In brief
Truth Social will introduce a utility token linked to its Patriot Package TV subscription.
It will also reward users for loyalty through “gems”.
Lawmakers are increasingly scrutinizing presidential profiteering from crypto ventures.
Truth Social, the social media platform founded by U.S. President Donald Trump, has signaled it will launch a utility token as part of its new loyalty rewards program tied to its Patriot Package subscription plan.
“In the near future, based on their level of engagement with the platforms, Patriot Package subscribers will accumulate gems on their Truth Social accounts. These will eventually be tied to a utility token on both Truth Social and Truth+,” it said.
The Patriot Package, currently in public beta, costs $9.99 a month and offers access to 12 “premium, non-woke news channels,” expanded video-on-demand content, a red verification checkmark on Truth Social, and a Truth+ badge.
Strangely, a separate free tier offers 27 channels—15 more than the paid version—including Euronews and a Spanish-language station.
This is not the first time Truth Social’s parent company, Trump Media & Technology Group, has floated crypto-related plans.
In April, it told shareholders it was exploring a utility token for a Truth digital wallet that could initially be used to pay for Truth+ subscriptions and, later, for other services in the Truth ecosystem. In May, it denied rumors it would launch a Truth Social meme coin.
And this week, it filed a registration statement with the Securities and Exchange Commission for a new “Truth Social Crypto Blue Chip ETF,” which would include assets like Bitcoin, Ethereum, Solana, XRP, and Cronos.
Truth Social’s crypto ambitions mark the latest in a broader trend of Trump-linked ventures embracing digital assets.
Trump and his wife, Melania, have promoted various NFT collections and meme tokens in recent years. In May, Trump hosted top holders of the TRUMP token at a private dinner and reception, sparking backlash from ethics watchdogs.
Advocacy group Accountable.US labeled it “the most nakedly corrupt self-enrichment scheme in U.S. presidential history.”
The Trump family is also associated with crypto ventures, including World Liberty Financial and American Bitcoin.
Lawmakers, including Sen. Elizabeth Warren (D-MA), have called for stronger laws to prevent sitting presidents and their families from monetizing crypto ventures. Despite this, legislative progress has been slow.
Even some Republicans have voiced concerns. During a Senate Banking Committee hearing Wednesday, Sen. John Kennedy (R-LA) questioned why the crypto industry appeared to be crafting its own legislation, noting the proposed market structure bill would significantly weaken oversight.
“To what extent should we allow you to draft [these rules]?… I’ve… heard some of you say that digital assets represent the next generation of the internet,” Kennedy said, speaking to a panel of crypto leaders, including Ripple CEO Brad Garlinghouse.
“Well, we let the current generation of the internet correct their own rules, and frankly, what we got as a result looks like somebody knocked over a urine sample.”
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