Trump project is the encrypted currencies, it divides the industry that aims to support

They wear the gowns of the ball and the official allowances and “Bitcoin is great again” again The baseball caps, a crowd of some of the most powerful executives gathered in the country’s encrypted currencies, a few buildings from the White House to attend a luxury party three days before President Trump’s inauguration, drinking the next administration elites who pledged to enhance the interests of industry.

Even Snoop Dog joined the celebrations, where he presented a Delivery “Do not stop faith.”

But the owners of millions and billions of encrypted currencies were surprised by what happened next.

At nine in the evening on January 17, while the celebrations were in full swing, Mr. Trump Declare On social media, he was launching a new encrypted currency – the so -called com.memecoin It is simply known as $ Trump.

The sudden disclosure raised new moral and legal concerns about the ways in which Mr. Trump continues to benefit from his authority and fame, in this case by marketing a digital origin in a volatile and speculative market by its nature of millions of his followers.

This sparked a wave of criticism from within the industry, which he says he wants to support.

Crypto’s executive officials criticized this step as a grab of money, saying that Mr. Trump has undermined the credibility of the industry at the same moment when supporters were looking for a more prominent place in digital currencies in the main current of finance and business.

They said that his adventure created a short bubble that had widespread media coverage, and it shrunk partially within a few days, even with Trump’s announcement of himself. The family and its commercial partners collected millions of dollars from the fees on Buy and sell the currency.

“This makes it the whole thing looks corrupt and personal interest,” Nick Carter, one of the frank supporters of Mr. Trump who runs the Castle Island Ventures, who was present at the Crypto Ball when the new Trump coin was announced.

that analysis The Criminal Analysis Company showed Chenalisis Cleancies that the majority of people who bought Trump’s dollars were most likely to be inexperienced investors, and they may work in cryptocurrencies for the first time. The analysis said that these traders “almost reached a tie point”, although more than 100,000 of them lost their money.

However, according to one of the estimates, the launch of the Trump dollar I was born $ 58 million fees for the Trump family in less than a day. From Friday night, the family also has at least $ 23 billion in paper, a $ 29 billion in the price of Trump – a 60 percent decrease from peak. This price may collapse more if the family does what is called the process of pulling the rug and moves to sell its property quickly.

In response to a question about the launch of the currency on Tuesday at the White House, Trump said: “I don’t know much about it.”

But even after the installation, he continued to republish the celebration of the distinctive Trump code – and actually urge more people to buy the currency after its price collapsed.

Ryan Silcis, a businessman in the coded currency, who was one of the first supporters of the president in this industry, said on social media. It will cost The Trump administration “a lot of dollars and goodwill”.

“Trump needs to dismiss his co -currencies, from top to bottom, and replace them with people who know what they are doing,” said another Crocked Currency Executive official, Gabor Gorback, said Books on x After the currency price decreases.

Memecoin’s launch was the first time that the Trump family has issued a digital currency that any investor could buy or sell on encrypted currency exchanges. But the plan, as a Trump executive official said, arose from a previously organized effort organized by Bill Zanker, serial businessman and friend of Mr. Trump who had previously sold back massages, gym equipment and self -assistance courses.

Mr. Zanker and the Trump family began Selling digital trading cards worth $ 99 In 2022, Mr. Trump is depicted as a super hero with a coordination on encrypted currencies known as an inappropriate, or NFT.

But NFTS, at least, works as a digital artwork or holdings, while the Trump code has been dealt with by buyers such as Gamestop shares, which is called the MEME shares that many amateur traders bought in recent years in the hope of making a quick profit .

Mr. Trump was skeptical in the field of encrypted currencies, and he embraced this industry during his campaign last year, and promised to end the organizational campaign launched by the Biden administration on encrypted currency companies.

“We will make a lot of money for the country,” said Mr. Trump on Thursday while signing an executive order at the White House in which he pledged to strengthen the encrypted currency industry.

It is a company in which Mr. Trump has a big personal share. In September, he and his sons helped start Global financial freedomIt is a company designed to facilitate borrowing and lending in digital currencies.

Since his victory in the elections, Mr. Trump has made a series of employees ’choices in the organizational bodies that seem ready to help the industry.

In an interview on Friday, Eric Trump, the middle son of the president, rejected the criticisms of the decision of Trump’s distinctive currencies and questions about whether the Trump family presented its own digital currency while President Trump was a conflict of interests. The appointment of financial organizers.

He said: “The Trump trading card and World Liberty Financial are one of the most successful projects in the history of encrypted currencies.”

The Crypto Ball party was promoted as a celebration of the political success of the industry – the type of party that usually held by the encrypted currency enthusiasts on yachts and beaches, which was just transferred to a hall 15 minutes on foot from the White House.

It was also an opportunity for senior officials in the field of encrypted currencies to communicate with some of the most influential personalities in Washington. Farid Thil, CEO of MARATHON Digital Holdings, spoke with Parliament Speaker Mike Johnson, who sent a text message to President Trump directly before him. “Everyone was very excited,” said Mr. Thil in an interview.

But it turned out that the most important procedure in the cryptocurrency market was taking place on social media. “Trump Mimi is here!” Mr. Trump wrote on Truth Social and X while the theater Snoop is ascended. “It is time to celebrate everything we represent: win!”

Digital currency supporters say they can grow into a widely used exchange method, allowing immediate transfers of wealth efficiently and in particular, outside the traditional banking system. Mimi currenciesIt is a type of digital currency that relies on a joke or amulet of a celebrity, controversial in the world of encrypted currencies. It has no practical benefit and is often published in pumping, discharge or other fraud.

But traders who have good instincts can make quick profits – if they buy quickly with the high price and then sell their property before the previous buyers spend their money.

Josh Billy, Crossed Currency Trader in Austin, Texas, saw Mr. Trump’s announcement immediately after publishing. Initially, it was not sure whether it was real. “The President of the United States launched Memecoin,” said Mr. Billy. “I didn’t expect it.”

Soon the currency price increased. Within a few hours, the total value of all Trump papers circulated is more than $ 5 billion. Mr. Billy decided to invest $ 12,000. By the time when his money was spent, the value of his wealth had multiplied more than five times.

By Sunday morning, Mr. Trump’s currency has become among the most valuable cryptocurrencies in the world, and his partnership property was Deserve More than $ 50 billion on paper. A commercial entity controlled by Trump and its partners owns 80 percent of the coins and collects fees during the trading of coins.

Eric Trump, in a publication on social media, praised the new investment “The hottest digital M. on the face of the earth.”

However, the supporters of Mr. Trump in the field of encrypted currencies were already frustrated. Many people who attended the Crypto Ball party were actually excluded from the opportunity to earn money, as they could not buy the currency early enough to make profit because they were abroad to celebrate and not online.

“I am angry about this,” Carter said. “Why don’t they just advertise via loudspeakers?”

Then, Sunday afternoon, a post appeared on Melania Trump X accountIt was launching its MEMECOIN currency, which mainly created a competitor in the market. Trump’s price decreased by 60 percent during the next day.

Suddenly, Hamas has turned industry towards Mr. Trump into anger.

Justin Bones, CEO of encrypted currencies, He said “It was nothing more than just a blatant seizure of money.” Another merchant He said “It was missing Gary Ginsler at the present time,” referring to the former head of the Securities and Exchange Committee who filed many lawsuits against encrypted currency companies.

The new Tram’s distinguished symbol soon raised legal questions, centered on whether it constitutes a securities and should be subject to federal disclosure and registration requirements.

Melania’s distinctive currencies “are digital holdings”, he said The family said as it is “It is not intended to be or to be the subject of an investment opportunity.” But trading patterns show that this was not the way the buyers dealt with these currencies, as they bought and sold them in most cases in an attempt to make money.

During the Biden administration, the Securities and Stock Exchange Commission under the leadership of Mr. Jinsler adopted an aggressive position towards cryptocurrencies, on the pretext that the vast majority of them were securities that must be organized closely.

In 2023, Securities and Exchange Commission Supporters of the NFT animated chain accused the name Stoner Katz by selling an unregistered securities after the photos were marketed in a way “that prompted investors to expect a reasonable profit from the administrative efforts and entrepreneurship” made by the supporters.

Alison Herin Lee, a former commissioner of the Securities and Stock Exchange, said that during its term, the new coins of the Trump family would definitely lead to a review of employees to assess whether they complied with the law.

She said: “This analysis does not depend on whether the promoters call it securities.” “It depends on whether it is marketed as an investment, which generally means that buyers will get a return based on the efforts of others.”

This has already done Democrats in Congress, including Senator Elizabeth Warren of Massachusetts written A message to the federal organizers asking them to investigate the matter.

However, opening such an investigation now will actually require the Securities and Exchange Committee to investigate the president’s family, who just nominated the agency’s head – an experienced lawyer in the field of securities. Ties For the encryption industry.

David Sachs, the owner of the adventurous capital that Trump appointed to supervise his technical management policy, said this week that the currency “like a baseball or sealing” and “completely good” for sale.

It is already clear that some buyers of Trump’s distinguished symbol jumped slowly and ended up losing money. During one series of deals, an investor used an ANSEM nicer name 9 million dollars of encrypted currencies to buy Trump’s dollars before its value decreased directly, and then. I sold property Two hours later, a loss of approximately $ 2 million, according to public transactions recorded for the first time by an account called Lookonchain.

However, during the next few days, the Ansim account continued to trade Trump’s dollars, as the records appear, perhaps in the hope of the loss of loss.