Rarely one to miss a lucrative opportunity, Donald Trump has turned what began as a pre-inauguration crypto experiment into a sprawling, multi-billion-dollar business empire-one that is now at the center of mounting ethical and legal scrutiny over potential conflicts of interest at the highest levels of government.
President Donald Trump launched his official meme coin, $TRUMP, on January 17, 2025, just three days before his inauguration. The digital token, hosted on the Solana blockchain platform, features a cartoon image of Trump raising his fist-a reference to his response after surviving the July 2024 assassination attempt. The coin was promoted through Trump’s social media accounts with the message: “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to http://gettrumpmemes.com — Have Fun!“
Just two days after its debut, First Lady Melania Trump followed suit with her own cryptocurrency, $MELANIA, further expanding the family’s digital assets portfolio. The coins were marketed as expressions of support rather than investment opportunities, with disclaimers stating they were “not intended to be, or the subject of” an investment opportunity or a security.
The market response was immediate and substantial. Within days of its launch, $TRUMP’s price soared by over 300%, making it the 19th most valuable cryptocurrency in the world with a total trading value of nearly $13 billion. As of May 2025, the Official Trump price stands at approximately $13.86, with recent gains of 24.08% over seven days and 72.74% over one month.
The financial impact for the Trump family has been extraordinary. According to a Financial Times analysis, the creators of the $TRUMP meme coin made at least $350 million in just the first three weeks after its launch. This revenue came from $314 million in token sales and $36 million in fees directly on the Solana blockchain.
The structure of the coin’s ownership is particularly notable: one billion coins were created, with 200 million released publicly and 800 million remaining owned by Trump-affiliated companies CIC Digital (an affiliate of The Trump Organization) and Fight Fight Fight.
A report by State Democracy Defenders Action estimated that the president’s crypto holdings now represent nearly 40% of his net worth-approximately $2.9 billion. This dramatic increase in wealth has occurred in just five months, as the Trump administration has simultaneously loosened the federal government’s regulatory approach to the digital currency industry.
As with most meme coins, $TRUMP has been extremely volatile. It initially shot to a $15 billion valuation when promoted by the president but subsequently plummeted within days of the announcement and has never fully recovered. Currently, it is valued at around $2.17 billion, according to The Daily Beast.
White House spokesperson Anna Kelly told USA TODAY: “The President’s assets are in a trust managed by his children. There are no conflicts of interest.”
Who’s Buying-and Why?
The $TRUMP coin’s appeal is multifaceted:
- Supporters: For Trump loyalists, owning the coin is an act of political expression and a way to signal allegiance in the digital age. The coin’s website and social media channels encourage holders to “let the President know how many $TRUMP coins YOU own!”.
- Speculators: The meme coin’s volatility has attracted day traders and crypto whales hoping to capitalize on price swings. However, the vast majority of investors have lost money-data shows 58 wallets have made over $10 million each, while more than 764,000 have lost out.
- Political Influencers: For those seeking proximity to power, the coin offers a unique gateway. Trump’s team announced that the top 220 $TRUMP holders would be invited to a gala dinner at his golf club, with the top 25 receiving a private VIP reception and White House tour. Following this announcement, the price of the $TRUMP coin surged by as much as 50-80%, adding over $100 million to its worth. Cryptocurrency analysis firm Chainalysis discovered that Trump and his associated business entities earned substantial trading fees in the days following the dinner announcement, contributing to over $320 million in accumulated fees.
The unprecedented situation of a sitting president actively promoting and profiting from a cryptocurrency has prompted serious ethical and legal concerns from lawmakers, ethics experts, and consumer advocates.
Senators Jeff Merkley and Elizabeth Warren have demanded answers about the ethics and national security implications of a reported billion-dollar business deal involving a Trump-backed cryptocurrency company and foreign firms, including the UAE’s state-backed investment firm MGX. They expressed concern that the deal could “enrich President Trump and his family, as well as the family of Special Envoy to the Middle East Steve Witkoff, with the potential for them to receive hundreds of millions of dollars in foreign kickbacks”.
In a separate action, Senators Adam Schiff and Elizabeth Warren have called for an ethics investigation, warning that the dinner invitation for top meme coin investors may constitute “pay to play” corruption, with Trump promising access in exchange for investment. Their letter to the U.S. Office of Government Ethics expressed concern that “President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures”.
Critics argue that the venture may violate the Emoluments Clause of the U.S. Constitution and federal ethics statutes, including criminal provisions barring bribery. The arrangement has been described as “auctioning off access to the presidency” by some ethics watchdogs.
Regulatory Shifts Under Trump Administration
The Trump administration has taken steps to create a more favorable regulatory environment for cryptocurrencies. In February 2025, the Securities and Exchange Commission issued a staff statement clarifying that most meme coins do not constitute securities under federal law, describing them as “akin to collectibles”. This marked a notable departure from the regulatory approach of former SEC Chair Gary Gensler, whose tenure was characterized by more aggressive crypto enforcement.
Since entering office, President Trump has enacted two executive orders focused on cryptocurrency. The first directed the executive branch to work with Congress to facilitate improved regulations for the sector and ruled out pursuing a central bank digital currency. The second permitted the establishment of a strategic bitcoin reserve along with a separate reserve of other digital assets.
