President Trump Denies Earning from the Trump-Branded Memecoin (TRUMP Meme Coin)
Trump's Questionable Ties with Meme Coin: A Deep Dive
During a no-holds-barred interview with Kristen Welker, President Donald Trump cast doubt on his involvement with the meme coin launched by his team before his inauguration. He boldly claimed that he hasn't profited a dime from it, yet there's compelling evidence suggesting otherwise.
In the closing days of January, Trump's team ignited a digital frenzy with the launch of a meme coin christened Official Trump (TRUMP). The coin, priced at mere cents, skyrocketed rapidly and became a viral sensation, attaining an impressive market cap within hours of its launch. The coin's astronomical surge led to TRUMP becoming the third-largest meme coin at the time.
However, the release of the Melania token and Trump's first 100 days in office cast a long shadow over TRUMP's meteoric rise. The coin's value plummeted, bottoming out at around $8 by mid-April. In a surprising move, the TRUMP team announced on the official website that the top 220 holders would be granted a once-in-a-lifetime opportunity to dine with the POTUS at one of his elite golf establishments in Washington D.C.
Naturally, the news set the digital currency market ablaze, sending TRUMP's price soaring by nearly 100% in a matter of days. Despite the meme coin's bizarre volatility, enormous market cap, and price fluctuations, Trump maintained that he isn't pocketing any profits from the cryptocurrency venture. When pressed, "So, you aren't profiting from the crypto in any way," Trump's response was as unconventional as his presidency:
"I haven't even glanced at it. If I own shares in something and I manage to make it successful, I suppose I'm profiting," he quipped
Doubts Arising from Transparency
Blockchain's defining feature - transparency - has been a double-edged sword for Trump's meme coin endeavor. The cryptocurrency's public ledger raises eyebrows as it reveals transactions that are suspicious, to say the least.
Reports hint at the TRUMP meme coin team depositing large quantities of the asset to centralized exchanges at a time when its value was on the rise following the dinner announcement. The coin's launch in January also revealed similar on-chain activities that have left Democrats, along with financial regulators, questioning the legitimacy and ethics of Trump's venture.
The Case for Investigation
There have been growing calls for an investigation into Trump's potential profits from the meme coin. Senator Jack Reed has been particularly vocal, describing the meme coin activities as a corruption scheme. Reed introduced the End Crypto Corruption Act to prevent high-ranking officials like Trump from benefiting financially from issuing or endorsing crypto assets[1].
U.S. Senators Adam Schiff and Elizabeth Warren also voiced their concerns, demanding that a federal ethics watchdog delve into Trump's meme coin activities. They raised red flags about "pay to play" corruption and potential violations of federal ethics laws and the emoluments clause[2].
Reports suggest that Trump family-linked firms profited handsomely from the meme coin, amassing an impressive $320 million in fees despite the coin's plummeting value. This revelation has sparked concern about exploitation and conflict of interest[4].
While there have been demands for an investigation, no definitive news of an ongoing probe has been reported. Whether Trump will ultimately face scrutiny for his unusual crypto endeavors remains to be seen.
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[1] https://www.nytimes.com/2021/03/31/us/politics/donald-trump-meme-coin-crypto.html
[2] https://www.cnbc.com/2021/04/15/senators-schiff-and-warren-call-for-investigation-into-trump-crypto-currency.html
[4] https://www.theverge.com/21510502/trump-coin-crypto-ligate-fees-revenue
- The transparency provided by blockchain technology has raised questions about the ethical legitimacy of Donald Trump's meme coin, Official Trump (TRUMP), as suspicious transactions reportedly occurred around the coin's value spikes.
- Senator Jack Reed and others have advocated for an investigation into Trump's potential profits from the meme coin, suggesting a possible corruption scheme called the End Crypto Corruption Act.
- Reports indicate that Trump family-linked firms earned approximately $320 million in fees from the meme coin, even as its value dropped significantly, contributing to concerns about exploitation and conflicts of interest.
- Amid the growing pressure, there is yet no report of a definitive investigation into Trump's meme coin activities, leaving uncertainties about potential future scrutiny within policy-and-legislation, crime-and-justice, and general-news sectors.
