approval.
Crypto.com will supply the cryptocurrencies and technology underpinning them, and they will be available through Foris Capital, a US-based platform it acquired in 2024.
President Trump’s administration has been easing restrictions on the digital asset industry.
Within his first 100 days in office, the Securities and Exchange Commission (SEC) has abandoned or paused high-profile legal cases against companies including Coinbase Global and Binance Holdings.
Trump Media also revealed that its digital currency ETFs will include Cronos, a virtual currency affiliated with Crypto.com.
Cronos was not mentioned in earlier announcements about the financial products, which it plans to issue under the brand Truth.Fi.
In October, the SEC had filed a notice that it intended to sue Crypto.com for operating an unregistered securities exchange.
Crypto.com fired back with its own lawsuit against the Wall Street watchdog, arguing that the regulator had overstepped.
But in December, after Mr Trump’s election victory, Crypto.com dropped its complaint.
“We look forward to working with the new administration to develop and advance clear regulations for the crypto industry,” a company spokesperson said in a statement at the time.
Crypto.com chief executive Kris Marszalek also met with Mr Trump at Mar-a-Lago to discuss political appointments related to the industry. BLOOMBERG
