Sources told Semafor the Trump administration is expected to launch a "Trump account" next week, but will not initially provide any mechanism allowing firms to host or migrate children's savings accounts on its platform. Fintechs including Chime, Empower, Fidelity and SoFi had sought swift U.S. Treasury approval to "migrate" those accounts from the app the Treasury developed with BNY Mellon and Robinhood to their own platforms to capture early user flows; one source said firms now expect guidanc

Sources told Semafor the Trump administration is expected to launch a "Trump account" next week, but will not initially provide any mechanism allowing firms to host or migrate children's savings accounts on its platform. Fintechs including Chime, Empower, Fidelity and SoFi had sought swift U.S. Treasury approval to "migrate" those accounts from the app the Treasury developed with BNY Mellon and Robinhood to their own platforms to capture early user flows; one source said firms now expect guidance no later than August.