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Cryptocurrency News Articles

Trump Coin Surges to Record High After Victory in 2024 Election, as Crypto Industry Expects Regulatory Rollback

Jan 20, 2025 at 02:01 pm

Disclaimers on the websites of both the $Trump and $Melania coins said they were "not intended to be, or the subject of" an investment opportunity or a security.

Trump Coin Surges to Record High After Victory in 2024 Election, as Crypto Industry Expects Regulatory Rollback

Both the $Trump and $Melania coins are available on the website despite disclaimers stating that they are "not intended to be, or the subject of" an investment opportunity or a security.

The CoinMarketCap website shows that $Trump has a total market valuation of about $12bn (£9.8bn), while $Melania's stands at around $1.7bn.

Previously, Trump had called crypto a "scam" but during the 2024 election campaign became the first presidential candidate to accept digital assets as donations.

On the campaign trail, Trump also said he would create a strategic bitcoin stockpile and appoint financial regulators that take a more positive stance towards digital assets.

This spurred expectations that he would reduce regulations on the crypto industry.

After Trump's victory, bitcoin jumped to a record high and is currently trading at $107,000, according to crypto trading platform Coinbase.

On Friday, the incoming artificial intelligence (AI) and crypto tsar David Sacks held a "Crypto Ball" in Washington, DC.

Other cryptocurrencies, including dogecoin - which has been promoted by high-profile Trump supporter Elon Musk - have also risen sharply this year.

Under President Joe Biden, regulators expressed concerns about fraud and money laundering as they cracked down on crypto companies by suing exchanges.

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Other articles published on Jan 20, 2025