Original | Odaily Planet Daily ( @OdailyChina )
Author: Golem ( @web3_golem )
Although Trump has indeed taken many measures to promote the development of the crypto industry since taking office, it is clear to all that this is just a trick politicians use to catch big fish. Before becoming a president, Trump was first a businessman. If he can still convince people that Trumps erratic tariff policy that affected the global financial market was for the benefit of the United States by saying everything for America, then Trump and his groups use of the presidents influence to release the Trump Meme coin is a naked money-making act.
In fact, Trump was criticized and questioned by many non-profit organizations in the United States at the beginning of the coin issuance, but the release time of TRUMP was just before Trumps inauguration. Some people believe that Trump has avoided the risk of violating the constitution. If he waited another day, Trump might face the risk of violating the constitution and being impeached.
However, after Trumps presidency, he and his family have repeatedly manipulated the price of TRUMP tokens and profited from the crypto market, and such behavior has attracted the attention of US regulators. On June 11, the US CLARITY Act passed the House Financial Services Committee for review. Previously, the bill was blocked several times because Democratic lawmakers questioned that Trumps involvement in cryptocurrencies might constitute a conflict of interest. On June 12, after a month, the US Senate finally voted to pass the GENIUS Act. According to people familiar with the matter, after the vote on the bill, Democrats still criticized the bill for promoting Trumps crypto corruption.
Trump uses presidential influence to manipulate TRUMP prices
It is an indisputable fact that Trump and his family have profited from the crypto industry, and their business scope has covered Meme coins, DeFi, stablecoins, crypto wallets, and BTC ETFs, etc. However, in addition to normal business operations, Trump and his family have repeatedly used the influence of the US Presidents position to achieve business purposes, which may have constituted political corruption. TRUMP is the most representative example.
Using Trump’s social media influence to manipulate TRUMP prices
When TRUMP was released, Trump announced the launch of his personal meme coin TRUMP on his personal social media platform truth social and X platform on January 18. At this time, Trump is already the 47th president-elect and will hold the swearing-in ceremony in two days. The release time of TRUMP and the swearing-in ceremony are not coincidental. How can it avoid the risk of unconstitutionality and take advantage of the popularity of the presidents official inauguration to achieve the purpose of hot start.
Forbes also published an article that the launch of TRUMP exposed a fundamental tension in contemporary American politics, namely the fusion of the presidents personal enrichment and political power. Although Trump positioned himself as a supporter of the cryptocurrency industry and promised to make the United States the global cryptocurrency capital, he personally issued tokens, and the ownership of the tokens was concentrated in companies associated with Trump. Coupled with the issuance time just before the inauguration, this may be Trumps clever attempt to monetize the presidency.
The price of the TRUMP token reached a peak of $82 on January 19, and then began a long-term decline, but the project still used Trumps influence to increase and manipulate prices.
On March 1, it was reported that the Trump Group would apply for a trademark for TRUMP to launch a metaverse and NFT trading platform (which was not fulfilled). As soon as the news came out, TRUMP rose by more than 30% in two days, reaching a high of $17.8, and then fell back. Although Trump used a blind trust and handed over the companys main affairs to his children after taking office as president, claiming that he did not directly control the groups operations, Trump himself indirectly or directly holds most of the Trump Groups shares. Moreover, in the final analysis, what belongs to the president can never be taken away, and only the family business is his own. It is clear at a glance which is more important.
On March 23, Trump posted on the social media platform Truth Social: I love TRUMP, very cool, they are all great. As soon as the news came out, TRUMP rose by more than 20% in two days, reaching a high of $12. Then it fell back.
Trump dinner held to raise prices, presidential badge used
However, the markets G-point will continue to rise. Trumps shouting on social media without actual action can no longer stimulate the market. The price of TRUMP fell below $10 in April, reaching a low of $7.1. Until the big move came.
On April 23, the market reported that Trump would hold a TRUMP DINNER dinner for TRUMP token holders. The first 220 holders would be eligible to participate. The dinner was scheduled for May 22, 2025, at the Trump National Golf Club in Washington, DC. As soon as the news came out, TRUMP continued to rise in the following week, reaching as high as $16.4, which was twice the lowest point of $7.1 in April. In the following month until the end of the TRUMP dinner, the TRUMP token was in a state of oscillating rise.
The TRUMP dinner itself has no selling point. The main point is that Trump will have dinner with the participants. For the participants, having dinner with Trump is not because of his age or because he doesnt take showers, but because of his presidential status and the influence it brings. Therefore, the US political circles have also begun to criticize Trumps corruption for using his presidency for personal gain.
Chris Murphy, a Democratic senator from Connecticut, said : “This is not only a reflection of Trump’s true character, the TRUMP coin scam or the most blatant act of corruption ever done by a president.”
Craig Holman of the U.S. consumer rights advocacy organization said that this is buying the presidents influence. The sale of Trump Meme Coin runs counter to what Trump said when he first entered politics: He is very rich and cannot be bought. We have never had a president who loves money as much as this president.
On May 6, Richard Blumenthal, a senior Democratic senator in the U.S. Senate, sent an investigation letter to World Liberty Financial and Fight Fight LLC to investigate Trumps activities in the cryptocurrency field. The investigation focuses on the possible conflicts of interest between the TRUMP token and the WLFI (World Liberty Financial) project. Blumenthal said these activities may violate government ethics and federal law.
Meanwhile, on the day of the TRUMP dinner, Trump opponents also gathered outside the Trump National Golf Club in Washington to protest the dinner for TRUMP token holders.
Even more blatantly, although White House press secretary Carolyn Levitt stated before the dinner that the president was attending in a personal capacity, the dinner organizers used the official presidential seal on the TRUMP dinner event invitation and venue decoration, including Trump using a podium decorated with the presidential seal to speak to his TRUMP token investors, which may have violated US federal law. According to federal law, the national emblem cannot be used in a way that may convey the false impression of government sponsorship or endorsement, and violators may face fines or up to six months in prison.
After the dinner, most of the big holders of TRUMP Meme coins who were invited to President Trump’s crypto dinner transferred their tokens to centralized exchanges, and the price of TRUMP fell by 14.87% that day. The farce ended with the fall of TRUMP.
Trumps wallet farce, the market is disenchanted with TRUMP
On June 4, Trump-related interest groups staged a crypto wallet farce. Fight Fight Fight LLC, the company behind the TRUMP token, announced a partnership with MagicEden to launch the Trump crypto wallet, but the Trump Group did not approve of the wallet. Trumps eldest son Donald Trump Jr. and second son Eric Trump both said the project was not authorized by the Trump Group. Obviously, the TRUMP issuer attempted to save the TRUMP price again by launching the presidential crypto wallet, but did not communicate well with the Trump Group in advance, which led to this farce.
On June 7, Trumps second son Eric Trump announced that MEME coin TRUMP had reached a cooperation with WLFI. The wallet project launched by TRUMP is no longer being promoted, but World Liberty Financial will plan to hold TRUMP on a large scale in the long-term vault.
Eric Trumps move is aimed at preventing the launch of the TRUMP crypto wallet, but in exchange, he holds TRUMP in the WLFI vault. It should be noted that WLFIs public treasury is a magic trick. Previously, many American coins such as ONDO were listed, and the price was also raised in the short term. Therefore, WLFIs announcement of holding TRUMP in the vault is obvious.
However, after the strategy was announced, TRUMP did not surge. Its daily increase was only 4%. Although TRUMP closed higher on the following days, the increase was not ideal. On June 12, the TRUMP token reached a high of $10.7 and then began to fall.
It can be seen that from the beginning, Trump only needed to shout orders on social media to make the market crazy, but now even the launch of the crypto wallet has no effect . The market has been disenchanted by the tricks of Trump and his interest family to manipulate the TRUMP token. At the same time, this Trump crypto wallet farce also shows that Trumps interest group is in disharmony, and everyone wants to use Trumps presidential IP to get a share of the crypto wave.
Trump should be impeached
The TRUMP token can be reduced to zero (and it should be reduced to zero), but Trump’s corruption cannot be erased.
Most countries in the world have established relatively strict laws and codes of conduct for civil servants to use their positions or influence to engage in and intervene in commercial activities. The U.S. Constitution stipulates that the president must abide by the emoluments clause, which is divided into the foreign emoluments clause and the domestic emoluments clause. The content is as follows:
Foreign Remuneration Clauses:
No title of nobility shall be granted by the United States; and no person holding any office, profit, or trust in any manner whatsoever, shall accept, without the consent of Congress, any present, emolument, office, or title of any kind from any foreign prince, dukedom, or government.
Domestic Remuneration Terms
The President shall receive a (fixed) salary for stated periods, which shall not be increased or diminished during his term of office; and he shall not receive any other form of emolument from the federal government or the states during this period.
Therefore, the U.S. Constitution does not explicitly prohibit the president from running a business, but the remuneration clause strictly restricts him and his relatives from using their official positions to obtain any benefits from domestic or foreign governments or officials. In order to comply with the law, most U.S. presidents transfer their business assets to a blind trust managed by a third party during their term to avoid conflicts of interest.
Although Trump also isolated assets through a blind trust, his blood-related children continued to manage the family business. The US academic community and Congress have filed several lawsuits over whether he violated the compensation clause during his tenure. During his tenure as the 45th US President, Trump was repeatedly accused of violating the foreign compensation clause and the domestic compensation clause in his hotel and real estate businesses, but these allegations were eventually terminated when Trump left office.
3 of the most iconic lawsuits during Trumps 45th presidency
It can be seen that this is not the first time that Trump has used his public status to make money, but this time the target of money-making has changed to the crypto industry. Previously, the Financial Times analyzed that Trump made at least $350 million in profits from TRUMP, which included both token sales revenue and market making fees.
In summary, Trump and his family openly tied their business empire to presidential power, manipulating token prices by relying on presidential influence, and attempting to distance themselves from the industry in the name of blind trust, completely turning the crypto industry into a cash machine for him and his family. Trumps mad pressing of the presidential privilege button, exchanging one hype carnival after another for personal gain, will only cause more peoples dissatisfaction, and I believe he will eventually be backlashed and subject to legal sanctions.
On June 7, Trump retweeted the news that Meme coin TRUMP is Trumps political performance tracker on his Truth Social social media platform to highlight the close relationship between TRUMP and Trump and attempt to whitewash TRUMP. It pointed out that TRUMP provides retail investors with an opportunity to enter the bottom and express their preferences by buying and selling the Meme coin. If you dont like Trump, you can choose to sell it, and if you like it, you can choose to buy it. Therefore, the TRUMP token has become a new era barometer for measuring Trump and his policies.
If the TRUMP token is really a tracker of Trump’s political achievements, then the people of New York should be collectively shorting TRUMP now.
