NYT Summary – Trump Begins Selling New Meme Coin Days Ahead of Inauguration

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Key Facts Section

  • President-elect Donald J. Trump has launched a cryptocurrency token called $Trump, marketed with the slogan “Join the Trump Community. This is History in the Making!”
  • CIC Digital LLC, an affiliate of the Trump Organization, holds 80% of the token supply, intending to release them over three years, with the token reaching a nearly $30 billion value shortly after launch.
  • The venture has been criticized by ethics experts and within the cryptocurrency industry, with concerns about its ethical implications and potential harm to investors.

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President-elect Donald J. Trump has entered the cryptocurrency market by launching a new token, $Trump, through CIC Digital LLC, an affiliate of the Trump Organization. Holding 80% of the token supply, the Trump family stands to gain from trading revenue as the tokens are sold. The launch of the token, announced just before Trump’s second inauguration, has drawn sharp criticism for its explicit blending of business interests with a political role, as well as concerns from the cryptocurrency community regarding the potential for investor harm. Despite these concerns, the tokens reached a $30 billion valuation shortly after their release. Trump’s involvement in the cryptocurrency industry is part of a broader strategy to promote and deregulate the sector, contrasting with previous regulatory approaches.

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