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Washington D.C. – In April 2025, Trump Media & Technology Group (TMTG) – which remains majority owned by President Trump – announced a new partnership with Crypto.com and investment industry-related firm Yorkville America Digital to market cryptocurrency-based exchange-traded funds (ETFs) and other investments to retail investors. Then this week, Trump Media took further steps to launch its newly-dubbed “Truth Social Bitcoin ETF,” filing regulatory paperwork with the Trump administration’s own SEC. 

In this latest filing, Truth Social Bitcoin ETF disclosed that its liquidity provider would be Crypto.com affiliate Foris DAX, Inc. Now a new review from Accountable.US found that Foris DAX, Inc. is marred with nearly 830 complaints in the Consumer Financial Protection Bureau’s complaint database, nearly 370 of which mention Crypto.com. 

These complaints are seemingly on-brand with Crypto.com CEO Kris Marszalek, whose history is reportedly “replete with red flags.” For example, in December 2022, CNBC reported that Crypto.com CEO Kris Marszalek, who is based in Hong Kong, has been called “unreliable” by a judge, was “involved [in] a multimillion-dollar settlement over claims of defective products,” and was paid millions of dollars by his manufacturing company “months before it entered bankruptcy.” More concerning, Fortune has reported that Crypto.com saw trading volume grow tenfold in 2024, which left industry watchers “perplexed,” with one analyst suggesting Crypto.com could have engaged in “‘wash trading’” to inflate trading volumes or was helped by its in-house trading team, which poses conflict of interest risks.

Aside from the highly unusual and circular situation of President Trump’s SEC being tasked with approving Trump’s own ETF, TMTG’s latest SEC filing also explicitly notes the potential impact of Trump’s new Strategic Bitcoin Reserve and other policies, while warning of “adverse legislative or regulatory developments” that could lower Bitcoin’s value.

Accountable.US Executive Director Tony Carrk: “Why is President Trump’s family business so inclined to partner up with sketchy foreign crypto players that are only the ‘best people’ in terms of allegations of consumer abuse and market manipulation? They say birds of a feather flock together, which is why Republicans in charge of Congress need to demand more accountability and oversight of the Trump family’s sprawling crypto ventures that make a mockery of ethics standards in government. Americans across the country agree that corruption plagues Washington – but the more deals Donald Trump makes with foreign actors with checkered pasts without basic accountability from Congress, the more he will push the limits of self-dealing and influence selling from the White House now and in the future. No one should count on Trump administration regulators to ensure the Trump family is following the letter of the law.” 

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