YEREVAN (CoinChapter.com) — The Solana-based memecoin, Official Trump (TRUMP), launched on Jan. 17 and reached a market cap of $6 billion within 24 hours. The token’s launch coincided with President-elect Donald Trump’s preparations for his January 20 inauguration.
Trump Memecoin Announcement. Source: XTrump Administration and Crypto Regulations
The release of the TRUMP token has sparked discussions about how the incoming Trump administration may shape cryptocurrency regulations. Bill Hughes, an attorney from Consensys, described the administration as poised for significant regulatory adjustments. He said the administration seeks to establish rules that encourage growth and innovation in the crypto space while maintaining security priorities. Hughes commented:
“They want a regulatory structure that allows creation and experimentation here. They want growth and see crypto as one way the U.S. can achieve it.”
He added that national security and law enforcement priorities will likely remain consistent with previous policies.
Legal Challenges Surrounding TRUMP Token
Some legal experts have raised constitutional concerns over the memecoin. Attorney David Lesperance argued that the token may violate the Foreign Emoluments Clause under Article I, Section 9, Clause 8 of the U.S. Constitution. Lesperance explained:
“Given that TRUMP can be easily purchased by foreign individuals or governments, this would appear to be a violation of this clause.”
It is unclear whether Pam Bondi, the incoming U.S. Attorney General, will investigate potential legal violations.
Social Media Questions $TRUMP Token’s Legitimacy
$TRUMP Token Skepticism. Source: X
Similarly, Edward Morra, another cryptocurrency analyst, expressed concerns about the token’s impact on the market.
$TRUMP Token Concerns. Source: X
Although social media reactions highlighted concerns about transparency and legitimacy, the token still gained traction in the market.
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