U.S. President-elect Donald Trump faced a flood of criticism throughout the weekend for launching a cryptocurrency token as the world prepared for his Monday inauguration and policies expected to benefit the industry that helped Republicans take control of the White House and Congress.
“It is literally cashing in on the presidency—creating a financial instrument so people can transfer money to the president’s family in connection with his office,” Campaign Legal Center executive director Adav Noti toldThe New York Times. “It is beyond unprecedented.”
Jordan Libowitz, vice president for communications at Citizens for Responsibility and Ethics in Washington, also contrasted Trump’s move with behaviors of past presidents, tellingPolitico, “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, the weekend before inauguration, is launching new businesses along with promises to deregulate… those sectors in a way to just blatantly profit off his own presidency,” said Libowitz.
The president-elected announced the $TRUMP meme coin, hosted on the Solana blockchain, via his Truth social media platform and X—owned by Elon Musk, his ally and the richest person on the planet—on Friday, declaring that “it’s time to celebrate everything we stand for: WINNING!”
He linked to a website that explains “there are 200 million $TRUMP available on day one and will grow to a total of 1 billion $TRUMP over three years.” It also states that “Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’ and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”
Forbesreported that “the remaining 80% of tokens that have yet to be publicly released are owned by the Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware on January 7, according to state filings, and both companies will receive an undisclosed amount of revenue derived from trading activity.”
The president-elect’s son Eric Trump, who helps run Trump Organization, told the Times that “this is just the beginning.”
“I am extremely proud of what we continue to accomplish in crypto,” he said in a statement. “$TRUMP is currently the hottest digital meme on Earth.”
In an article simply headlined, “Donald Trump, crypto billionaire,” Axiosnoted that by Sunday morning, “Trump’s crypto holdings were worth as much as $58 billion on paper, enough—with his other assets—to make him one of the world’s 25 richest people.”
Responding to Axios‘ report, Wa’el Alzayat, who served as a Middle East policy expert at the U.S. Department of State for a decade, said that “when I was in government I couldn’t accept a lunch over $20. Now anyone can give our next president millions.”
Predicting that “this is going to end VERY badly for everyone except Donald Trump and his cronies,” journalist Jeff St. John said that “it is a scandal and an outrage.”
The meme coin announcement came as “the elite of the crypto world” gathered in Washington, D.C. for the first-ever Crypto Ball.
The president-elect did not attend the event, but House Speaker Mike Johnson (R-La.) and the nominees for commerce and treasury secretary, Howard Lutnick and Scott Bessent, were there. Reporting on the gala, Reuterspointed out that the Trump “courted crypto campaign cash with promises to be a ‘crypto president,’ and is expected next week to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets.”
Trump is no stranger to ethics scandals. As Mother Jonesdetailed:
The meme coin is just the latest in a bizarre line of grifty, super-weird takes on “merch.” Last February, Trump showed off gold “Never Surrender High-Tops” for $399 at Sneaker Con, which had Fox Newsapplauding his appeal to Black voters. In March, he began endorsing the $59.99 “God Bless the USA Bible,” which includes the Constitution, the Bill of Rights, and handwritten lyrics to the chorus of Lee Greenwood’s “God Bless the USA.” (Trump’s inaugural committee has confirmed that he will not be using one of these Bibles to swear the presidential oath of office on Monday.) In August, Trump released a new round of his “baseball card” NFTs.
S.V. Dáte, a senior White House correspondent at HuffPost, highlighted Sunday that during the Republican’s first term, “Trump’s D.C. hotel was a convenient way for foreign and domestic lobbyists to put cash directly into his pocket.”
“This crypto thing is next level. Anyone on the planet can put money directly into his pocket. Huge,” Dáte added. “The efficiency here is a thing of beauty. With a hotel, you have all the costs of owning the property as well as paying cleaning staff, front desk staff, and so on. This selling of fake money is almost pure profit.”
The Trump Organization sold the D.C. hotel in 2022, but The Wall Street Journalreported earlier this month that his “real estate company is in talks to reclaim” the property.
