Just before his inauguration, Donald Trump and his family launched a cryptocurrency token called $TRUMP. The coin's value and risks were unclear, but trading skyrocketed, making the Trump family billions on paper. The First Lady also launched a meme coin, while Ivanka Trump distanced herself from an unauthorized coin. During his campaign, Trump promised to make the U. S. the crypto capital, and he filled regulatory posts with pro-crypto supporters. The $TRUMP coin, however, seems more like a personal profit scheme and a way to bypass federal ethics rules. Meme coins are often worthless and can be used to scam investors. The Trump coin raises concerns about conflicts of interest and the integrity of financial regulators. Will they stand up for investors or protect the president's interests? Congress is also considering crypto legislation, but could this normalize bad behavior? And could $TRUMP purchases violate ethics rules or the Constitution? Trump's crypto venture could open doors to corrupt politics. While the crypto industry lobbies heavily, this scheme could hurt investors and the broader economy if another crypto crash occurs.
