Skyrocketing Value of Trump's Digital Coin Following President's Dinner Invitation to Top Investors
SEC commissioner Hester Peirce discusses cryptocurrency enforcement and regulation on 'The Claman Countdown.'
Last week, President Donald Trump's cryptocurrency meme coin, $TRUMP, surged an astonishing 60% after awe-inspiring claims of an exclusive dinner with the president himself. The invitation dangled like a carrot before the top 220 coin holders, promising a gala dinner at Trump National Golf Club in Washington, D.C. on May 22.
The top 25 holders were promised an "ultra exclusive private VIP reception with the President" and a "Special Tour," according to the announcement. But above all, your attendance at this event hinged on one minor detail: you had to be one of the top 220 average $TRUMP holders between April 23 and May 12, pass a background check, and hail from a country not placed on a KYC anti-money laundering watch list. Sadly, bringing a guest was a no-go.
Trump's Crypto Empire Expands
The extravagant offer is but the latest in a long line of crypto-related ventures undertaken by Trump and his family over the past year. Projects such as the new crypto exchange World Liberty Financial and the pivot of the Trump Media & Technology Group to crypto finance have kept the industry buzzing.
Trump's "Crypto Crusade" began with the ambitious goal of making the United States a "bitcoin superpower" and the "crypto capital of the world." Since entering office, his administration has been working diligently to shape the regulatory regimes governing the burgeoning crypto industry.
Eyes on the Conflict
Critics have raised concerns that the president's connection to various crypto ventures could open the door to conflicts of interest and influence peddling, the symptoms of a "pay-to-play" culture in the White House. Tony Carrk, the executive director of Accountable.US, a government ethics watchdog group, weighed in on the controversial offer, stating it could create "a greater potential for special interests to buy an administration's favor that could threaten the public interest."
While such concerns have yet to materialize, it's essential to remain vigilant and ensure that regulation in the crypto sector prioritizes the best interests of the American people.
The Resurgence of TRUMP Coin
Launched prior to the president's inauguration, the TRUMP coin once soared to heights of $74.59, only to sink to a low of $7.14 on April 7. However, the meme coin has since seen a resurgence, trading around $12.24 as of noon on Thursday. Crypto analytics firm Chainalysis found that, as of March 12, the coin had generated at least $350 million in fees for entities connected to the president.
The excitement surrounding the TRUMP coin's delayed token unlock earlier this week has kept the frenzy alive, with crypto watchers hoping for a meteoric comeback. Stay tuned as this political drama unfolds.
Reuters contributed to this report.
- Commissioner Hester Peirce, on 'The Claman Countdown', discussed cryptocurrency enforcement and regulation, addressing President Donald Trump's cryptocurrency meme coin, $TRUMP.
- Last week, the meme coin surged 60%, with awe-inspiring claims of an exclusive dinner with the president for top 220 coin holders.
- The top 25 holders were promised an ultrac exclusive private VIP reception with the President and a Special Tour, but attendance required passing a background check and abiding by KYC anti-money laundering rules.
- Trump's crypto ventures extend beyond the meme coin, including a new crypto exchange and a pivot to crypto finance by the Trump Media & Technology Group.
- The administration's aim is to make the United States a "bitcoin superpower" and the "crypto capital of the world," shaping regulatory regimes in the cryptocurrency markets.
- Critics have raised concerns about potential conflicts of interest and influence peddling due to the president's ties to crypto ventures, creating a greater potential for special interests to manipulate the administration.
- Despite such concerns, it's crucial to prioritize regulation in the cryptocurrency sector that upholds the best interests of the American people, maintaining a reasonable balance between technology, finance, politics, general-news, and asset protection.
