Simply put
- Truth Social has rolled out utility tokens linked to its Patriot Package TV subscription.
- The platform rewards user loyalty with something called “jewels.”
- Lawmakers are taking a closer look at the president’s cryptocurrency interests.
Truth Social, a social media platform started by former US President Donald Trump, has unveiled utility tokens as part of a new loyalty rewards initiative connected to the Patriot Package Subscription Plan.
“Subscribers of the Patriot package will gather gems in their Truth Social accounts based on their engagement levels,” they noted, pointing out that these will be tied to both Truth Social and utility tokens.
The current Patriot package, priced at $9.99 per month, provides access to 12 “Premium, Non-Alarm News Channels,” along with more video-on-demand options, verification checkmarks, and Truth+ Badges.
Interestingly, the free tier offers 27 channels, which is 15 more than the paid version, including Euronows and Spanish channels.
This isn’t the first crypto-related proposition from Trump Media & Technology Group, which oversees Truth Social.
Back in April, there were discussions about a utility token for a Truth Digital Wallet that could initially be used for Truth+ subscriptions, but in May, that idea was said to be rejected amid rumors about launching meme coins.
This week, a registration statement was filed with the Securities and Exchange Commission for a new “True Social Crypto Blue Chip ETF,” including assets like Bitcoin, Ethereum, Solana, XRP, and Chronos.
Truth Social’s venture into cryptocurrency reflects a larger trend of Trump-related businesses exploring digital assets.
Trump and Melania Trump have also been promoting various NFT collections and meme tokens in recent years. In May, Trump hosted top holders of playing card tokens at private events, which led to some backlash from ethics watchdogs.
Accountable.us, an advocacy group, criticized this as “the most naked, corrupt and self-rich scheme in the history of the US president.”
The Trump family also has ties to several cryptocurrency ventures, including World Liberty Financial and American Bitcoin.
Some lawmakers, like Senator Elizabeth Warren (D-MA), are pushing for stricter regulations to prevent the president and his family from profiting off such ventures, although progress in this area has been slow.
Even some Republicans express concern. During a Senate Banking Committee hearing, Senator John Kennedy (R-LA) raised questions about why the crypto industry seems to be writing its own rules, saying that the proposed market structure bill could greatly reduce oversight.
“How much should you let them draft [these rules]… I’ve heard people claim digital assets are the next internet generation,” Kennedy commented to a panel that included Ripple CEO Brad Garlinghouse.
“Well, the current internet generation made their own rules, and honestly, it looks like someone took a urine sample.”
