Trump Account Expected to Launch Next Week, But No Account Migration Service for Now

CoinFeed reported on July 2, according to sources informed Semafor, the Trump administration is expected to launch the 'Trump Account' next week, but there is currently no mechanism allowing companies to host children's savings accounts on its platform. Institutions like Chime, Empower, Fidelity, and SoFi originally hoped to get U.S. Treasury approval as soon as possible to 'migrate' these accounts from the app developed by the Treasury in collaboration with BNY Mellon (BK.N) and Robinhood to their own platforms, thus capturing user growth opportunities at the initial product launch. One source said that currently these institutions can only hope that relevant guidance will be issued by August at the latest.