Trump's Meme Coin Launch: A New Chapter in Crypto History
Monday, Jan 20, 2025 3:21 am ET
2min read As President-elect Donald Trump prepares to return to the White House, he has made headlines once again, this time with the launch of his own meme coin, $TRUMP. The move has sparked a mix of excitement, concern, and criticism, with many wondering about the implications for the crypto market and Trump's potential conflicts of interest.
Trump's meme coin, marketed as an expression of support for his ideals and beliefs, has taken the crypto world by storm. The coin, which features Trump's signature fist-pumping image and the words "FIGHT FIGHT FIGHT," has seen its value soar since its launch on Friday night. As of Sunday morning, the token had risen to as high as about $70, with a fully diluted value of more than $27 billion, according to CoinGecko data. At that price, Trump's company controlled more than $20 billion worth of the asset.
The launch of the $TRUMP token comes as Trump is vowing to enact an array of policies that would benefit the crypto industry, including overhauling how digital assets are regulated and having the government stockpile bitcoin. His financial ties to the crypto industry, including his sons' involvement in World Liberty Financial and his own launch of the $TRUMP token, have raised concerns about potential conflicts of interest.
Ethics watchdogs, such as Jordan Libowitz from the nonprofit Citizens for Responsibility and Ethics in Washington (CREW), have expressed concerns about Trump's involvement in the crypto industry. They argue that Trump stands to profit from policy changes he is poised to usher in, which could create conflicts of interest. "It is absolutely wild... After decades of seeing presidents-elect spend the time leading up to inauguration separating themselves from their finances to show that they don’t have any conflicts of interest, we now have a president-elect who... is launching new businesses along with promises to deregulate... those sectors in a way to just blatantly profit off his own presidency," Libowitz said.
Critics, such as former Trump White House communications director Anthony Scaramucci, have also raised concerns about the potential for corruption. "It’s bad for the industry... Don’t delude yourself. It’s Idi Amin level corruption," Scaramucci wrote on X.
Despite the concerns, some crypto enthusiasts have hailed the Trump meme coin's release as a symbol of the incoming president's support for the industry. Trump has promised to usher in crypto-friendly regulations and picked crypto cheerleaders for key government positions. However, the launch of the $TRUMP token has also raised concerns about the potential for market manipulation and the impact on the crypto market's perception and regulation.
As Trump prepares to take office, the crypto world will be watching closely to see how his involvement in the industry unfolds and what impact his policies will have on the market. The launch of the $TRUMP token is just the latest example of Trump's norm-defying promotions, and it remains to be seen how the crypto market will react to this new chapter in crypto history.
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