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Incoming first lady Melania Trump has launched a cryptocurrency on the eve of her husband's inauguration as US president...
23/01/2025

Incoming first lady Melania Trump has launched a cryptocurrency on the eve of her husband's inauguration as US president.

The announcement comes after President-elect Donald Trump launched the $Trump cryptocurrency. Both coins have risen but have seen volatile trade.

"The Official Melania Meme is live! You can buy $Melania now," she posted on the social platform X on Sunday.

Disclaimers on the websites of both the $Trump and $Melania coins said they were "not intended to be, or the subject of" an investment opportunity or a security.

According to the CoinMarketCap website, $Trump has a total market valuation of about $12bn (£9.8bn), while $Melania's stands at around $1.7bn.

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Trump had previously called crypto a "scam" but during the 2024 election campaign became the first presidential candidate to accept digital assets as donations.

During the campaign, his family launched a cryptocurrency company called World Liberty Financial - which aims to lead "a financial revolution by dismantling the stranglehold of traditional financial institutions", and is also selling a crypto coin.

The new Trump coin was launched from Trump Organization affiliate CIC Digital LLC, which is linked to previous sales of crypto collectable NFTs launched in 2022 that made millions of dollars but have since fallen dramatically in value for their owners.

According to CoinGecko, the NFTs once sold for more than $1,000 but have since dropped in value to around $300.

Crypto campaign
On the campaign trail, Trump also said he would create a strategic Bitcoin stockpile and appoint financial regulators that take a more positive stance towards digital assets.

That spurred expectations that he would strip back regulations on the crypto industry.

In the wake of Trump's victory, Bitcoin jumped to a record high of around $109,000 according to crypto trading platform Coinbase.

On Friday, the incoming artificial intelligence (AI) and crypto tsar David Sacks held a "Crypto Ball" in Washington, DC.

Other cryptocurrencies, including Dogecoin - which has been promoted by high-profile Trump supporter Elon Musk - have also risen sharply this year.

Under President Joe Biden, regulators cited concerns about fraud and money laundering as they cracked down on crypto companies by suing exchanges.

The growth of Dogecoin has significantly increased the interest in so-called "meme coins" - cryptocurrencies typically linked to a viral internet trend or moment.

Melania's Meme coin has come from her own incorporated company MKT World LLC – a firm she has used since 2021 for various ventures including selling portraits of her as first lady.

Meme coins can be created and launched by anyone, and there are thousands in existence.

With their profile and social media presence, Trump coin and Melania coin have already entered the top 100 coins in terms of value, and Melania's coin is now worth more than AI entrepreneur Sam Altman's Worldcoin.

When Donald Trump won the presidency in November, many crypto fanatics celebrated, based on his promises to the industry...
23/01/2025

When Donald Trump won the presidency in November, many crypto fanatics celebrated, based on his promises to the industry that he would prioritize deregulation and legitimize crypto entrepreneurs. Days before his inauguration, industry heavyweights gathered in Washington for the Crypto Ball, celebrating their newly minted status as D.C. insiders.

But during the event, Trump shocked nearly the entire room by posting online about the launch of a new cryptocurrency called TRUMP. This new currency, a so-called meme coin, has no inherent value, but rather fluctuates in price as people buy and sell the coin. Trump’s fans and opportunistic day traders have generated billions of dollars in sales, driven by loyalty, hype, and the chance to make a quick buck. All of these trades have made the coin’s creators—affiliate companies of the Trump organization—billions of dollars on paper. A day after its release, Melania Trump announced her own meme coin, which also rose and fell in crazed spurts. On Wednesday, TRUMP was the 25th most valuable cryptocurrency in the world, according to CoinMarketCap—although its price of about $43 was well off its $75 high.

Read More: What Trump’s Win Means for Crypto.

Trump’s meme coins brought a surge of attention to crypto and many newcomers into the space. To some, the coins signaled Trump’s commitment to crypto and to spurring its growth. But many more in the crypto world responded with revulsion to what they saw as a cash grab, and a way for Trump to directly profit off of his followers. Trump’s team holds at least 80% of the coin’s supply, giving them vast power to control its price. While they are not allowed to sell off their holdings for months, doing so would crash the market and leave regular users with a loss.

Crypto insiders worry that the coins will make the public even leerier of an industry already filled with scams and bad-faith actors. “The crypto sector put someone in power whose first act is to emphasize and take advantage of the opportunity for grift within crypto,” says Angela Walch, a crypto researcher and writer. “And that's just embarrassing.”

Trump has downplayed his role in launching the coin, saying at a Jan. 21 press conference: “I don’t know much about it other than I launched it.” The Trump Organization did not immediately respond to a request for comment. A White House press officer declined to comment.

But elected officials and legal experts are raising ethical and geopolitical concerns about the tokens, which they say could serve as a vehicle for bribery and conflicts of interest. “These coins open a channel for him to receive financial benefits from foreign adversaries and to prioritize his personal interests, to the collective detriment of Americans,” says Puja Ohlhaver, a lawyer affiliated with Harvard’s Allen Lab for Democracy Renovation.

President Donald Trump promised crypto investors he’d usher in an era of legitimacy for an industry that’s long been rel...
23/01/2025

President Donald Trump promised crypto investors he’d usher in an era of legitimacy for an industry that’s long been relegated to the financial wilderness — dismissed by some mainstream investors as an highly speculative bet at best or an elaborate Ponzi scheme at worst.

But days before his inauguration, Trump shocked many of his crypto supporters by peddling a digital token known as a meme coin, a functionally worthless asset that trades on hype and are a go-to vehicle for scams known as rug pulls.

To be clear, not all meme coins are scams, and the $TRUMP and $MELANIA coins appear to have safeguards built in to prevent a rug pull. Specifically, the Trump coin’s website says its majority holders are subject to a three-year unlocking schedule, so they can’t sell all at once. But even without selling a single token, the Trump Org. had raked in an estimated $58 million in a single day in trading fees alone, according to crypto researcher and former Coinbase executive Conor Grogan.

Yet meme coins have become known for rug pulls, in which developers launch a coin, run up its price and quickly cash out. If that sounds familiar, the “Hawk Tuah” influencer Haliey Welch was recently sued over her own coin, which briefly soared to a $500 million market cap before falling 90%. Welch said in a statement posted to X last month that she takes the situation seriously and is working to help affected investors.

Meme coins represent the absurd, at times fraudulent, side of crypto that the increasingly wealthy proponents of the widely traded bitcoin and ether would like to move past. The fact that America’s first “pro-crypto” president is hawking a token with no tangible utility has some in the industry concerned about Trump and his advisers’ judgement as they prepare to overhaul the US regulatory regime with a new zeal for digital assets.

“Trump needs to fire his crypto advisors, from top to bottom,” tweeted Gabor Gurbacs, founder of digital asset firm Pointsville.

One giant ethical concern centers on Trump’s majority ownership of the tokens: 80% of the coin’s supply is held by Trump Organization affiliates CIC Digital and Fight Fight Fight LLC — a concentration that appears designed to personally enrich the president. Trump Org did not respond to a request for comment, but Eric Trump, the company’s executive vice president, said in an X post Saturday: “I am extremely proud of what we continue to accomplish in crypto. $Trump is currently the hottest digital meme on earth.”

“Even meme coin enthusiasts are skeptical of projects where the majority of tokens are not held by a broader community and appear to be designed in way that disproportionately benefits insiders,” Gareth Rhodes, managing director at advisory firm Pacific Street, told me. “But it is early, and the launch team can still take action to make it a more community-focused project.”

Ethics experts swiftly decried the apparent conflict of interest.

Walter Shaub, the ethics watchdog who clashed with Trump during his first term before stepping down, told my colleague Matt Egan the meme coin maneuver suggests “the very idea of government ethics is now a smoldering crater.”

The Trump administration, which officially entered the White House on Monday, didn’t respond to CNN’s request for comment.

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