Trump names cryptocurrency advocate as SEC chairman
President-elect Donald Trump announced Wednesday that he plans to nominate cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission. Trump said Atkins, CEO of Patomak Partners and former SEC commissioner, was a “proven leader on common-sense regulation.” In the years since his departure from the SEC, Atkins has argued against too much regulation of the market.
President-elect Donald Trump launched a new meme coin called $TRUMP. He made the announcement in an article on Truth Social on Friday evening, describing cryptocurrency as a celebration of “WINNING” the presidential election.
Analysts say it could bring a lot of money to Trump and his family, but some ethics experts say that’s another matter. effort to profit from the highest office in the land.
What is $TRUMP coin?
The new Trump-backed meme coin is a cryptocurrency token with an image of Trump after his assassination attempt.
It was developed by Solana, a cryptocurrency and blockchain company, with a limited supply of 200 million TRUMP coins at initial launch. The supply will expand to 1 billion coins over the next three years, the coin’s website says.
The remaining tokens that have not yet been put up for sale belong to CIC Digital LLC, a subsidiary of the Trump Organization, and Fight Fight Fight LLC, a company formed in Delaware on January 7, according to state filings. . Forbes reports that both companies will receive an undisclosed amount of revenue from coin trading.
In figures:
The price of $TRUMP rose more than 300% to just under $29 as of 10:15 a.m. ET on Saturday. It reached a market capitalization of $5.81 billion, according to CoinMarketCap data obtained by Forbes.
$TRUMP disclaimer
There is a disclaimer on the $TRUMP website stating that the token “is not intended to be, nor is it the subject of” an investment opportunity or security of any kind, and does not is “not political and has nothing to do with” any political activity or government agency.
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Why are meme coins risky?
Former U.S. President Donald Trump speaks at the Bitcoin 2024 conference in Nashville, Tennessee, U.S., Saturday, July 27, 2024. (Photographer: Brett Carlsen/Bloomberg via Getty Images)
Dig Deeper:
Although all cryptocurrencies carry risks, meme coins can be particularly risky for traders. one expert told CNBC.
“Meme coins are among the riskiest cryptocurrencies because they seem to emerge out of nowhere and information about them can be scarce,” he says. “They are expected to soar and crash as public opinion shifts one way or another. Meme coins can capture public attention today and disappear tomorrow.”
Why are Trump meme pieces considered unethical?
The other side:
Ethics lawyers have called the latest venture by Trump and his family a blatant effort to profit from the presidency.
“It literally amounts to cashing in on the presidency — creating a financial instrument for people to transfer money to the president’s family in connection with his office,” said Adav Noti, executive director of the Campaign Legal Center, a non-profit ethics group. The New York Times. “This is unprecedented.”
Crypto jumps after Trump victory
Crypto Markets Soar After Trump Victory
LiveNOW’s Austin Westfall breaks down the rise of crypto following Donald Trump’s victory in the 2024 presidential election with Adam O’Brien, CEO of Bitcoin Well.
The backstory:
The price of bitcoin rose above $100,000 again early Friday as the cryptocurrency industry boomed. expects swift action from Trump when he is sworn in as president next week.
RELATED: Crypto Markets Soar After Trump Election Victory
Once a skeptic who said a few years ago that bitcoin “looks like a scam,” Trump has embraced digital currencies with the zeal of a convert. He pledged on the campaign trail to take steps early in his presidency to make the United States the “crypto capital of the world.”
His promises include creating a U.S. crypto stockpile, adopting industry-friendly regulations, and appointing a crypto “czar” for his administration.
“You’re going to be very happy with me,” Trump told crypto enthusiasts at a Bitcoin conference last summer.
In figures:
According to ForbesBitcoin hit several new record highs after Trump’s victory, surpassing $100,000 less than a month after Election Day. About $1.8 trillion was added to the overall market value of the global crypto market in 2024, including $1 trillion since Election Day, according to CoinGecko via Forbes.
Other Trump merchandise
Overview:
Trump’s coin is one of several products he has launched in recent years. It offers a range of perfumes and colognes, as well as “Trump Watches” celebrating his election victory. His pre-winning “Trump watches” were valued at up to $100,000 in September, and there was also the launch of $100 silver coins, 1,000 pairs of limited edition sneakers, $60 Trump brand and NFT cards, according to Forbes. Trump also launched a line of signed and unsigned guitars selling for $11,500 and $1,500 each, respectively, grossing $4.6 million.
Trump received the bulk of his merchandise revenue from his NFTs, which reportedly earned him approximately $7.2 million in licensing fees.