Latest news with #$TRUMP
CNBC
3 days ago
- Business
- CNBC
$TRUMP and other meme coins won't be protected by SEC, Commissioner Hester Peirce says
LAS VEGAS — Now that the SEC is out of the business of regulating meme coins, investors shouldn't expect any guidance on $TRUMP, according to Hester Peirce, one of the agency's veteran commissioners. The SEC said in February that it does not deem most meme coins securities under U.S. federal law. That took the crypto tokens out of its purview just weeks after President Donald Trump launched his own meme coin and saw it immediately soar in value, lifting his paper net worth by billions of dollars. Peirce told CNBC that it's a similar situation to when nonfungible tokens (NFTs) gained popularity in 2021. They weren't securities but they did rise and fall in value based on investor activity in the market. Peirce said the SEC missed an opportunity to announce publicly that the agency wasn't getting involved. "Here was something where I saw a lot of interest in this out in the world — in meme coins — and it made sense for us to say, 'People, if you are expecting that there's SEC protection around these, you should not expect that,'" Peirce said in an interview at Bitcoin 2025 in Las Vegas. "You can package almost anything into a securities transaction. But generally, it's good for people to know, I should not be looking to the SEC for protection in this area." In other words, buy at your own risk. Since President Trump took office in January, the SEC has been rolling back its enforcement in crypto, taking a more industry-friendly approach to the asset class. It's a controversial strategy, as the president and his family deepen their involvement in crypto, profiting in a way that's led many Democratic lawmakers to declare a clear conflict of interest. The $TRUMP token, 80% of which is controlled by the Trump Organization and affiliated entities, has become the centerpiece of Trump's expanding crypto empire. Like most meme coins, the token has no underlying value. But after debuting in January, just ahead of the inauguration, $TRUMP soared to a $15 billion market cap, fueled by President Trump's social media posts declaring, "It's time to celebrate everything we stand for: WINNING!" Within days, the token lost most of its value. Still, the project creators get a fee for every trade. The White House previously told CNBC that Trump's assets are held in a trust managed by his children, and there are "no conflicts of interest." But Sen. Richard Blumenthal, D-Conn., the ranking member of the Senate Subcommittee on Investigations, is among a growing list of Democratic lawmakers warning that the Trump family's crypto holdings may serve as a backdoor for foreign and corporate interests seeking access to the president. Meanwhile, crypto billionaires once targeted by regulators like the SEC are regaining political and financial influence. On Thursday, the SEC dropped its long-running lawsuit against Binance and founder Changpeng Zhao, bringing to an end one of the most aggressive crypto enforcement actions brought by former SEC Chair Gary Gensler. The agency had accused Binance of misleading investors, commingling customer funds, and allowing wealthy U.S. users to evade restrictions. After pleading guilty to federal money-laundering violations in November 2023, Zhao served just four months in prison and emerged with most of his crypto empire intact. Forbes now estimates his net worth at over $67 billion. Leading up to the dismissal, Zhao had deepened ties to Trump-affiliated networks. As Binance prepared to list USD1, a new stablecoin that funnels profits to Trump-aligned entities, Zhao disclosed that he had applied for a presidential pardon from Trump's Justice Department. Weeks later, Binance received a $2 billion capital injection into USD1 from an Emirati state fund. Peirce rejected the idea the SEC's actions are politically motivated. "We didn't have a clear set of rules," Peirce said, regarding the Binance case. "There were a lot of questions about how this particular activity in the crypto space intersected with our existing securities laws. So we're trying to take a step back, use our regulatory tools to write those rules, and then enforce those rules." That same philosophy guided the SEC's January decision to rescind Staff Accounting Bulletin 121, a controversial directive that had effectively blocked traditional financial institutions from offering crypto custody. "It wasn't even a rule," Peirce said. "It didn't go through the normal process. it was just a pronouncement." She said the policy had the effect of excluding banks and other experienced custodians from participating in the crypto space. "It said that lots of traditional entities that would have done custody for crypto, practically speaking, could not participate," she said.
Business Mayor
23-05-2025
- Business
- Business Mayor
Protestors accuse Trump of corruption as he hosts crypto gala dinner
Lily Jamali Reporting from San Francisco Getty Images US President Donald Trump has hosted top purchasers of the cryptocurrency that bears his name at a gala dinner, in an event protestors and his Democrat opponents branded corrupt. $TRUMP was launched shortly before his inauguration in January, initially rocketing in value before falling sharply afterwards. 'It's fundamentally corrupt – a way to buy access to the President,' Democrat senator Chris Murphy wrote on X. Protesters gathered outside the event on Thursday night, which was held at a golf course near Washington DC, some carrying signs reading 'stop crypto corruption' and 'no kings.' The White House has rejected the accusations, and in a video of the dinner posted on social media, Trump is seen saying 'I always put the country way ahead of the business.' 'The Biden administration persecuted crypto innovators and we're bringing them back into the USA where they belong,' Trump is also recorded as saying. The event took place as Bitcoin – the leading cryptocurrency – was hitting a fresh record high price of almost $112,000 (£83,000) per coin before falling back slightly. What is $TRUMP? $TRUMP is what is known as a meme coin – a type of cryptocurrency inspired by internet memes or viral online trends. Its price peaked at $75 in January before plummeting to less than $8 in April – it was trading at around $12.50 at the time of writing. 'This is something that doesn't have obvious utility. It's not being used for payments. It's not being used as a store of value,' said Rob Hadick, General Partner of Dragonfly, a crypto venture fund. The dinner was advertised on the website as 'the most EXCLUSIVE INVITATION in the World.' The top 220 purchasers of the meme coin, viewable on a leaderboard, received invitations to the 'black-tie optional' event. The top investor in the $TRUMP meme coin is billionaire crypto entrepreneur Justin Sun who was charged with fraud and market manipulation by the US Securities and Exchange Commission during the Biden Administration. In February, the Trump administration paused the case. Sun said this week on the social media platform X that he planned to attend the dinner, calling himself Trump's 'TOP fan!' Sun then made a series of posts on Thursday night on X, including one that said it was an 'honour' to attend the dinner. Earlier in the day, Democrat senators held a press conference to denounce the event and to call for disclosure of who would be attending. Calling the dinner 'an orgy of corruption,' Senator Elizabeth Warren slammed Trump for 'using the presidency of the United States to make himself richer through crypto.' From crypto critic to investor Trump's views on cryptocurrency have undergone radical change in recent years. In 2021, he called Bitcoin a 'scam.' Now, he's not just in charge of regulating cryptocurrencies in the US – he and his family are active industry participants. In addition to the meme coin, the Trump family also holds a majority stake in the crypto exchange World Liberty Financial, which was launched just prior to the election. Trump expressed his desire to be the nation's first 'Crypto President' while campaigning for president and was a major beneficiary of campaign contributions from the crypto industry in the 2024 election. According to a report by the group State Democracy Defenders Action, Trump's investments in crypto have helped boost his net worth by as much as $2.9 billion. 'As a stakeholder in crypto assets, President Trump will likely profit from the very policies he is pursuing,' the report states. Three days into his term, Trump issued an Executive Order to establish a regulatory framework that promotes the growth of digital currencies. A Trump administration official told the BBC that the meme coin has nothing to do with the White House. White House spokesperson Anna Kelly pushed back on concerns about potential conflicts. 'The President is working to secure GOOD deals for the American people, not for himself,' Kelly said in a statement. But one former financial regulator likened the meme coin to gambling. 'It's like selling membership cards for his personal fan club which are then traded,' said Timothy Massad, Director of the Digital Asset Policy Project at Harvard. 'They have no value. But people speculate on the price and those purchases and that trading enriches him.' Reuters U.S. Senator Chris Murphy (D-CT) speaks on Day 3 of the Democratic National Convention (DNC) at the United Center, in Chicago, Illinois, U.S., August 21, 2024. REUTERS/Mike Segar At a Senate committee hearing this week, Senator Chris Murphy (D-CT) grilled Secretary of State Marco Rubio about the lack of transparency regarding who will attend Thursday night's dinner. Mr Murphy cited reports that many of the attendees at the invite-only event were expected to be foreigners. 'There's clearly a way around the State Department for foreign individuals of significant influence and wealth to be able to directly lobby the president of the United States,' Mr Murphy said. 'I don't have any concern that the president having dinner with someone is going to contravene the security of the United States,' responded Mr Rubio, who said he was unaware of the dinner. Additional reporting by Graham Fraser READ SOURCE
Economic Times
13-05-2025
- Business
- Economic Times
Cryptocurrency price latest: Around 600,000 wallets have lost nearly whopping $4 billion so far in President Donald Trump's $TRUMP meme coin, claims report
$TRUMP coins' current market value is $2.74 billion. About 600,000 other wallets have lost $3.87 billion so far, with $117 million of losses occurring after Trump announced the dinner on social media Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads FAQs Buyers of U.S. President Donald Trump 's $TRUMP meme coin have reportedly made gains but not all, according to a the $TRUMP meme coin launch three days before the president's inauguration, more than 60 large wallets have profited close to $1.5 billion, with $48 million in profits occurring after the April dinner announcement, according to reviews by Inca Digital and crypto analytics tracker Bubblemaps as of May least two of the largest investors in the $TRUMP contest have made profits in excess of $10 million each, Inca Digital found, while 15 investors have made more than $1 about 600,000 other wallets have lost $3.87 billion so far, with $117 million of losses occurring after Trump announced the dinner on social media, Bubblemaps found. The purchases were on the secondary market, meaning Trump's family collected relatively small amounts of fees, Reuters coins surged to $75 after Trump announced them over his Inauguration weekend before falling to a low of $7.50. On Sunday, $TRUMP was trading around $ current market value of all $TRUMP coins is $2.74 billion. A company controlled by the Trump family and a second firm together hold 80 per cent of the remaining supply of the meme coins, which are advertised with an image of the president raising his fist in reference to his July assassination far, the entities behind the Trump coin have earned $320.19 million in fees, including at least $1.35 million after the dinner announcement, according to blockchain analytics firm $TRUMP meme coin is part of the Trump family's growing array of crypto ventures including the trading platform World Liberty Financial, Trump Media & Technology Group's new crypto ETFs, a crypto mining operation, American Bitcoin, and a stablecoin pegged to the U.S. dollar called USD1.A1. President of USA is Donald Trump.A2. The coins surged to $75 after Trump announced them over his Inauguration weekend before falling to a low of $7.50. On Sunday, $TRUMP was trading around $14.
Time of India
12-05-2025
- Business
- Time of India
Cryptocurrency price latest: Around 600,000 wallets have lost nearly whopping $4 billion so far in President Donald Trump's $TRUMP meme coin, claims report
Live Events FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Buyers of U.S. President Donald Trump 's $TRUMP meme coin have reportedly made gains but not all, according to a the $TRUMP meme coin launch three days before the president's inauguration, more than 60 large wallets have profited close to $1.5 billion, with $48 million in profits occurring after the April dinner announcement, according to reviews by Inca Digital and crypto analytics tracker Bubblemaps as of May least two of the largest investors in the $TRUMP contest have made profits in excess of $10 million each, Inca Digital found, while 15 investors have made more than $1 about 600,000 other wallets have lost $3.87 billion so far, with $117 million of losses occurring after Trump announced the dinner on social media, Bubblemaps found. The purchases were on the secondary market, meaning Trump's family collected relatively small amounts of fees, Reuters coins surged to $75 after Trump announced them over his Inauguration weekend before falling to a low of $7.50. On Sunday, $TRUMP was trading around $ current market value of all $TRUMP coins is $2.74 billion. A company controlled by the Trump family and a second firm together hold 80 per cent of the remaining supply of the meme coins, which are advertised with an image of the president raising his fist in reference to his July assassination far, the entities behind the Trump coin have earned $320.19 million in fees, including at least $1.35 million after the dinner announcement, according to blockchain analytics firm $TRUMP meme coin is part of the Trump family's growing array of crypto ventures including the trading platform World Liberty Financial, Trump Media & Technology Group's new crypto ETFs, a crypto mining operation, American Bitcoin, and a stablecoin pegged to the U.S. dollar called USD1.A1. President of USA is Donald Trump.A2. The coins surged to $75 after Trump announced them over his Inauguration weekend before falling to a low of $7.50. On Sunday, $TRUMP was trading around $14.
Time of India
06-05-2025
- Business
- Time of India
From dinner to watches, how US president Donald Trump made $320 million off the meme coin
Meme coins are typically dismissed as internet jokes with no real value, but the Trump family is leveraging one such coin—$TRUMP—into a powerful political and financial tool. Since its launch earlier this year, the Trump-themed cryptocurrency has generated over $320 million in fees , according to blockchain analytics firm Chainalysis. #Pahalgam Terrorist Attack India orders nationwide defence drills as Indo-Pak tensions rise From blackouts to bunkers: Inside India's civil defence mock drills across 244 districts on May 7 A woman spy who helped India defeat Pakistan in 1971 The coin's popularity surged further after Trump promoted a dinner event scheduled for May 22 at his Washington-area golf club. Access is based on how many $TRUMP coins a user holds. Crypto for a Seat at the Table GIF89a����!�,D; 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo According to the contest rules: The top 220 coin holders will be invited to dinner with Trump. The top 25 will also gain access to a pre-dinner reception with the former president. 'Let the President know how many $TRUMP coins YOU own!' the coin's website urges. Live Events Following the announcement, both trading volume and the coin's price spiked , rising from $9 to $14 before settling around $11. How the Trumps Profit Without Selling Coins The $TRUMP coin is traded on decentralized exchanges (DEXs), which use liquidity pools to facilitate trades. When the coin launched, 20% of the total 1 billion coins were released—half for public sale, and half into a liquidity pool. Through this setup, CIC Digital , a Trump Organization affiliate, earns a share of trading fees on every coin exchange. These fees, although tiny per transaction, have added up rapidly. In the week following the dinner announcement, Chainalysis reported over $1.3 million in trading fees alone. As Nicolai Søndergaard of blockchain analytics firm Nansen explained, 'The price doesn't matter—what matters is constant trading volume, because more trades mean more fees.' Trump Downplays Profit Motives Despite the windfall, Trump has brushed off concerns over financial gain. In an interview with Meet the Press , he denied tracking the coin's value and dismissed the notion that he should forgo any crypto profits. 'Should I contribute all of my real estate... if it goes up a little bit because I'm president and doing a good job? I don't think so,' he said. High-Stakes Promotion and Luxury Prizes The Trump coin team is aggressively marketing the May 22 dinner: Last week, they launched a meme contest, promising one additional dinner spot to the creator of Trump's favorite meme. The top four holders will also receive Trump-branded watches valued at $100,000 each. Opaque Access and Ethics Concerns While Trump is also hosting a 'Crypto & AI Innovators' dinner at the same venue—with a $1.5 million per-person price tag via his super PAC—there's no requirement to disclose who buys their way into the meme coin event. That anonymity has drawn criticism. Unlike political donations, crypto holdings and transactions are not subject to public disclosure , raising concerns about undue influence from anonymous or foreign actors. Even though registrants must provide real names and contact info, the $TRUMP leaderboard displays only usernames. Eligibility is based not just on the number of coins held, but also the duration of ownership. For those just outside the top 220, the site leaves a message: "You're so close. FIGHT FIGHT FIGHT for your $TRUMP dinner."
