Truth Social Plans Utility Token Launch for Patriot Package Subscribers
Truth Social, the social media platform launched by former President Donald Trump, will introduce a utility token linked to its subscription service and reward loyal users with a loyalty program, according to an announcement.
Simultaneously, lawmakers are increasingly scrutinizing potential conflicts of interest and profiteering by sitting presidents involving cryptocurrency ventures.
The platform intends to integrate utility tokens into its new loyalty rewards system, dubbed “gems,” where subscribers’ engagement determines the accumulation of these rewards on their accounts. These gems will eventually be connectable to a utility token on both Truth Social and Truth+.
The Patriot Package costs $9.99 per month and includes access to premium news channels, expanded video-on-demand, a red verification badge on Truth Social, and a Truth+ membership indicator.
This effort marks another foray into cryptocurrency by Truth Social’s parent company, previously exploring utility tokens for a Truth digital wallet and even denying rumors of launching a “Truth coin.” The company recently filed with the SEC to register a “Truth Social Crypto Blue Chip ETF.”
Separately, Trump and his family are associated with prior crypto ventures, leading to accusations like “the most nakedly corrupt self-enrichment scheme in U.S. presidential history” from advocacy group Accountable.US following an event hosted for crypto holders.
Lawmakers are pushing back against the trend. Sens. Elizabeth Warren (D-MA) and John Kennedy (R-LA) have voiced concerns about regulating the space to prevent potential misuse of presidential influence and acknowledged a lack of significant legislative progress., despite efforts by industry representatives to shape regulations themselves.
