Is Donald Trump Keeping His Campaign Promises for Crypto?

Donald Trump’s media company, TMTG, is in advanced talks to acquire cryptocurrency platform Bakkt, signaling his deeper involvement in the crypto space. This acquisition could mark a pivotal moment for both Trump’s business ventures and the future of cryptocurrency regulation in the U.S. Read on to explore how Trump’s moves could impact the crypto ecosystem.

During the campaign, Donald Trump firmly made 11 promises for the crypto ecosystem to gain support for votes in the 2024 US Election. After declaring his victory, Donald Trump showed his seriousness. Donald Trump made a breakthrough by holding serious discussions to acquire Bakkt and meeting with the CEO of Coinbase.

Are Donald Trump's steps a good sign for the sustainability of the crypto ecosystem? Or maybe it's just Trump's gimmick to get clear support for his inauguration later? Let's see the explanation in this article.

TMTG’s Strategic Push into Cryptocurrency

Donald Trump’s media and technology company, Trump Media & Technology Group (TMTG), is reportedly in advanced negotiations to acquire Bakkt, a prominent cryptocurrency trading platform.

This move marks a significant expansion of Trump’s business interests into the burgeoning cryptocurrency sector and highlights his ongoing efforts to capitalize on digital assets.

The reported acquisition has caused a surge in both companies' stock prices, with shares of TMTG rising by over 16% and Bakkt’s stock soaring by an astounding 162%, triggering multiple trading halts due to volatility.

While the deal's specifics remain unclear, sources suggest that it would be an all-share transaction, underscoring the value of TMTG’s stock despite its relatively modest earnings in the past year.

If finalized, this potential deal would serve as a key moment in Trump’s post-presidential ventures, positioning TMTG at the center of a fast-growing industry that aligns with Trump’s increasing involvement in cryptocurrency.

Trump’s interest in cryptocurrency is not new. Just weeks before the November 2024 presidential election, he announced the launch of a new crypto venture, World Liberty Financial (WLF), which would issue a token tied to the company’s activities.

The deal to acquire Bakkt would expand TMTG’s portfolio, giving the company a foothold in the cryptocurrency trading and services market, which could complement its existing plans to develop digital financial products.

A key figure in both Trump’s political network and Bakkt’s history is Kelly Loeffler, the former CEO of Bakkt and a former U.S. Senator for Georgia. Loeffler’s ties to Trump are significant. She co-chaired Trump’s inaugural committee in 2017 and has remained a close ally of the former president.

Trump’s Broader Crypto Strategy: Shaping Policy and Regulation

Trump’s push into cryptocurrency goes beyond business acquisitions. Reports suggest that his administration is planning to establish a “Bitcoin and crypto presidential advisory council” in the first 100 days of his presidency.

This council would aim to provide much-needed regulatory clarity for the cryptocurrency industry, which has long struggled with inconsistent rules and enforcement actions from agencies like the Securities and Exchange Commission (SEC).

Trump’s interest in cryptocurrency regulation is underscored by the involvement of key figures from the industry. Coinbase CEO Brian Armstrong is reportedly set to meet with Trump to discuss key appointments related to financial regulation and digital assets. This meeting aligns with Trump’s goal of appointing pro-crypto advocates to leadership positions within his administration.

Other figures reportedly under consideration for positions in Trump’s administration include Elon Musk, Vivek Ramaswamy, and Robert F. Kennedy Jr., all of whom have expressed favorable views on blockchain and cryptocurrencies.

Furthermore, Howard Lutnick, the CEO of Cantor Fitzgerald and a known advocate for Bitcoin, is rumored to be in the running for Treasury Secretary. These moves signal that Trump’s administration may take a more favorable stance on cryptocurrencies, potentially driving market growth.

Implications for the SEC and Future Crypto Regulation

One of the most significant areas of interest for the cryptocurrency industry is the leadership of the SEC, which has faced increasing criticism for its tough stance on digital asset regulation.

Trump has openly stated that he plans to replace Gary Gensler, the current SEC chair, on his first day in office. Gensler has faced backlash from crypto advocates due to his enforcement-focused approach, which many believe stifles innovation in the space.

Industry leaders like Armstrong and Ripple CEO Brad Garlinghouse have long called for clear, fair, and consistent guidelines for digital assets. Trump’s proposed advisory council and his discussions with crypto leaders suggest that the incoming administration is actively engaging with the industry to craft a more favorable regulatory environment.

Conclusion

The advanced talks between Trump Media & Technology Group and Bakkt represent more than just a corporate acquisition—they signal a strategic shift towards cryptocurrency and digital finance that could reshape Trump’s business empire and influence U.S. regulatory policy.

As Trump gears up for his return to the White House, the cryptocurrency industry is watching closely, anticipating a potential sea change in how digital assets are regulated and integrated into the broader financial ecosystem.

With key figures like Kelly Loeffler and Brian Armstrong involved, and with Trump’s administration likely to feature pro-crypto voices, the next few years could witness a transformative era for the cryptocurrency market, one that may be shaped by the policies of the 45th president of the United States.

Get the latest information about the crypto ecosystem to updates on the steps taken by Donald Trump only on the Bitrue website. Bitrue also provides various features that you can use to do research before buying your target crypto token.

About Bitrue

Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.

This press release has also been published on VRITIMES