title: Trump Media & Technology Group Files to Form SPAC That Would Raise $179M to Take Over Cryptocurrency Companies

Trump Media & Technology Group has made a filing with the U.S. Securities and Exchange Commission (SEC) to form a special purpose acquisition company (SPAC) that would raise $179 million to take over cryptocurrency companies.

Trump Media & Technology Group, the company founded by former U.S. President Donald Trump, is planning to form a special purpose acquisition company (SPAC) to acquire cryptocurrency firms, according to a filing made with the Securities and Exchange Commission (SEC).

The SPAC, named Renatus Tactical Acquisition Corp I, is being formed in the Canary Islands, as reported by Forbes. It aims to raise $179 million through an initial public offering (IPO) to invest in one or more private companies operating in the cryptocurrency industry.

The SPAC will be led by three senior officials from Trump Media, including Chief Financial Officer (CFO) Gary Goldstein, Chief Legal Officer (CLO) Will Pirर्जा, and executive vice president Timxence Flores.

The move comes as Trump continues to show an interest in digital currencies. Last year, Trump Media bought several companies, including cryptocurrency exchange Bakkt, and has become a major player in the crypto and blockchain industry.

Trump has also been involved in other blockchain projects, such as releasing his own NFTs and participating in the World Liberty Financial initiative.

The SPAC will operate as a blank check firm focused on mergers and acquisitions within the crypto sector. It will be listed on the New York Stock Exchange (NYSE).

Trump’s administration played a key role in promoting cryptocurrency adoption within the U.S. legal framework, setting the stage for the industry’s rapid growth over the past six years.

The integration of cryptocurrency into mainstream institutions and society has been a gradual process, with varying levels of success. However, Trump’s administration played a pivotal role in advancing the adoption of digital assets within the U.S. legal framework.

This involvement began with the passage of the Economic Recovery Tax Relief Act of 2001 during the Bush administration, which introduced a 50% capital gains tax rate on cryptocurrency.

After Trump took office in 2017, the administration set the stage for crypto’s journey by rolling back a 39%-tax on capital gains income from pass-through entities like partnerships and S corporations, as part of the Tax Cuts and Jobs Act of 2017.

This move paved the way for cryptocurrency to flourish within the U.S. legal system, with several states subsequently legalizing and regulating cryptocurrencies within their respective jurisdictions.

Since then, the industry has seen a surge in value, taking Bitcoin to new all-time highs above $87,000 in March 2024.

This follows Trump’s request for the Federal Reserve to reduce interest rates, which could have a positive impact on the crypto market.

Moreover, Trump’s administration played a role in advancing the use of digital assets by government agencies. In 2020, the administration supported legislation that would allow the government to accept cryptocurrency payments for taxes and fees.

The administration also included provisions in the CARES Act to encourage small businesses to accept contactless payments during the COVID-19 pandemic, indirectly promoting the use of cryptocurrencies for such transactions.

Trump’s actions and pronouncements have certainly influenced public opinion on cryptocurrency. His outspokenness on the subject has sparked conversation and brought it to the forefront of the national agenda.

Overall, Trump’s administration played a significant role in setting the stage for the cryptocurrency industry's growth in the U.S.

Its involvement in reducing taxes on capital gains, promoting the use of digital assets by government agencies, and supporting legislation to create a national cryptocurrency strategy has contributed to the industry's integration into mainstream institutions and society.