YEREVAN (CoinChapter.com) — The Solana-based memecoin, Official Trump (TRUMP), launched on Jan. 17 and reached a market cap of $6 billion within 24 hours. The token’s launch coincided with President-elect Donald Trump’s preparations for his January 20 inauguration.
Unveiled during The Crypto Ball in Washington, D.C., a black-tie event, the memecoin’s authenticity was verified by the Trump family. Initially, traders were cautious due to several fake tokens, such as one created by Martin Shkreli, using the ticker DJT. Despite this, the official TRUMP token experienced a surge, peaking at $47.843 before stabilizing. At the time of writing, the token trades at $47.415, marking a slight decrease from its recent high. The trading volume reached approximately 424.36K ticks, reflecting strong market activity
Trump Administration and Crypto Regulations
The release of the TRUMP token has sparked discussions about how the incoming Trump administration may shape cryptocurrency regulations. Bill Hughes, an attorney from Consensys, described the administration as poised for significant regulatory adjustments. He said the administration seeks to establish rules that encourage growth and innovation in the crypto space while maintaining security priorities. Hughes commented:
“They want a regulatory structure that allows creation and experimentation here. They want growth and see crypto as one way the U.S. can achieve it.”
He added that national security and law enforcement priorities will likely remain consistent with previous policies.
Legal Challenges Surrounding TRUMP Token
Some legal experts have raised constitutional concerns over the memecoin. Attorney David Lesperance argued that the token may violate the Foreign Emoluments Clause under Article I, Section 9, Clause 8 of the U.S. Constitution. Lesperance explained:
“Given that TRUMP can be easily purchased by foreign individuals or governments, this would appear to be a violation of this clause.”
It is unclear whether Pam Bondi, the incoming U.S. Attorney General, will investigate potential legal violations.
Social Media Questions $TRUMP Token’s Legitimacy
Similarly, Edward Morra, another cryptocurrency analyst, expressed concerns about the token’s impact on the market.
Although social media reactions highlighted concerns about transparency and legitimacy, the token still gained traction in the market.
