Can Cryptocurrencies Be Developed in the U.S. Instead of the Commons: Trump’s Implications for Bitcoin and ICOs

If Trump’s involvement in cryptocurrencies is not successful, there could be legal questions and a negative impact.

“Trump himself will also have to contend with the fact that his political fortunes will be tied to an asset that the market, and not the man, controls,” Byrne wrote in a post on Sunday. It could impact his political clout in DC.

It is possible that Congress could help bolster cryptocurrencies. The chair of the House Financial Services Committee, a Republican, has pressed for measures that will help develop cryptocurrencies. There is skepticism about congressional warmth toward cryptocurrency, including from digital assets expert Carol Alexander, who called it “a step in the wrong direction.”

Paul Atkins is the CEO of a consulting firm with cryptocurrencies, and he has been chosen by Trump to lead the SEC. The SEC is against the domestic cryptocurrencies industry and its enforcement actions have been reported to be anti-Semitic by Atkins. David Sacks, a venture capitalist, has also been appointed by Trump as the country’s first crypto and artificial intelligence czar.

$MELANIA$: My New Official Trump Meme is HERE! Donald Trump reportedly launched a meme coin on Sunday, Oct. 23

First lady Melania Trump on Sunday also launched a meme coin, $MELANIA, at nearly $7. That coin also jumped in early trading, nudging above $13 at its height, before dropping below $5 as of Monday afternoon, according to CoinGecko.

Late Friday evening, three days before his return to the Oval Office, Donald Trump performed an act of crypto alchemy. Pretty much all it took was a few strokes of the keyboard. “My NEW Official Trump Meme is HERE!” The president of the United States wrote a Truth Social post. It’s time to celebrate everything we stand for.

A meme coin is a type of cryptocurrency that is inspired by a meme or another internet trend. dogecoin was created as a joke and features a dog as its mascot. It became popular in 2013 and again in 2021.

Grifting and Cashing at Trump’s Inaugural Inspiral: An eBay Story of the 44th President and his God Bless The USA

The Grifting and cash grabs at Trumpworld are not new. Ever since Trump came to office in 2016, he and his sycophantic supporters have embraced a wide variety of schemes. With the support of Trump, many people have made entire careers out of grifting on topics like stolen elections.

And because Trump’s inauguration was moved indoors due to severe cold weather, tens of thousands of people who had been sent tickets to attend the event were unable to use them. People have attempted to cash in on those tickets, with dozens of listings on eBay offering the unused tickets for up to $200 each. The tickets were issued by the Office of a Representative of the House of Representatives and have a hologram and signature on them. Many of the listings have been sold.

As Trump was inaugurated as the 44th President, the bible appeared to have already been sold out, despite being on sale for only the last week.

The president and first lady were far from the only ones seeking to cash in on the buzz around Trump’s second term, and the inauguration weekend in particular. Trump has been a magnet for all kinds of money and possessions, many of which were endorsed by the president himself, and included everything from guitars and shoes to trading cards and coins.

There was also a religion on the table. The same bible the singer has been selling with Trump, the “God Bless The USA” bible, can be used for the president’s swearing in.

How Does the Founder and CEO of Trump-affiliated Cryptocurrencies End up Enriching himself? Answers to Bendiksen’s Questions

Some crypto boosters have celebrated the Trump family’s foray into memecoins, applauding the new president’s ability to transmute his fame into crypto wealth. Some people pointed to the ethical issues at play when they said someone else must pay if Trump is to enrich himself.

Azeem Khan, the founder of the Morph blockchain and a venture partner at the firm, said in an interview with WIRED thatMeme coins is a Player vs Player game. Someone needs to lose if they want to win.

Trump’s own supporters stand to potentially bear the cost. “It’s blatantly unethical,” alleges Christopher Bendiksen, a researcher at crypto asset management firm CoinShares. “Knowing that a bunch of [supporters] will lose money—and that money ends up in your pocket. Especially when you are holding the presidency of the United States.”

The remaining 80 percent of TRUMP coins not yet released into circulation belong to two Trump-affiliated organizations: CIC Digital LLC—which has previously flogged Trump-branded sneakers, NFTs and other merchandise—and Fight Fight Fight LLC, which was incorporated in early January. The website states that the coins will be received by these organizations over a three year period in order to generate revenue.

Increasing the number of coins in circulation by making large individual sales puts upward pressure on price, increasing supply without change in demand. As the Trump organizations enrich themselves through the sale of tokens, other investors—at least some of whom are presumably diehard Trump supporters—may therefore suffer a fall in the value of their coins.