Trump account to launch soon, but account migration services not yet available (Jin10 Data App)

According to sources familiar with the matter who spoke to Semafor, the Trump administration is expected to launch the "Trump Account" next week. However, there is currently no mechanism in place allowing companies to host child savings accounts on their platforms. Institutions such as Chime, Empower, Fidelity, and SoFi had initially hoped to quickly obtain approval from the U.S. Treasury Department to "migrate" these accounts from an application developed in collaboration between the Treasury Department and Bank of New York Mellon (BK.N) and Robinhood to their respective platforms, aiming to capture user growth opportunities in the early stages of the product launch.

One of the sources indicated that these institutions can only hope that relevant guidance will be issued by August at the latest. (Jin10)