Donald Trump Jr. says wasn't involved with $TRUMP meme coin that Donald Trump threw gala dinner for
Donald Trump Jr.
denied any involvement in his father's $TRUMP meme coin during an interview on CNBC's "
Squawk Box
," distancing himself from the controversial
cryptocurrency
that has become central to the
Trump
family's expanding crypto empire. The president's son said he was "more focused on the
stablecoin
, the bitcoin mining" rather than the meme coin project.
President Trump's $TRUMP token, launched three days before his January inauguration, initially soared to a $15 billion market cap before losing most of its value. The
Trump Organization
and affiliated entities control 80% of the token, with creators earning fees from every trade. According to blockchain analytics firm Chainalysis, more than $324 million in trading fees flowed to project-tied wallets between January and April.
Family embraced crypto after being 'debanked'
Trump Jr. framed the family's crypto pivot as necessity rather than choice, claiming traditional banks stopped taking their calls after his father entered politics. "I could call any single banker in New York City," he explained. "They'd pick up the phone, I'd be able to get a loan for whatever real estate project I was doing across the street. Then we got into politics, and all of a sudden they wouldn't take your call."
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The controversy deepened when President Trump announced a private dinner for the top 220 $TRUMP holders in April, causing the token's value to jump 50% and adding $100 million in market value. Democratic senators called for ethics probes, with Senator
Chris Murphy
describing it as "the most brazenly corrupt thing a President has ever done."
Despite concerns about potential influence peddling, Trump Jr. argued that blockchain anonymity makes exploitation harder. "You don't know who's actually doing any of these things," he said. "It's hard to influence if you don't actually know where this stuff's coming from."
The family's crypto ventures now include the USD1 stablecoin through World Liberty Finance, which Trump Jr. positioned as supporting U.S. financial dominance by purchasing Treasury bonds.
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