$6.4B Crypto Treasury Venture Scrapped Amid Trump Ethics Concerns
Trump Media & Technology Group's $6.42 billion digital-asset treasury venture has been canceled, ending one of the largest crypto projects connected to President Donald Trump amid escalating ethics concerns.
The project, which aimed to create a publicly traded company built around accumulating Crypto.com's Cronos token, had drawn conflict-of-interest questions due to the involvement of Trump Media and the White House in agencies that regulate digital assets.
Crypto.com CEO Kris Marszalek cited 'current market conditions' as the reason for canceling the deal, stating that moving forward didn't make sense. The cancellation comes after a year-long partnership between Crypto.com and Trump Media to create a treasury company.
The move has sparked further debate over President Trump's crypto fortune, which has become a central point of contention in negotiations over landmark US crypto legislation. Senate Democrats are pushing for stronger ethics restrictions covering political officials with crypto businesses.