President Donald Trump’s goodwill in the cryptocurrency industry has taken a hit after he and his wife launched — a move critics say looks like an unseemly cash grab that undermines an effort to legitimize digital assets.
meme coinsThe industry, which felt unfairly targeted by the Biden administration and to help Trump win, is eager for the new president’s help to make crypto a bigger part of mainstream financial systems. Trump has promised a lighter regulatory touch and picked pro-crypto officials for key government positions.
spent heavilyThe price of bitcoin and other digital assets has soared since Trump won. A lavish “Crypto Ball” Friday ahead of Trump’s inauguration sold tickets for thousands of dollars and featured a performance by the rapper Snoop Dogg.
But as that party was ongoing, Trump announced on social media he was offering his very own cryptocurrency in the form of a meme coin. The move dampened the mood for many in the crypto community.
“I really was kind of bummed out when I saw it,” said Tom Schmidt, a partner at a crypto venture capital firm Dragonfly. “It just felt very grifty and cheap.”
