Key Takeaways:
- Trump’s Crypto Play:
- Donald Trump has launched his own cryptocurrency, $TRUMP, a meme coin with no inherent value but massive profit potential.
- Raking in Millions:
- Trump made over $100 million in trading fees from the coin. Buyers remain anonymous, raising concerns about foreign influence.
- Exclusive Perks:
- Top coin holders get perks like a White House tour and a private dinner with Trump. The coin’s value jumped 50% after the announcement.
- Legal Pushback:
- Senator Chris Murphy introduced The MEME Act to stop politicians from exploiting digital assets for personal gain.
What’s Going On? President Donald Trump recently jumped into the cryptocurrency market with a meme coin called $TRUMP. This move has raised eyebrows because it seems like a recipe for trouble. Ethics experts warned this could lead to big problems, and it looks like those fears are coming true.
*Trump’s Meme Coin: A Timeline On January 17th, three days before his inauguration, Trump launched $TRUMP. The coin started off worth just a few cents but quickly exploded in value after its limited release. At one point, it boosted Trump’s net worth above $50 billion.
Here’s how it works: Every time someone trades $TRUMP, Trump earns money from trading fees. So far, he and his family have made over $100 million from these fees. The catch? We don’t know who’s buying the coin. This secrecy leaves the door open for wealthy individuals, Russian oligarchs, or Saudi princes to buy the coin and directly pay Trump, possibly to gain political favor.
It gets worse. Last month, Trump’s team announced that the top 220 holders of $TRUMP would get an exclusive dinner with the president. The top 25 would even get a “Special VIP Tour” of the White House. After this announcement, the coin’s price jumped over 50%, and its market value hit $2.7 billion. In just two days, Trump and his allies made nearly $900,000 in trading fees alone.
A Blatant Abuse of Power? This isn’t just about making money. It’s about using Trump’s position as president to enrich himself and his family. Critics say this is a clear misuse of power for personal gain. Senator Chris Murphy is now pushing for a new law called The MEME Act to put a stop to this kind of exploitation.
The MEME Act would crack down on politicians using digital assets like meme coins for personal profit. It’s a direct response to Trump’s actions and aims to prevent future presidents from doing the same.
What’s Next? Trump’s foray into the crypto world has sparked outrage and concern. While his supporters see it as a clever way to make money, critics warn it’s a dangerous mixing of politics and personal gain. Whether the MEME Act will pass and how it will impact Trump’s dealings remains to be seen.
Meanwhile, the $TRUMP coin continues to trade, making Trump richer with every sale. The bigger question is: Will this kind of exploitation ever be fully stopped?