Trump Nears Bakkt Acquisition

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Bakkt shares

New York Post

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Exclusive | Truth Social crypto deal to acquire Bakkt could put Trump on collision course with Kathy Hochul: sources

Summary

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73% Informative

Trump Media and Technology Group is reportedly close to an all-stock acquisition of struggling cryptocurrency firm Bakkt .

Bakkt 's real value to Trump lies in the three licenses it holds from New York’s Department of Financial Services .

Trump 's complicated legal history could give Gov. Kathy Hochul , who has oversight of DFS, the ammunition to challenge the transfer of the coveted licenses.

The Department of Financial Services will be in uncharted territory if asked to weigh in on a TMTG acquisition of Bakkt ’s licenses, a former DFS official says.

DFS will likely do a deep-dive into the terms of the trust including vetting Trump Jr. and determining whether the shares will revert to Trump 's direct control within a specific timeframe.

Trump himself also could be scrutinized, since the trust is revocable and he stands to financially benefit from it.

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formal

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English

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