The release of a memecoin by President-elect Donald Trump on Friday has ignited controversy over the ethical nature of the incoming commander in chief pitching his own line of cryptocurrency.
On Friday, Trump announced the release of his memecoin on his Truth Social platform, posting, "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. Go to gettrumpmemes.com/ — Have Fun!"
The promotion has ignited controversy with many calling out a conflict of interested with Trump using his position of power and influence to push his own cryptocurrency.
Anthony Scaramucci, the former White House communication director who is now the head of Skybridge Capitol, posted, "The Trump meme coin stuff is bad for the industry. Don’t delude yourself. It’s Idi Amin level corruption."
Amin was the notorious former Uganda president and dictator who wrecked the African nation's economy in the 1970s with corruption and economic mismanagement.
Trump has been bullish on cryptocurrency and is expected to use his executive powers to reduce the regulatory burden faced by cryptocurrency companies and promote digital asset adoption in his first few days in office, in addition to creating a crypto advisory council, according to Reuters.
In June, Trump presented himself as the nation's first "crypto president." He began accepting Bitcoin for campaign contributions.
Coinbase, a cryptocurrency exchange platform, says memecoins are cryptocurrencies often inspired by internet memes or trends, and they are also typically considered risky and volatile trading assets.
"Engaging with memecoins carries risk and is something you should only attempt armed with research and experience," Coinbase's website states.
Eric Balchunas, an analyst at Bloomberg Intelligence focused on exchange-traded funds, shared his skepticism on X as well, posting, "I don't like it. I get its prob being done to add to the enthusiasm for the dawn of a new era but it seems exploitative. Unforced error in the making IMO [in my opinion]."
Coffeezilla, a YouTuber and independent journalist, posted: "> dropping TRUMP memecoin 2 days before becoming president is nasty work > new SEC [Securities and Exchange Commission]/DOJ [Department of Justice] guarantees no prosecution > 80% of tokens vest to insiders DURING the presidency > most ppl losing money will be MAGA who aren't crypto native > *should* be a crime but crime is legal now ig [I guess]?"
By mid-morning on Saturday, the market capitalization for $TRUMP stood at nearly $6 billion, Agence France Presse reported.
James Morley III ✉
James Morley III is a writer with more than two decades of experience in entertainment, travel, technology, and science and nature.
© 2025 Newsmax. All rights reserved.