Do Blockchain and Cryptocurrencies Affect the SEC’s Overthrow? A Comment on Donald Trump and his Congressional Investigations
Trump’s involvement withcryptocurrencies raises legal questions and could have a negative impact if he is not successful, said a lawyer.
Trump will have to contend with the fact that his political fortunes will be tied to an asset that the market is not in charge of,” wrote the author on Sunday. It could affect his political clout in DC.
A GOP-controlled Congress could also help bolster cryptocurrency. Republican Arkansas Rep. French Hill, chair of the House Financial Services Committee, has pushed for measures to help develop crypto. There is skepticism about congressional warmth toward cryptocurrency, including from digital assets expert Carol Alexander, who called it “a step in the wrong direction.”
The SEC has a new Commissioner, Paul Atkins, who is the CEO of a firm with clients in the security industry and is rumored to be Trump’s pick. The SEC has taken actions against the domestic cryptocurrencies industry and that is something that Atkins has reservations about. David Sacks was appointed by Trump as the country’s first artificial intelligence czar.
The Official Trump Meme Is Here: Taking a Good Look at the Coins and Coins of the World with a Dog
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.
My new official Trump meme is here! It’s time to celebrate everything we stand for: WINNING!,” Trump wrote in a post on X, telling supporters to “Have Fun!”
A meme coin is a type of coin that is inspired by internet trends. One of the most well known is dogecoin, which was created as a joke and features a dog as its mascot. It became popular in 2013 and again in 2021.
Grifting and cash grabs in Trumpworld are nothing new. Ever since Trump came to office in 2016, he and his sycophantic supporters have embraced a wide variety of schemes. With Trump support, many figures have made entire careers grifting on topics like stolen elections or COVID denialism.
The Goldmine of Memecoins: The PvP Game or Playing for the Successes of Donald Trump, or What Happens When He Gets Closer
There are dozens of “Inauguration Day” t-shirts and hats being sold on platforms like Amazon and Etsy, plus a special edition roast from Victory Coffee. A jeweller from Texas is attempting to lure the president with a gift of a diamond in the shape of his head.
The bible was on sale for just $65 a piece for the last seven days, but as Trump took office, it appeared to have already sold out.
The grifters and opportunists who had been working under the rubric of the new Trump era were already seeking to take advantage of him when he took office on Monday.
Religion has also been on the table. The same bible that the singer has been selling with Trump for nearly a year could be used for his swearing in.
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. The ethical issues at play are related to the fact that someone else must pay for Trump to enrich himself.
“Memecoins is absolutely a PvP [Player vs Player] game,” said Azeem Khan, cofounder of the Morph blockchain and venture partner at crypto VC firm Foresight Ventures, in an interview with WIRED late last year. Someone has to lose in order for someone to win.
The TRUMP Crisis: A Political Scenario for Crypto Markets and Wall-to-Ball: Donald Trump’s Contributions to Coin Optimisation
In this case, 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’re the president of the United States.
The two organizations that own 80 percent of the TRUMP coins are CIC Digital and Fight Fight Fight. The website claims that these organizations will get the coins over a three-year period, with revenue coming from trading activities.
In theory, increasing the number of coins in circulation and making large individual sales puts a downward pressure on price, increasing supply without any 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.
