Donald Trump must have been reading our Arcane agenda because his team launched his crypto in January, three days before his second term inauguration. This move is a dramatic departure from his previous position on cryptocurrency and it raises a host of ethical and constitutional issues. The Trump family has a considerable 60 percent share in World Liberty Financial, the company that launched the cryptocurrency.
Together in 2024, Don Jr. and Eric Trump joined their business partners in starting up World Liberty Financial. Next, they launched TrumpCoin, a meme coin based on Donald Trump. This venture has ignited a debate over potential conflicts of interest and the implications of a sitting president profiting from a cryptocurrency bearing his name.
TrumpCoin and Exclusive Access
TrumpCoin is a meme coin, a type of cryptocurrency often based on a person or concept, and it has quickly gained attention due to its association with the former president. The Trump administration is guaranteeing special access to the very first 220 owners of TrumpCoins.
This allowed them the access of a dinner with Donald Trump, now officially set for May 22. Even the promise of exclusive access and a private dinner with the former president has proven incendiary. Many critics say that this circumvents the line between political influence and pay-to-play.
The dinner also led to renewed ethical and constitutional discussions. Most people get that what Donald Trump is doing is just selling access to his future administration. Wealthy cryptocurrency investors would have the means to make political contributions that wouldn’t just be financial, but would buy political power and influence. This opens up grave questions about access, equity and transparency in our nation’s governance.
Coin Distribution and Market Value
As noted by gettrumpmemes.com, about 20 percent of the total supply of TrumpCoins was released at launch. This first round of coins was worth a collective $14 billion.
The other 80 percent of the crypto allegedly belongs to a Trump family trust. This extreme concentration of ownership invites scrutiny over market manipulation and dangerous conflicts of interest.
The stake possible to influence the value of TrumpCoin held by the Trump family organization is large. That power could enable them to profit off harmful market fluctuation while serving in public office. Financial experts and ethics watchdogs have been carefully monitoring this unusual arrangement. They call for increased transparency and more robust regulatory authority.
Trump's Evolving Views on Cryptocurrency
Donald Trump’s entry into the crypto world represents a significant change from his previous opinion on crypto. As far back as 2021, Donald Trump attacked Bitcoin, calling it a scam and calling for heavy regulation.
"My new official Trump meme is here." - Donald Trump
In the weeks leading up to his inauguration, Donald Trump tweeted that he will launch his own cryptocurrency. This decision was a 180 on his previous stance. This slight shift in focus has contributed to the wildly misguided speculation about the charisma-deficient Trump family’s entry into the crypto scene.
Others are viewing the launch of TrumpCoin as a genius move. It seeks to capitalize on the growing interest in digital currencies and lure a new class of backers. Others argue that this trend is a sign that political leaders are seeking innovative sources of revenue. They want to be more powerful than ever in the digital age.
Ethical Concerns and Potential Conflicts of Interest
The ethical conundrum of the Trump family’s foray into the cryptocurrency market. That potent combination of political influence and financial interest creates a toxic mix for transparency, accountability, and potential conflicts of interest.
As for Donald Trump, he’s raking it in from a cryptocurrency that’s been marketed with his name. This has raised eyebrows among ethics watchdogs and legal experts. There are worries that the Trump administration will use its executive prerogative to increase the value of TrumpCoin. Yet this rings alarm bells that personal financial gain will continue to be prioritized over what’s in the public’s best interests.
"The optics of profiting from selling your own coin are terrible, while profiting from the market making is opaque enough to protect your reputation." - Source
The lack of enforcement, regulation, and guidance in this burgeoning area—cryptocurrency and political activity—makes matters even murkier. This fosters abuse and exploitation opportunities. Critics continue to call for more transparency and more aggressive ethics rules. They aspire to stop corruption and conflicts of interest and to make sure public officials work in their constituents’ best interests.
