Truth Social to Launch Utility Token for Loyalty Rewards

Truth Social, the social media platform founded by former U.S. President Donald Trump, has announced plans to introduce a utility token as part of its new loyalty rewards program. This token will be linked to the platform's Patriot Package subscription plan, which is currently in public beta and costs $9.99 per month. The Patriot Package 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.

According to the announcement, Patriot Package subscribers will accumulate "gems" on their Truth Social accounts based on their level of engagement with the platform. These gems will eventually be tied to a utility token on both Truth Social and Truth+. This move is part of a broader trend of Trump-linked ventures embracing digital assets. In April, Trump Media & Technology Group, the parent company of Truth Social, had floated plans for a utility token for a Truth digital wallet that could be used to pay for Truth+ subscriptions and other services within the Truth ecosystem. In May, the company denied rumors of launching a Truth Social meme coin.

This week, Trump Media & Technology Group 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. The Trump family has been associated with various crypto ventures, including World Liberty Financial and American Bitcoin. 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, which sparked backlash from ethics watchdogs.

Advocacy group Accountable.US labeled it "the most nakedly corrupt self-enrichment scheme in U.S. presidential history." 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, 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.

Kennedy, speaking to a panel of crypto leaders, including Ripple CEO Brad Garlinghouse, said, “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. 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."