Approximately 100 protesters demonstrated outside a Trump golf course against a secretive dinner for investors in Trump’s cryptocurrency, $TRUMP. Access to the dinner, costing attendees an average of $1.78 million, was granted via a competition to purchase the most $TRUMP tokens; 80% of the meme coin’s supply is controlled by the Trump Organization. Critics, including Senator Jeff Merkley, condemned the event as a blatant conflict of interest, highlighting the participation of numerous anonymous foreign investors and the lack of White House transparency regarding the guest list. The White House dismissed concerns, claiming the event was personal and not profiting the presidency.
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While Republicans aggressively investigated the Bidens’ business dealings, President Trump’s launch of a cryptocurrency, $TRUMP, along with his wife’s $MELANIA coin, has sparked ethical concerns and accusations of conflicts of interest. Despite the coins’ rapid rise and fall in value, and criticisms from Democrats and some Republicans, GOP lawmakers largely dismissed the issue, citing free-market principles. Experts warn of potential violations of the emoluments clause and opportunities for quid pro quo arrangements. The focus remains on the Bidens, rather than on addressing Trump’s apparent conflicts.
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Melania Trump launched her own meme coin, $MELANIA, shortly after her husband, President-elect Donald Trump, unveiled his own, $TRUMP. While $MELANIA initially saw a surge in value, reaching over $12 per coin and a $12 billion market cap, the launch coincided with a dramatic over 40% crash in the value of $TRUMP, losing over $7.5 billion in market capitalization. Both coins function as expressions of support, rather than investment opportunities, according to their respective websites. This development follows Trump’s appointment of David Sacks as his crypto and AI czar, signaling a potential shift in the nation’s approach to cryptocurrency.
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John Q. Hosedrinker