Trump Media & Technology Group and Crypto.com scrapped plans for a $6.42 billion digital-asset treasury venture. The move unwinds one of the largest crypto projects connected to President Donald Trump as scrutiny of his family’s digital-asset businesses intensifies in Washington.

On Aug. 7, Trump Media, Crypto.com, and Yorkville Acquisition Corp. said they had mutually agreed to terminate the proposed combination. The deal would have created Trump Media Group CRO Strategy, a publicly traded company built around accumulating Crypto.com’s Cronos token.

The cancellation ends a project the companies announced less than a year ago, at the height of the corporate crypto-treasury boom. The planned funding package included $1 billion of CRO,…