Donald Trump’s cryptocurrency raises concerns amid market frenzy

President-elect Donald Trump Trump and his family have launched a new cryptocurrency token called $Trump, which features an image of Trump inspired by the July assassination attempt on Butler, in Pennsylvania.
The project, unveiled just days before Trump’s second inauguration, has sent the cryptocurrency market into a frenzy, but has also raised ethical concerns among experts and people who see it as an attempt to take advantage of the office he’s about to hold again, according to As reported by The Guardian newspaper. New York Times.
Trump token is sold by CIC Digital LLCan affiliate of the Trump Organization, with the slogan “Join the Trump Community. This is history in the making!” According to the website selling the tokens, CIC Digital and its affiliates own 80% of the token supply, which will be released gradually over the next three years.

Concerns about the launch

The move was condemned by ethics lawyers, with Adav Notti, executive director of the Campaign Legal Center, saying: “It literally takes advantage of the presidency — creating a financial instrument so that people can transfer money to the president’s family in connection with his office. It’s unprecedented.”
Eric Trump, who helps manage the Trump Organization’s business operations, defended the project, saying: “I’m very proud of what we continue to accomplish in cryptocurrency. $Trump is currently the hottest digital meme on Earth. And this is just the beginning.”
However, some in the cryptocurrency industry have criticized the coin, with Nick Tomaino, a cryptocurrency venture capitalist and former Coinbase executive, writing on social media, “Trump owning 80% and timing the launch hours before the inauguration “It is predatory and many people are likely to be harmed.” “With it.”
The general public also raised questions about the launch especially given its timing. People accused Trump of using the soon-to-be president’s position to profit himself. “The blatant cheating is disgusting,” one person said.

“Dropping a TRUMP memecoin two days before he becomes president is bad business,” said a person identified as “Coffeezilla” on X.

An X user named “crypto King” said: How is this legal? How is this appropriate as a president? “I feel like this is an embarrassment to Republicans, MAGA, and the presidency.”

The value of the Trump token rose from $7 to nearly $30 within hours of its launch, suggesting a fully diluted value of $30 billion. The project’s website includes a disclaimer that limits buyers’ ability to file class-action lawsuits and warns about the volatility of cryptocurrency markets.
Trump announced his intention to appoint regulators who will lift restrictions on the sale of new tokens and relationships between cryptocurrency companies and other traditional financial institutions, in contrast to efforts by regulators under President Joe Biden to strictly regulate the industry.