"They had traded in their hoodies for tuxedos and gowns, celebrating the ascension of the first "crypto president," Donald Trump, who had embraced the once-renegade sector on the campaign trail. But halfway through the night, whispers began spreading through the crowd that Trump, who was not in attendance, had launched his own memecoin. Around the end of a DJ set by Snoop Dogg, the Trump coin had crossed $1 billion."
"But unlike concerns during his first term that foreign dignitaries could book rooms in Trump hotels, which taught the term "emoluments" to millions of Americans, now anyone with an internet connection could effectively wire Trump millions of dollars by setting up a digital wallet and reap the rewards. His top memecoin holders enjoyed a private audience with the president last May, though they weren't all pleased by the food they were served."
At an inauguration weekend ballroom event, blockchain executives celebrated Donald Trump's embrace of crypto as a Trump-branded memecoin rapidly gained value and crossed $1 billion. The Trump family applied longstanding branding practices to the crypto sector while ethics watchdogs raised concerns that blockchain businesses functioned as mechanisms to sell access. Individuals could transfer large sums by acquiring memecoins and setting up digital wallets, and top memecoin holders secured a private audience with the president. A Wall Street Journal report alleged that two lieutenants for an Abu Dhabi royal signed a contract to funnel $500 million into World Liberty Financial, the Trump family's crypto platform.
Read at Fortune
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