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In a surprising move just days before his inauguration, President-elect Donald Trump introduced a new cryptocurrency, the $TRUMP meme coin. The coin’s market capitalization rapidly escalated, reaching over $5 billion by Saturday afternoon, with trading volumes surpassing $11 billion. The Trump Organization’s affiliate, CIC Digital LLC, along with partner entity Fight Fight Fight, collectively hold 80% of the coin’s supply, potentially augmenting Trump’s net worth by tens of billions.
This development has sparked discussions about possible conflicts of interest as Trump assumes office, especially considering his plans to deregulate the cryptocurrency industry. While some crypto industry figures have lauded the initiative, others, including Anthony Scaramucci, have criticized it as ethically questionable. Ethics watchdogs express concern over the unprecedented nature of such a business venture by a president-elect so close to inauguration.
The cryptocurrency industry marked President-elect Donald Trump’s upcoming inauguration with a lavish event dubbed the “Crypto Ball” at the Andrew W. Mellon Auditorium. Organized by venture capitalist and newly appointed AI and crypto czar David Sacks, the celebration featured performances by Snoop Dogg, Rick Ross, and Soulja Boy. Attendees included prominent figures such as Coinbase CEO Brian Armstrong, Marathon CEO Fred Thiel, and the Winklevoss twins, all of whom had previously faced regulatory challenges under the Biden administration. The event symbolized a shift in the crypto landscape, with industry leaders optimistic about a more supportive regulatory environment under Trump’s leadership. Amidst the festivities, Trump announced the launch of the $TRUMP meme coin, which saw its value soar shortly thereafter. The gathering underscored the community’s anticipation of favorable policy changes and a potential “crypto golden age” in the United States.
