Foreign Interests Appear to Be Pouring Millions Into Trump’s Meme Coin

A Bloomberg report revealed Wednesday that over half of the largest holders of $TRUMP, President Donald Trump’s personal meme coin, are likely foreign investors, intensifying concerns about corruption and influence-peddling inside the White House.

Launched just days before Trump’s January inauguration, the $TRUMP token has become a magnet for foreign cash. Bloomberg reports that 76% of the token value among the top 220 wallets likely belongs to non-U.S. owners who used exchanges inaccessible to American residents. The Washington Post estimates roughly $100 million worth of tokens were snapped up after the coin’s organizers announced a May 22 private dinner with Trump for top $TRUMP holders.

Massive profits, big losses

According to the Associated Press, the token has already generated over $320 million in transaction fees for its creators. Yet while some wallets have raked in massive gains — NBC News found that just 58 wallets account for $1.1 billion in profits, with some earning more than $10 million each — the vast majority of small investors are losing money. Around 764,000 of the two million wallets holding $TRUMP are in the red.

Congress sounds the alarm

Democrats are now moving to shut down the scheme.
Sen. Jon Ossoff (D-Ga.) told Politico:

“The sitting president appears to be selling personal cryptocurrency while in office, granting access to people who buy it, and thereby enriching his business and his family. It’s gobsmacking.”

Sen. Richard Blumenthal (D-Conn.) has launched a preliminary Senate investigation, sending letters to Fight Fight Fight LLC and World Liberty Financial, the two main Trump family crypto entities, over possible conflicts of interest and legal violations.

Blumenthal told USA Today:

“Donald Trump is selling cryptocurrency like snake oil in the Wild West, and he’s put a for sale sign on the White House for his meme coin.”

The MEME Act

Sen. Chris Murphy (D-Conn.) introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would ban the president, vice president, executive branch members, and members of Congress — along with their families — from launching meme coins or profiting from crypto schemes.

Murphy blasted the situation, calling Trump’s meme coin:

“The most unethical, most corrupt thing a president of the United States has ever done.”

He added in a video announcement:

“It’s essentially a way for any corporate CEO, any Saudi prince, any foreign oligarch who has business before the Trump administration to send Trump money privately, secretly, and then whisper… about the favor they need.”