In an executive order on Thursday, Mr. Trump touted crypto as "crucial" to U.S. innovation, and ordered a creation of a working group to draft new crypto rules.
The $TRUMP token launched last Friday.
A similar $MELANIA meme coin was launched by Melania Trump
"$TRUMP and $MELANIA present grave risks to President Trump’s ability to impartially govern our nation—and to investors in these coins," is a response from some congressmen.
According to a report from the New York Times, crypto executives have long battled the perception that their industry is not on the up and up, and welcomed the newly elected president's plan to embrace the financial instrument.
However, Trump and his wife Melania's entry in the market caught some of the president's crypto supporters "off guard."
The Times is reporting, "Crypto executives criticized the move as a cash grab, saying that Mr. Trump had undercut the industry’s credibility at the very moment when proponents were seeking a more prominent place for digital currencies in mainstream finance and business, even as Mr. Trump’s family and its business partners collected millions of dollars from fees on purchases and sales of the coin."
“It makes it all look corrupt and self-interested,” he told the Times, with the report adding that after the launches, "the industry’s enthusiasm for Mr. Trump turned to fury."
According to the Times, "Justin Bons, a crypto executive, said the back-to-back memecoin announcements were 'nothing more than blatant money grabs.'"
And don't forget Donald Jr. paving his own way....
