Donald Trump, the President of the United States, has launched a new meme coin cryptocurrency known as the Trump token. The launch occurred three days before he assumed the presidency, sparking widespread criticism and concern. Ethics experts have raised alarms about potential conflicts of interest given Trump's dual role as both President and an investor in the token. The Trump token, initially riding a wave of speculative buying, has seen its value plummet, leaving small investors feeling betrayed.
The Trump token website includes a disclaimer stating that the tokens are not securities, though the language may be unclear to many average investors. This lack of clarity has drawn comparisons to penny-stock pump-and-dump schemes. Critics argue that the token's creation represents a serious ethical dilemma, with some conservatives particularly disillusioned by Trump's involvement in such a financial scheme.
“This crypto is the most blatant ponzi scheme in history and we are the marks.” – someone on a conservative Reddit forum
Conservative voices on platforms like Reddit have expressed their disappointment and perceived betrayal by Trump. Many feel that his endorsement of a financial venture exploiting small investors is contrary to their expectations of his leadership. Nic Carter, a Trump supporter and cryptocurrency investor, voiced his concerns to the New York Post.
“This is bad, and looks bad,” – Nic Carter
“Now, on the cusp of getting some liberalization of crypto regulations in this country, the main thing people are thinking about crypto is, ‘Oh, it’s just a casino for these meme coins,’” – Nic Carter
Adding to the controversy is Ivanka Trump's need to clarify her non-involvement with a separate meme coin named IVANKA, launched recently without her consent or approval. She condemned the coin's promotion, distancing herself from any association with the crypto sphere.
Meanwhile, Trump Media and Technology Group, responsible for Trump's social media platform Truth Social, has announced the launch of "Truth," a financial technology brand. They plan to invest up to $250 million in cryptocurrencies and "crypto securities" through a new investment initiative called "Truth Fi."
The Wall Street Journal's editorial board has not held back criticism of Trump's crypto venture.
“No careful President would get anywhere near this kind of political risk, and we can’t recall any President who has.” – The Wall Street Journal editorial board
“vehicles for speculation” – The Wall Street Journal editorial board
The editorial board's criticism reflects broader concerns about the ethical implications and political risks associated with Trump's involvement in the cryptocurrency market while holding public office.
On conservative forums, some individuals have voiced their desire for alternative leadership within the GOP.
“I want a real man like Vance to run this,” – someone
“The GOP has to find someone better for 2028,” – someone