The goodwill of President Donald Trump in the cryptocurrency industry took a hit after the launch of him and his wife Corners – A movement that criticisms say resembles an improper cash seizure which undermines an effort to legitimize digital assets.
The industry, which felt unjustly targeted by the Biden administration and spent strongly To help Trump to win, is impatient of the new president’s help to make crypto a larger part of traditional financial systems. Trump has promised a lighter and chosen regulatory key from pro-Crypto managers for key government positions.
The price of Bitcoin and other digital assets has climbed since Trump won. Friday, a sumptuous “crypto ball” before the inauguration of Trump sold tickets for thousands of dollars and presented a performance by rapper Snoop Dogg.
But as this party was underway, Trump announced on social networks that he offered his own cryptocurrency in the form of a meter piece. The movement attenuated the mood of many in the cryptographic community.
“I was really in a way disappointed when I saw him,” said Tom Schmidt, partner of a Crypto Dragonfly Capital Company. “It was just very fatty and cheap.”
Some fans of fans even joked on social networks that they missed Gary Gensler, the recently deceased president of Securities and Exchange Commission who was considered the chief antagonist of the Biden administration thanks to the aggressive actions of the dry against cryptographic societies.
The coins are among the wilder and more unregulated corners of the cryptographic universe. They often start like a joke without real value but can increase the price if enough people are ready to buy them. Popular memes parts include Dogecoin, whose mascot is a dog, and Fartcoin. The crooks tried to set up the price of certain coins before throwing them on unpleasant investors.
Some crypto enthusiasts praised Trump’s release and impatient buyers increased the price of the room to more than $ 70 each. The price dropped dramatically Sunday after the First Lady Melania Trump announced the launch of her own memes piece, who also saw a first prize peak followed by a large fall. Tuesday afternoon, Trump’s MED was negotiated at around $ 45 while Melania’s play was around $ 4.
Trump appointed the SEC Commissioner on Tuesday on Tuesday, Mark Uyeda, the agency theater chief and Uyeda quickly announced that he was launching a new crypto working group to define the dry on a “reasonable regulatory path”. Trump promised to create a stock of American bitcoin and promulgate adapted to industry The rules that allow crypto companies more easily to access the wider financial market.
But by associating with coins so closely, some crypto fans fear that Trump drowns his ability to adopt reforms.
“Now, about to obtain a certain liberalization of cryptographic regulations in this country, the main thing that people think of the crypto is:” Oh, it is just a casino for these coins, “said Nic Carter, a supporter and partner of Trump to the investment company of Crypto Castle Island Ventures.” It does the opposite to validate us, it makes it completely insert. “
The sale of pieces even Trump was organized by CIC Digital, a subsidiary of the Trump organization. By promoting the memes play, Trump told supporters of “having fun!” The website selling tokens says they are intended for expressions of support and not for an investment opportunity. The play website said 200 million pieces of memes of Trump are currently available, with plans to issue 1 billion over the next three years.
The family business Trump recently published a ethics agreement This prohibits Trump from making “daily” decisions to the Trump organization when he is president and limits financial information on the company shared with him.
The president and the first lady were not the only ones to promote new cryptocurrencies around the inauguration. Lorenzo Sewell, the pastor of Michigan who gave an inaugural invocation animated on Monday, announced the launch of a new piece named after him, which, according to him, would be used for the benefit of his church.
“I need you to make a favor at the moment, I need you to buy the official part of Lorenzo Sewell,” said Sewell in a video article on social networks.