Trump Media’s $6.4 billion crypto venture canceled amid escalating Trump ethics concerns
Trump Media, Crypto.com, and Yorkville Acquisition ended their planned $6.42 billion crypto treasury venture, which would have created Trump Media Group CRO Strategy to accumulate large amounts of Cronos (CRO). The companies said changing market conditions and business priorities made the deal unattractive. CRO fell 6% after the cancellation. The unwind comes as Trump’s crypto holdings face growing scrutiny in Washington. Senate Democrats are pushing for ethics limits in crypto legislation, including possible requirements that the president divest from crypto-related businesses. Trump’s reported crypto income has become a major obstacle in negotiations over the CLARITY Act. The cancelled deal had also raised conflict-of-interest concerns because Trump Media would have benefited from a crypto venture financed largely by partners operating in a sector regulated by the Trump administration.
