Donald Trump’s media company to terminate Crypto.com deal
The president’s company will unwind an agreement with Crypto.com to create a multibillion-dollar CRO treasury and reportedly not integrate prediction markets onto Truth Social.
The Trump Media and Technology Group (TMTG) is abandoning its agreement with Crypto.com to form a $6.4 billion CRO treasury and integrate prediction markets into the Truth Social platform, according to a report by Axios. The decision comes amid shifting business priorities and prevailing market conditions, according to interim CEO Kevin McGurn.
The plan to buy Crypto.com's CRO tokens, which would have enabled Truth Social users to earn crypto rewards, is now scrapped. Additionally, the decision to incorporate prediction markets under the Truth Predict service has also been canceled. The move appears to be more driven by competitive factors than regulatory concerns surrounding the administration's oversight of the crypto industry.
President Trump's administration is under continuous scrutiny from lawmakers who are demanding ethics provisions in a proposed crypto market structure bill to prevent conflicts of interest between the Trump family and its digital asset investments.
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