The most powerful cryptocurrency executives in the country wearing a ball gown, tuxedo, and “Make Bitcoin Great Again” gathered in a place three days before President Trump's inauguration ceremony. A party was held and toasted the birth of the next administration. He pledged to promote the profits of the industry.
Snoop Dog also participated in the festival and performed “Don Stop Billy Bin”.
However, the billionaire and billionaire of cryptocurrencies were surprised at what happened next.
At 9:00 pm on January 17, Mr. Trump announced that it will issue a new virtual currency in social media, simply known as $ trump, is known as $ trump.
This sudden exposure is the method that Mr. Trump continues to use his power and fame, in this case, it sells digital assets to millions of supporters in the essentially unstable and speculative market. This was caused a new ethical and legal concern.
And it causes the wave of criticism from the industry, and he wants to defend it.
Executives in the cryptocurrency industry criticize this movement as cash robbery, and at that moment, at that moment, at that moment, at that moment, at that moment, at that moment Trump's trust in the industry. He said he was impaired.
His business produced a large report in a short period of time, and it was partially shrinked in a few days despite Trump's family and business partner collected millions of buying and selling fees for coins. They said.
Nick Carter, who was a loud supporter of Trump, who runs Castle Island Ventures, a cryptocurrency investment company, and attended the crypto ball at the time of the new Dol Trump Coin, said, “It's all rotten. It looks like he is selfish. “
Analysis of CHAINALIES, a cryptocien company, revealed that the majority of those who purchased President Trump were inexperienced individual investors and probably had to work on cryptocurrencies for the first time. According to the analysis, these traders were “almost at the point of a penalty,” but more than 100,000 of them lost.
However, the launch of the $ trump, in less than a day, charges a $ 58 million dollar for $ 58 million. As of Friday night, the clan owned President Trump, at least $ 29, at least $ 29, but has already fallen by 60 % since its peak. If the clan performs a so -called rug -pull and moves to sell its shares rapidly, its price will be further crashed.
“I don't know much about it,” said Trump, who was asked about the publication of the coin at the White House on Tuesday.
However, after taking office, he continued to re -post the $ trump token celebration and effectively urged more people to buy coins after the price crashed.
Ryan Cercis, a cryptocurrency entrepreneur, one of the early president's supporters in the industry, said in social media, the Trump administration would lose “high cost and good intentions.”
Another cryptocurrency executive Gaball Garbucks said, “Trump fires cryptocurrency advisors from top to bottom and knows what they are doing after the coin price has plummeted. It is necessary to change. “
The first time of the Memcoin was issued a digital currency that any Trump family could buy and sell on cryptocurrency exchanges. However, according to one of Trump Organization executives, this plan is a part of Bill Zanker, who is a serial entrepreneur and Trump's friend who has been selling massage, gym equipment, and self -help courses. It was born from the previous initiative.
In 2022, the Zanker and Trump family launched a $ 99 digital trading card, depicting Trump as a superhero in an alternative token (NFT).
However, at least the theoretical NFT functions as a digital artwork or collected product, but Trump Token is a so -called “Game stop, which is a so -called “mome stock that many amateur traders could make immediately. It was treated by the buyer like a stock.
Once skeptical of cryptocurrency, Trump promised that it would support the industry in last year's election campaign and end control of cryptocurrency companies by the Biden administration.
Mr. Trump signed a presidential decree on Thursday to promote the cryptocurrency industry in the White House, saying, “We will bring a lot of money to the country.”
This is a business that Trump has a considerable interest in personally. In September, he and his sons cooperated with the establishment of the World Liberty Financial, a company aimed at making it easier to lend in digital currency.
And since the victory in the election, Trump has been selecting a series of people in regulatory authorities, which seem to be prepared to support the industry.
In an interview on Friday, President's second son, Eric Trump, did not conflict with the criticism of Dollar Trump token issuance and the Trump family introducing his own digital currency during Trump's employment. I dismissed the question. Appointed financial regulatory authorities.
“The $ trump trading card and World Liberty Financial are the two most successful projects in cryptocurrencies,” he said.
Crypto Ball was promoted to celebrate the political success of the industry. He usually only transplanted a party that a cryptocurrency enthusiast held on a yacht or beach to a 15 -minute walk from the White House.
The top executives of the cryptocurrency were also the opportunity to build a network with the most influential people in Washington. Bitcoin mining company Mala Holdings, Chief Executive Officer Fred Seal, conversed with the House of Representatives Mike Johnson, who sent a text message to President Trump in front of him. “Everyone was very excited,” said Teil.
However, it turned out that the most important action in the cryptocurrency market was on social media. “Trump Mys has arrived!” As Snoop Dog is on the stage, Trump wrote about “Truth Social” and “X”. “It's time to celebrate everything we support, that is, victory!”
Digital currency supporters claim that digital currency grows into a widely used replacement means and can move wealth in an instant, independent and private outside of the conventional banking system. Mome Coin, a type of digital currency based on jokes and celebrity mascots, is controversial in the cryptocurrency world. These are not practical and are often used for pump and dump schemes and other fraud.
However, a good intuition trader can buy it as soon as the price is rising, and if the previous buyer sells the shares before cashing, you can make a profit immediately.
Josh Bailey, a cryptocurrency trader in Austin, Texas, saw the announcement shortly after Trump's presentation was posted. At first he was not sure if it was real. “The US President has issued a Memcoin,” said Bailey. “I didn't expect that.”
The price of the coin quickly rises. Within a few hours, Trump's total amount of Trump exceeded $ 5 billion. Bailey decided to put $ 12,000. Before he cashed, his treasure was more than five times worth it.
By the morning of Sunday, Trump's coins have become one of the most valuable cryptocurrencies in the world, and their partnership assets worth more than $ 50 billion on paper -based. Trump Organization and his partner managed 80 % of coins and collected fees during coin transactions.
Eric Trump praised this new investment as “the hottest digital meeting on the earth” in a post to social media.
But Trump's cryptocurrency supporters have already been dissatisfied. Many of the people who participated in the cryptocyt ball were going to a party instead of online, so they could not buy coins as soon as possible, and were effectively lost from the opportunity to make money.
“I'm so excited about this,” said Carter. “Why don't you make an announcement with a speaker?”
On Sunday afternoon, a post appeared on Melania Trump's X account. She launched her own Memcoin and was substantially a competitor in the market. President Trump's price dropped 60 % the next day.
Suddenly, the enthusiasm of the industry against Trump turned into furious.
Cryptocurrency corporate executive Justin Bonds said that a series of Memcoin announced that it was nothing more than a stealing stealing money. Another trader mentioned Gary Genuler, a former chairman of the Former Securities and Exchange Committee, who filed a number of lawsuits against cryptocurrency companies, and said, “I'm lonely without Gary Genceler now.”
The new Trump Token immediately caused legal issues, focusing on whether it was a securities and whether it was subject to the disclosure and registration requirements of the federal government.
Family said at the time of the announcement that the $ Melania token was “digital collection products,” and “not intended to be an investment opportunity or an investment opportunity.” However, the trading pattern indicates that the buyer did not treat these tokens in this way, but most of the time they bought and sold money to make money.
During the Biden administration, Gensler SEC has been aggressive in cryptocurrencies and argued that most of the cryptocurrencies should be strictly regulated.
In 2023, SEC sold images by the supporters of the manga NFT series called Stoner Cats, “so that investors can rationally gain profits from supporters' management and entrepreneurship.” After that, he accused him of selling unregistered securities.
Former SEC members, Alison Helen Lee, said that during her tennis, a sturations review would have been performed to evaluate whether the new coins of the Trump family were compliant with the law.
“The analysis has not been verified whether the promoter calls it a securities,” she says. “It is determined whether it will be sold as an investment. In other words, buyers will benefit based on others' efforts.”
The Democratic Party, including Senator Elizabeth Warren in Massachusetts, has already sent a letter to the Federal Regulatory authorities to investigate the issue.
However, in order to start such a survey now, we will investigate the family of the President, which has just been nominated as the chairman of the agency, a family of an experienced securities lawyer who has a close relationship with the cryptocurrency industry. You will need it.
A venture capitalist David Sax, who was appointed by President Trump as a coach of the administration's high -tech policy, said this coin was “like a baseball card or stamp” and said that there was no problem to sell. 。
It is already clear that some of the $ trump token buyers have lost their jumping too late and eventually lost. According to the first public transaction record, an investor using a pseudonym, Anthem, spent $ 9 million on the cryptocurrency to buy Trump just before the value falls. Later he lost about $ 2 million and sold his shares. By the account of LOOKONCHAIN.
Nevertheless, according to the record, the Anthem account continued to trade Trumpdol, expecting to make up for the loss for a few days later.
