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

Trump Media has inked a non-binding agreement with crypto exchange Crypto.com to launch a series of ETFs that will comprise of digital assets and securities.

Trump Media & Technology Group Corp (TMTG) has signed a non-binding agreement with Crypto.com to launch a series of exchange-traded funds in the U.S., the company announced on Friday.

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

Crypto.com will provide the infrastructure and custody services to supply the cryptocurrencies for the ETFs, which may include a basket of tokens such as Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP (XRP) and Cronos (CRO). The parties expect the ETFs to be widely available internationally, including in the U.S., Europe and Asia across existing brokerage platforms.

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

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

The potential ETF launch would mark yet another crypto-related venture involving U.S. 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 January 20, referring to it as a rug pull that represented the "worst of crypto."