Buyers of a new meme part, approved by Donald TrumpThe social media account of , must agree to the terms and conditions which include the prohibition on filing class action lawsuits.
News week contacted representatives of the Trump transition team for comment via email Saturday outside of normal business hours.
Why it matters
Class action waivers are often deployed by companies to help reduce financial risks, but opponents argue they can limit consumers’ rights and prevent the company from being accountable.
These waivers, whereby one party to an agreement waives certain legal rights, are controversial and have sparked disputes in the United States. Congress And Supreme Court.
What you need to know
The $TRUMP meme coin, illustrated with an artistic depiction of the new president raising his fist in the air after survive an assassination attempt in July 2024, is sold through the “Get Trump Memes” website.
The website references Trump’s failed assassination attempt in July 2024, when he “faced death and found himself in combat!” “Now you can get your piece of history back,” he adds. “This Trump Meme celebrates a leader who doesn’t back down, no matter the odds. Join the Trump community: we fight for what matters.”
According to its website, 200 million $TRUMP coins were issued on the day it went live, with a total of 1 billion expected over the first three years.
As of 7:45 a.m. ET on Saturday, the value of each $TRUMP coin was $21.95, according to Grecko Terminal, a popular trading platform.
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The meme coins come with detailed terms and conditions, which state that they are “NOT INTENDED TO BE OR BE THE SUBJECT OF AN INVESTMENT OPPORTUNITY, INVESTMENT CONTRACT OR SECURITY OF WHATEVER TYPE”.
The site links to terms and conditions that state that the buyer waives the right to join a class action against CIC Digital LLC, the Trump Organization subsidiary that manufactures $TRUMP coins, unless the buyer gives “ written notice of your decision within thirty (30) days from the date you first access the Website.
The U.S. Supreme Court is divided on the use of class action waivers under the Federal Arbitration Act (FAA), which allows private disputes to be resolved outside of the court system.
“In a series of sharply divided opinions, the Supreme Court interpreted the FAA’s decision to make class action waiver provisions in arbitration agreements generally enforceable, even when a plaintiff’s claims for damages “could be too minimal to justify arbitration expenses on an individual basis,” says a Congressional Research Service report released in September 2024.
Lawmakers also considered new restrictions on waivers.
“The use of arbitration agreements to prevent consumers, employees, and businesses from bringing class actions remains a central issue in debates over the scope and enforcement of the FAA,” CRS added. “A number of bills introduced in the 118th Congress would amend the FAA to limit or prohibit the enforcement of arbitration agreements and class action waivers in certain contexts.”
$TRUMP: Was Trump hacked?
Following the post of Trump’s meme corner, some social media users speculated whether the new president was hacked, but there is no indication that is the case as he has posted other messages about his new administration and the promotion of the same corner remains online.
A blockchain engineer noted that the Trump meme coin website is “deployed almost the same way as his previous NFT website” with “the same Cloudflare configuration, the same deployment with Heroku, the same SSL certificate issuer” and a “ very similar HTML structure.”
The new president has sold a wide variety of products to his supporters in recent years, including his own line of products “God Bless the United States” Bibles And digital trading cardsalso called non-fungible tokens (NFT).
What people say
President-elect Donald Trump’s Truth Social account posted Friday: “My NEW official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump community. GET YOUR $TRUMP NOW.” This was followed by a link to the Meme Coin website and an instruction “Have fun!”
Economic commentator James Camp wrote: “If $Trump is real, it will be very easy to make money in the next few years. I also think that means this man is ready to destroy the markets and that this is the beginning of the end.”
Crypto Investor Dan Gambardello said: “I understand that the $TRUMP launch has unpopular tokenomics and ruined the momentum of all your favorite coins, but this drop will be forgotten in a week. If Trump did indeed flip a meme coin, it is the biggest signal of the deregulation that is underway. future. This is incredibly optimistic.
What happens next
Trump will be inaugurated as President of the United States on January 20. inside the Capitol rotunda. The ceremony was scheduled to take place outside the Capitol, but was moved indoors due to forecasted cold weather.