Trump Mimi currencies are money. They also buy access.
Meme currencies have become a profitable new work for President Donald Trump. The Trump brand’s digital symbols are part of a wider batch by Trump-which is run by the sons of Mr. Trump, in which the President holds the majority of the majority of the healer-in the encrypted currency, a form of digital money that Mr. Trump mocked once but has now adopted.
Before installing on January 20, Mr. Trump began promoting two coins, $ TROMP and $ Melania, for his supporters. The market value of $ Trump increased after its launch to $ 14 billion; that it Its value is now estimated at about $ 2 billion. The symbol got a boost late last month when the best 220 coin holders were announced. Dinner of May 22 With the president of the Trump National Golf Club in Virginia, with the best 25 years, she is also invited to “Special VIP” with Mr. Trump.
Democrats have criticized the various encryption projects of the Trump family as they sell access to the presidency and profit from the presidency. Sens. Jeff Merkley and Chuck Schumer Suggested legislation On May 6, the President, Vice President, Administration officials, members of Congress and their families exchange or care for encryption currencies and currencies.
Why did we write this
VIP investors in Mimi will get food with President Donald Trump. This step raises ethical questions, as defenders said that it does not violate any law, while some Democrats call the projects that his family encrypts “very corrupt”.
“At the present time, people who want to grow influence with the president can personally enrich it by buying a cryptocurrency that he owns or controlled,” Senator Mercli said. “This is a deep, corrupt scheme. It exposes our national security and leads to the erosion of the public’s confidence in the government. Let’s end this corruption immediately.”
It seems that non -US $ TROMP owners are among those who are competing to win dinner with the president, According to the analysis by BloombergRaising concerns about foreign effect – as well as how to check invitations. The organizers, a Trump belonging entity called Fight Fight LLC, said the background examination will be mandatory. Foreigners are legally prevented from donating US electoral campaigns and candidates.
In a conversation An interview with NBC News’ “Know the pressMr. Trump claimed that he did not benefit from his family’s encryption work. He asked if he had earned money from Mimi’s currency, and said, “I didn’t even look.” Last Sunday, he asked about the accusations of democratic lawmakers, He said that the United States needs to “control” the encryption China is not even, but it did not speak to his family’s involvement.
What is the Mimi currency?
Meme currencies are digital symbols based on the famous online memes. Unlike encrypted currencies like Bitcoin, Meme currencies are not forms of money and are marketed as holdings, such as baseball cards, which are traded within a dedicated society. But it is also weak speculative investments. Its value is very volatile, even compared to bitcoin.
Dogecoin began as Mimi’s currency, which Illon Musk referred to by establishing the Ministry of Government Efficiency, or Doug. Other coins feature cartoon letters or images created by artificial intelligence. Millions of Meme coins are created and traded every year.
How do metal currencies Mimi profits?
Currency exporters earn money on sales and trading fees. Since it does not cost almost anything, the upward trend may be large, although most Meme coins are traded thin or not at all.
More controversially, speculators who get early access to Meme currencies that rise in value can sell at higher prices, usually drown in coins. Unlike shares or other securities, the Meme currencies are not organized, and exporters do not have to provide disclosures to buyers. Critics say this allows the market to be processed by the informed who can buy and sell them.
Traders who bought $ Mellania in the minutes before the first time got social media at nearly $ 100 million of profits, According to the analysis of the Financial Times. In the minutes before Melania Trump’s official announcement of Taken on Truth Social’s launch on January 19, she bought a small group of traders worth $ 2.6 million of coins. Then most of them were sold within 12 hours.
Among the creators of $ Trump is Trump and its Wyoming -based group called Celebration Cards LLC, whose ownership is transparent. It is estimated that Trump’s related entities have already earned Hundreds of millions of dollars From the sale and trading of the distinctive symbol. The entities also contain 80 % of the billion billion symbols that are created, which are billions of dollars that are likely to be worth billions of dollars. Under the rules of issuance, these symbols are subject to a period of imprisonment restricted when sold.
What are the moral concerns raised by Mr. Trump’s currencies?
Mr. Trump is already licensing a set of goods, from books to sports shoes, which have made large profits his political committees and other entities he controls. The digital currency does not differ, and although it may not seem suitable for a state head of state to earn money on the side, it is not clear that any laws have been broken.
However, a private reception auction with the president – as the $ TROMP competition for higher currency owners does – raises more moral and legal concerns. The item of foreign rewards in the constitution prevents the heads of acceptance of foreign gifts. During his first term, Mr. Trump was accused of violating this law, but the Supreme Court rejected the case after leaving his post.
Even if all the winners of the $ Trump competition are American citizens, the auction allows the president to reach the holdings of one of the assets issued by his family company. Critics say that this amounts to “pushing to play” in corruption using an unlawful digital currency.
Republican Senator Senteia Lomes from Wyoming, ally of Mr. Trump and the encryption industry, He expressed concern about the competition. “This gives me a stop,” she told NBC News, adding that Congress needs to set bases for Meme currencies and other digital assets. “This is the wild West, and so when I hear things like this, my reaction is, we need legislation so that there are rules.”
Others say that although the Meme Coin competition may be inappropriate, it is not different from the efforts of collecting other donations that promised to reach the president. In the nineties, President Bill Clinton was criticized for inviting friends and supporters He donated to the National Democratic Committee to stay overnight in the White House.
Carol Jovurth, a professor of law at Arkansas University who is studying the organization of encrypted currencies, says that $ TROMP is putting money in a private company, and it may not be a political committee without difference. Paying the price of dinner “is a model for financing the campaigns and will be naive to think that this does not work in a similar way.”
When asked about the competition to surround the White House on Friday, press secretary Caroline Levitte said that Mr. Trump “is committed to all laws of conflict of interest. The president was incredibly transparent with his personal financial obligations over the years.”
What are the other encryption projects that the Trump family owns?
Mr. Trump controls the world, Liberty Financial, an encrypted currency company launched last year and marketed a currency called $ WLFI. Recently released StablecoinThe digital currency linked to the traditional currency. Last month, a state -backed investment company in the United Arab Emirates acquired two billion dollars at Stablecoin’s World Liberty Financial. According to what was planned to invest in BinanceIt is an encrypted currency company that acknowledged that it was guilty in 2023 by violations of US federal law and paid a penalty worth 4 billion dollars.
Democrats have criticized this deal. In a common letter to the Acting Director of the Government Ethics OfficeSenator Elizabeth Warren and Senator Mercury warned that global freedom can be used as a back leader of foreign bribes and bribes. ” They also pointed to possible violations of the Emoluments condition because MGX, the UAE investment company, has close relations with a foreign government.
They wrote: “The deal, if completed, will represent an amazing conflict of interests, which may violate the constitution and open our government to an amazing degree of foreign influence.”
Eric Trump, Talk to Bloomberg TV During a visit to the United Arab Emirates, where he promoted the global night, he denied that he was coordinating with his father. “There are no conflicts because I do not work with the White House,” he said.
How does the United States government organize cryptocurrency?
As head of the executive authority, Mr. Trump oversees the agencies that regulate financing, including encrypted currencies. The appointed people have more approach than others in the industry than the Biden administration. For example, tThe Securities and Stock Exchange Committee has canceled an enforcement program Judicial suits and continuous investigations were dropped in prominent encryption exchange and trading platforms.
Paul Atkins, the new SEC chair appointed by Mr. Trump, It is seen as a supporter of the quarter Those who have already consulted this industry. “We are witnessing a deep shift in expectations” at the Supreme Education Council, “says Professor Joffworth.
Likewise, the Ministry of Justice I issued instructions that could benefit the industry. April 8 directives from the Deputy Prosecutor Todd Blanche order the prosecutors not to follow the criminal charges that involve digital currencies unless they participate in criminal organizations, drug gangs or terrorist groups. Crypto has become an essential element in online fraud and blackmail.
The Congress is in the process of reaching a regulatory framework for Stablecoins, which will represent a victory for the encryption industry, which has become an important source of campaign contributions. The Senate Banking Committee voted last month to transfer the law of the genius of the two parties for full vote. The law, which the Senate is expected to vote before the anniversary holiday, will set clear rules for Stablecoin and easily preserved and invest in symbols.
The revelation of Stablecoin’s transactions for the Trump family led to calls this week to Democrats to ban the draft law unless he had stronger provisions to fight corruption. Instead, the legislation proposed by Senator Mercli and Shomer It will be presented for an independent vote before the genius law. However, the possibility of its passage is dark, as it is unlikely to attract any Republican support.