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In a curious turn of events, former President Trump has found himself cozily entwined with the cryptocurrency sector. This partnership raised eyebrows among ethics experts, who noted it resembled a perfect storm of potential misconduct. After all, a leader with a laundry list of criminal fraud convictions now had access to a financial medium often favored by scammers—a recipe for disaster, or, as we might say, a banquet for the unscrupulous.
According to a timeline released by Sen. Chris Murphy’s office, the saga unfolds as follows:
On January 17th, just three days prior to his exit from the presidency, Trump introduced $TRUMP, a meme coin devoid of any real value. Initially trading for mere cents, it skyrocketed in value after a limited release, temporarily inflating Trump’s net worth to over $50 billion. Each transaction involving this coin generates profit for Trump from trading fees, with he and his family pocketing over $100 million. The coin’s anonymity opens the floodgates for billionaires, Russian oligarchs, and Saudi royalty to secretly purchase $TRUMP, potentially enriching the former president in exchange for political favors.
Last month, Trump’s team made headlines by announcing that the top 220 holders of this meme coin would be treated to an exclusive dinner with him, while the top 25 would enjoy a “Special VIP Tour” of the White House. Following this announcement, the price of $TRUMP surged by more than 50%, elevating its market valuation to a staggering $2.7 billion. Within just two days of the dinner announcement, Trump and his associates raked in nearly $900,000 in trading fees.
This situation epitomizes a blatant abuse of power and a concerning intertwining of personal gain and public office. In response, Sen. Chris Murphy is spearheading an initiative known as The MEME Act, aiming to curb such exploitation.
Curious about what The MEME Act entails? Read on to find out.
