Trump Denies Profiting From TRUMP Token Amid $900,000 Fee Reports

Donald Trump has refuted claims that he is profiting from the TRUMP memecoin, a cryptocurrency launched just days before his presidential inauguration. The TRUMP token has been a subject of interest, with recent reports indicating that it earned significant fees for its backers. Chainalysis reported that the TRUMP token generated $900,000 in fees over a two-day period. The wallets of the largest holders of the token are managed by CIC Digital LLC, an entity also used for his NFT collection, and Fight Fight Fight LLC, which is co-owned by CIC Digital. Together, they control 80% of the TRUMP tokens.

In an interview with NBC News, Trump denied any personal financial gain from the token, stating that he had not monitored its performance and that any financial benefits would be incidental. He compared this to owning stock in a company that performs well, leading to an increase in stock value. Trump's denial comes amid scrutiny over potential conflicts of interest between his business ventures and his political role. He has consistently maintained that his business activities do not influence his decision-making as a public servant.

The TRUMP token has seen notable market activity recently, currently trading around $11.20, which is a significant drop from its all-time high of $44.19 but still up 20% over the past month. The White House recently announced that the largest 220 holders of the $TRUMP token would be invited to a dinner with the President. This move has sparked further interest in the token and its potential implications for Trump's political and business activities.

Trump's comments on the TRUMP token and his broader views on cryptocurrency reflect his vision for the United States' role in the global market. He has consistently advocated for policies that promote economic growth and technological innovation, viewing these as essential for maintaining the country's competitive edge. His denial of personal profit from the TRUMP token underscores his commitment to transparency and ethical conduct in his business and political activities. Trump's stance on cryptocurrency is driven by a belief in its importance for the United States to remain competitive on the global stage, particularly in comparison to other major economies.