The Trumps are sounding ethical alarm bells by launching their own cryptocurrency ahead of the inauguration

Melania Trump launched her own cryptocurrency on Sunday ahead of her husband’s presidential inauguration, a day after launching her own coin — moves that have raised ethical concerns among cryptocurrency industry watchers.

“The official Melania Meme is live! Now you can buy $MELANIA,” the First Lady announced He wrote in X.

Donald Trump has launched his own meme coin called $TRUMP. on Saturdayin July, it was marked by footage of an assassination attempt.

On Monday morning, the $TRUMP coin increased its market cap to nearly $11 billion. according to crypto data platform CoinMarketCap potentially inflates its net worth by billions. And $MELANIA had a market value of $1.7 billion just hours before the inauguration.

About 80 percent of Trump coins are owned by CIC Digital, an affiliate of Trump’s business, and another entity called Fight, Fight, Fight, according to its website. It says the coins are “an expression of support for and affiliation with the ideals and beliefs embodied by the “$TRUMP” symbol” and are not an investment or security.

The coin launch sparked surprise and concern even among those in the cryptocurrency industry, with some criticizing the Trumps. again uses his presidency by launching a profitable business product that he and his family profit from.

“While it’s tempting to dismiss this as another Trump spectacle, the launch of an official Trump token opens a Pandora’s box of ethical and regulatory questions,” said Justin D’Anethan, an independent cryptocurrency analyst based in Hong Kong.

“Should public figures, especially those with such political clout, have such influence in speculative markets? Regulators are unlikely to ignore that question,” he said.

So is Anthony Scaramucci, Trump’s former White House communications director and now frequent critic exploded Action on X.

“Now anyone in the world can actually deposit money into the bank account of the President of the United States with a few clicks. Any favor – geopolitical, corporate or personal – is now openly for sale,” he said.

Trump is an avid supporter of cryptocurrency

Cryptocurrencies are a type of digital money that can be used to pay for things in the online world, and meme coins—often volatile—are a type of cryptocurrency that is usually driven by internet jokes.

Bitcoin, one of the most popular cryptocurrencies, rose in price after Trump’s election victory. It’s up more than 10 percent so far this month, hitting another record high ahead of the inauguration.

The incoming president has been an enthusiastic supporter of cryptocurrency, hinting on the campaign trail that he would launch a strategic reserve of Bitcoin, and many hope he will work in the cryptocurrency. return the rules of an emerging industry.

Trump named venture capitalist David O. Sachs the nation’s first crypto czar and became the first presidential candidate to accept cryptocurrency as a valid campaign donation.

Bloomberg reports Trump may use an executive order to classify cryptocurrency as a “national priority” after his inauguration on Monday. It also has strong support from the industry with crypto companies such as Ripple, Robinhood and Coinbase by donating to his opening fund.

But the president-elect hasn’t always been warm to digital assets: Trump previously called Bitcoin a “fraud” in 2021, complaining that it competes with and affects the value of the U.S. dollar.