The Daily: Trump Media approves Truth.Fi launch and crypto investments, Robinhood teases bitcoin futures trading and more

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Wednesday! Just when you thought all the president's crypto news was out, he pulls you back in — this time via Trump Media.

In today's newsletter, the Trump Media Technology Group is set to launch a fintech brand called Truth.Fi, and plans to invest $250 million into various financial assets, including cryptocurrencies. Plus, Robinhood teases the launch of bitcoin futures trading, crypto-hostile former SEC Chair Gary Gensler returns to MIT and more.

Meanwhile, U.S. lawmakers press Commerce Secretary nominee Howard Lutnick on Tether and illicit finance concerns.

Let's get started.

Trump's media company launches Truth.Fi, a fintech with crypto ambitions

Trump Media Technology Group has launched a fintech venture called Truth.Fi , aiming to invest up to $250 million in bitcoin, similar cryptocurrencies or crypto-related securities, ETFs and other financial assets.

• The company's board approved the strategy to diversify its cash and cash-equivalent reserves of over $700 million, according to an announcement on Wednesday.
• President Trump owns over 50% of the company, which also operates the social media platform Truth Social, and previously filed a trademark for digital wallet software back in November.
• The launch of Truth.Fi follows shortly after Elon Musk-owned X's partnership with Visa to help power its "X Money" digital payments project, though its crypto ambitions remain unclear.
• Trump and Musk became close during the lead-up to the presidential election. Musk now leads the recently created Department of Government Efficiency (DOGE).
• Trump positioned himself as a pro-crypto candidate during the campaign, backing the creation of a strategic bitcoin stockpile and later supporting the launch of DeFi project World Liberty Financial.

Robinhood teases bitcoin futures trading

Popular retail platform Robinhood teased the launch of bitcoin, ether, oil and gold futures trading on Wednesday alongside SP 500, USD and EUR futures, facilitated by the CME Group.

• "Futures trading with our new intuitive trading ladder is coming soon to Robinhood," the company said in a post on X.
• Although the platform offers far fewer trading options than many of its competitors, it recently expanded its spot crypto offerings, adding the TRUMP and PEPE memecoins and relisting SOL, ADA and XRP.
• Robinhood previously delisted SOL, ADA and XRP in 2023 after the SEC targeted firms like Coinbase in alleged relation to the sale of unregistered securities but reversed course following pro-crypto President Trump's election victory.

Crypto antagonist Gary Gensler returns to MIT

Former SEC Chair Gary Gensler has returned to MIT as a professor of the practice in both the global economics and management group and the finance group after departing the agency on President Trump's Inauguration Day.

• Gensler will focus on artificial intelligence, finance, fintech and public policy while co-directing MIT's FinTechAI@CSAIL initiative.
• While Gensler repeatedly stated he was "technology-neutral" during his tenure at the SEC, the regulator's enforcement-heavy approach under his leadership was widely perceived as aggressive toward the crypto industry.
• However, Gensler taught on blockchain in his previous stint at MIT and has acknowledged the potential of the technology.
  Crypto-friendly former regulator Paul Atkins is set to replace Gensler as SEC chair, pending Senate confirmation.

Czech central bank chief proposes allocating up to 5% of reserves to bitcoin

Czech National Bank Governor Aleš Michl will submit a plan to allocate as much as 5% of the bank's $146 billion reserves to bitcoin on Thursday, the Financial Times reported.

• If approved, the CNB would become the first central bank known to hold bitcoin, potentially acquiring up to $7.3 billion worth for diversification purposes.
• Michl noted he had a "totally different philosophy" on bitcoin compared to most of his counterparts. "I used to run an investment fund, so I’m a typical investment banker, I like profitability."
• The governor acknowledged bitcoin's volatility and limited record but cited growing institutional interest and President Trump's crypto policies as key factors.

AI agent platform ai16z rebrands to ElizaOS

ai16z, an open-source platform for building and managing AI agents, has rebranded to ElizaOS to avoid confusion with venture capital firm a16z and strengthen its collaboration with "established players."

• Founder Shaw Walters described the initial naming as a "playful reference" to a16z at a time when the project launched with a $75,000 raise on daos.fun.
• However, as the project grew, it needed a more serious brand that would not risk potential trademark conflicts.
• The ElizaOS token will keep the ai16z ticker for now, with any future changes decided via a community vote.

In the next 24 hours

• Eurozone GDP data are due at 5 a.m. ET on Thursday, followed by the ECB's latest interest rate decision at 8:15 a.m. U.S. GDP and jobless claims figures are out at 8:30 a.m.
• The ECB is holding a press conference at 8:45 a.m.
• Celo is set to unlock 851.87K CELO tokens worth $444,000, representing 0.15% of the circulating supply.

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