‘Its corruption' PA Rep. aims to block $TRUMP, other crypto deals for public officials
In January 2025, days before being sworn in, Trump launched a cryptocurrency called '$TRUMP,' which is currently worth $10.74 per stock. The currency was marketed as a 'meme coin,' with no real utility and no 'regulatory oversight,' according to Representative Ben Waxman (D-Philadelphia). Waxman argued in his latest legislation that the $TRUMP currency is 'corruption, plain and simple.'
$TRUMP coin is described as a cryptocurrency supporting the Trump administration and its 'conservative followers and Patriots,' according to crypto.com. In May, Trump held a contest for coin buyers, awarding the top 220 holders of the meme coin the opportunity to go to a dinner at Trump's Washington-area golf club. The top 25 holders also got to attend a reception as well, according to the Associated Press.
Waxman argued that as the coin gains momentum, Trump then benefits financially either directly through ownership of large reserves or indirectly via related entities and promotional deals. Then, Trump pushes to roll back federal oversight of crypto markets, and in doing so, Waxman wrote that it shields Trump's own schemes from 'scrutiny.'
The legislation aims to prohibit elected officials from profiting off cryptocurrency while in office. This would include launching, promoting or trading coins where they hold a personal financial interest. Waxman added that public service must 'never be a get-rich-quick scheme.'
The Associated Press Contributed to this report.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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