A day before officially becoming the 47th President of the United States, Donald Trump is making waves in the cryptocurrency landscape – not for his upcoming inauguration on January 20 – but for launching a controversial meme coin he named after himself.
Launched on January 17, the crypto token dubbed as the TRUMP meme coin has sparked a considerable amount of discussion and is currently facing a backlash for what critics said was a questionable venture for the incoming President.
Critics Condemn TRUMP Meme Coin Launch
While everyone is anticipating Trump’s incoming takeover of the White House, the US President-elect surprised the cryptocurrency community by launching his own meme coin on the Solana blockchain. This move has now sparked a firestorm of criticism which questioned if it is ethical for an American president to launch his meme coin.
Popular YouTuber Stephen Findeisen, also known as Coffeezilla, believes that the launching, which is only days before Trump’s inauguration is off-timing, considering Trump will be appointing the new Chair of the US Securities and Exchange Commission (SEC).
> dropping TRUMP memecoin 2 days before becoming president is nasty work
> new SEC/DOJ guarantees no prosecution
> 80% of tokens vest to insiders DURING the presidency
> most ppl losing money will be MAGA who aren’t crypto native
> *should* be a crime but crime is legal now ig?— Coffeezilla (@coffeebreak_YT) January 18, 2025
“Dropping TRUMP memecoin 2 days before becoming president is nasty work. New SEC/DOJ guarantees no prosecution,” Findeisen said in his X post.
Other critics questioned Trump’s new venture which in their opinion somewhat blurred the boundaries of government and business.
Even Trump’s former aide, Anthony Scaramucci
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Author: Christian Encila
