On January 17th, President-elect Trump introduced a new digital currency, fittingly called “Official Trump Coin” (TRUMP). This move suggests a significant shift in his administration’s stance towards the cryptocurrency sector.
In his written remarks, ConsenSys attorney Bill Hughes described the incoming Trump administration as a significant shift or transformation, expressing this to CryptoMoon.
“Rather than have other countries dictate how this space transforms the internet, commerce, and investment, they want a regulatory structure that allows creation and experimentation here. They want growth and see crypto as one way the US can achieve it.”
Hughes mentioned that although the upcoming Trump administration appears to be fostering innovation and experimentation in various fields, he doesn’t anticipate them entirely eliminating regulations on cryptocurrencies.
In the words of the Consensys attorney, the same law enforcement and national security issues that were prevalent during the previous administration will persist under the Trump administration.
Attorney questions legality of the President-elect’s token
As a researcher studying constitutional law, I recently shared with CryptoMoon my analysis suggesting that the President-elect’s memecoin launch might contravene provisions within the United States Constitution intended to safeguard against foreign interference in our government officials. Specifically, Attorney David Lesperance pointed out the potential risk of such an action undermining the integrity of our public servants and their impartiality towards foreign entities.
“In the past, President-elect Trump’s launch of his memecoin, TRUMP, would have been seen to be a clear example of a violation of The Foreign Emoluments Clause — Article I, Section 9, Clause 8 — of the United States Constitution.”
The attorney stated, “Since TRUMP is readily available for purchase by foreign individuals or governments, it seems like a breach of this specific provision.
It’s yet unclear if the new Attorney General of the U.S., Pam Bondi, will choose to take legal action against Trump or the memecoin, according to Lesperance.
Trump’s memecoin inspires trading frenzy
During the weekend preceding Donald Trump’s inauguration on January 20th, a memecoin built on the Solana platform was introduced at The Crypto Ball, an elegant gala that took place in Washington D.C.
Initially, traders showed a degree of doubt towards the token due to numerous unauthorized imitations being prevalent at present, even one associated with Martin Shkreli, carrying the ticker symbol DJT.
Subsequently, it was verified that the memecoin was genuine by the Trump family, causing the token’s price to climb.
Ever since its debut on January 17th, the Trump token experienced an astounding increase of more than 12,500%, peaking at around $35 on January 18th. However, it then witnessed a decline of approximately 35%.
Currently, TRUMP is being traded approximately at $27, representing a 19% decrease from its record peak. It’s been garnering significant focus on social media platforms and within the cryptocurrency community.
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2025-01-19 00:59