Crypto fans hoped Trump would make them legit. Then came the meme coins...

full article
https://wapo.st/4gczi1o

"Nic Carter was biting into a cookie at the Crypto Ball, the digital asset industry’s star-studded celebration of a president who had assured them he would support the nascent sector, when he learned that Donald Trump was launching a cryptocurrency named after himself. Suddenly, the party atmosphere took on a sour note.

...Trump’s new coin, $TRUMP, is an example of what insiders call a meme coin — a digital token traded largely to capitalize on jokes or online enthusiasm rather than as a practical financial asset. It had a market capitalization of $5.8 billion late Friday, a sizable worth for a week-old project.

... Crypto tokens minted from memes can also create significant wealth, especially if the creators hold on to sizable stakes of a token that takes off. A digital firm affiliated with the Trump Organization controls 80 percent of the supply of $TRUMP tokens and appears to collect a fee on sales, igniting concerns that the president could be commingling personal business with his duties to the nation.

... A Wall Street Journal editorial Wednesday said Trump’s and his wife’s coins create “flashing-red political risks and ethical conflicts,” because entities with interests before the federal government might try to influence the president by saying they intend to buy, or have bought, $TRUMP tokens.