Trump's Crypto Antics: A Red Flag for Investors

President Donald Trump and his wife just launched their own memecoins, $TRUMP and $MELANIA. While these tokens saw a quick rise in value, they've since plummeted. Some crypto execs are worried this isn't good for the industry's reputation. They think a president should focus on running the country, not launching coins, especially with potential conflicts of interest. One Silicon Valley investor compared Trump and Elon Musk to Roman political figures Crassus and Caesar. They warned that these memecoins could signal the end of an empire. Most trading happens on Asian exchanges like BiKing, Gate. io, and Megabit. Memecoins don't have real value; their worth comes from popularity. Trump's coins follow his pro-crypto stance during his campaign. But many in the crypto industry fear these launches could hurt the sector's image after recent scandals. Some lawmakers are concerned retail traders might lose big. Democratic congresswoman Maxine Waters called Trump's coin the worst of crypto, saying it could bypass national security and anti-corruption laws. About 80% of Trump’s tokens are held by companies tied to his organization, with plans to sell them over the next year. A Detroit pastor who spoke at Trump's inauguration also launched his own coin. Industry execs worry these memecoins drain attention from legitimate projects. Trump has promised to ease crypto regulations and appointed a crypto advocate to head the regulator. This might mean less scrutiny for his own coins. The memecoin's website even includes a clause to prevent class action lawsuits. Some, like Oskar Åslund, a crypto hedge fund broker, warn there's no protection for retail investors if things go south.