Trump Launches His Own Cryptocurrency Token, the $TRUMP Coin: One Part Personal Profit, One Part Playground Taunt Over Federal Ethics Rules, and One Part a Crypto-Fascist Pledge of Allegiance

Days before taking the oath of office, Donald Trump and his family launched a new cryptocurrency token — known informally as a meme coin — called $TRUMP

As Donald Trump prepared to take office in 2021, his family members were launching cryptocurrency tokens — known informally as meme coins — that quickly soared in value. This venture raised concerns about conflicts of interest and the role of financial regulators in protecting Americans from risky investments.

Here are some key points regarding the Trump family's meme coin ventures:

The coins, valued at $12 million each, were being sold by the Trump Organization, with the Trump family holding 80% of the coins.

Meme coins, typically lacking practical use or inherent value, are often pegged to online images, slogans, or passing social trends.

The fine print on the $TRUMP coin website stated that the coins were "not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type."

Despite the disclaimer, if the coins were deemed financial instruments, any Trump-nominated financial regulator would face a conflict in taking action against the president.

Coin issuers, if subject to financial regulations, would be required to disclose risks, ensure minimum standards to protect investors, and safeguard against market manipulation.

The Trump Organization's vast holdings in the $TRUMP coin could potentially influence the president's stance on crypto legislation and regulatory measures.

While the coins aimed to capitalize on Trump's enduring brand recognition, they also dovetailed with the interests of crypto enthusiasts seeking to influence government policies.

The crypto industry, represented by firms like Coinbase and Ripple, aimed to ensure that any action or vote on crypto matters would be treated as a political litmus test.

This strategy proved effective, as evident in the successful effort to block the renomination of SEC member Caroline Crenshaw, who faced opposition not for actively opposing crypto but for failing to sufficiently embrace it.

The Trump administration swiftly appointed crypto- and corporate-friendly officials, an initiative documented by NoCorporateCabinet.org, a project of Demand Progress Education Fund.

This effort extended beyond crypto, aiming to install appointees with little interest in protecting investors, preventing fraud, or holding corporations accountable.

If crypto were to integrate into the broader financial system and subsequently crash, the fallout could extend beyond crypto investors to the wider economy.