US President Donald Trump’s meme-inspired cryptocurrency, $TRUMP, experienced a significant decline of approximately 8% within just five minutes in late September 2025, resulting in millions being erased from its market value. This digital currency, which draws its essence from an internet meme, is available for trading on open platforms. Just prior to his return to office, Trump announced on X, “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” This announcement was accompanied by an illustration depicting Trump alongside the phrase “FIGHT, FIGHT, FIGHT,” a nod to a past assassination attempt. Following this, the $MELANIA coin, named after the First Lady, also saw a drop in value later that month. There are rising concerns regarding the ethical implications of these cryptocurrencies associated with Trump and his family, as they blur the lines between private gain and public duty. The extent of Trump’s potential financial benefit from these meme coins remains uncertain. According to the website gettrumpmemes.com, while the product is backed by the president, it claims to have “nothing to do with any political campaign.” The Trump Organization and Fight Fight Fight LLC reportedly hold an 80% stake in the coins. Critics, including Democratic Senator Elizabeth Warren, express concerns that Trump might be using his presidential position to enhance his family’s financial fortunes. Norman Eisen, who served as an ethics advisor to former President Barack Obama, has characterized Trump’s crypto ventures as potentially “the single worst conflict of interest in the modern history of the presidency.” A New York Times investigation into Trump’s emerging crypto ventures suggested that they have dismantled longstanding presidential norms, erasing the distinction between personal business and government policy in an unprecedented manner.
### Ethical Concerns and Legislative Actions
In response to allegations regarding Trump profiting from his business interests while serving as president, his assistant press secretary, Anna Kelly, stated that Trump’s assets are held “in a trust managed by his children,” asserting that there is no conflict of interest. In May, Democratic Senator Jeff Merkley from Oregon proposed a bill aimed at terminating crypto corruption, which would prohibit the president and other high-ranking officials from “issuing, endorsing or sponsoring crypto assets.” However, with a Republican majority in the House and Senate, the bill faces considerable challenges to its passage.
### Family Ventures in Cryptocurrency
Trump’s ventures into the cryptocurrency market are not solely his own; they involve his family as well. His sons, Don Jr., Eric, and Barron, established World Liberty Financial (WLFI) in September 2024, just months before Trump’s second inauguration. Initially listed as the “chief crypto advocate,” Trump’s title on the company’s website later changed to “co-founder emeritus” following his assumption of office. WLFI’s team also includes Trump’s chief Middle East envoy, Steven Witkoff, and his son Zach. The Trumps claim WLFI was created to revolutionize finance and make cryptocurrencies more accessible. However, critics argue that this venture provides a financial advantage to the president due to his involvement. Concerns intensified when WLFI’s cryptocurrency, the WLFI token, began trading in September 2025, peaking at approximately 40 cents per token, significantly increasing the Trump family’s wealth. Eric Trump has also ventured into the crypto realm with the establishment of American Bitcoin, a firm focused on mining and accumulating bitcoin while taking advantage of market opportunities. Upon its launch, estimates indicated that the Trump sons held a stake in American Bitcoin worth around $1.5 billion.
### Shifting Perspectives on Cryptocurrency
Once a critic of cryptocurrency, Trump had publicly stated he was “not a fan” of bitcoin. However, in a notable shift, he expressed a desire to position the U.S. as the “crypto capital of the planet” just before his second term began. A pivotal moment in Trump’s engagement with cryptocurrency occurred when he addressed a packed audience at the annual bitcoin conference in Nashville, Tennessee, in July 2024, marking him as the first prominent presidential candidate to do so. As the nation’s top law enforcement official, Trump is in a position to influence and enforce cryptocurrency regulations, an area where his family’s business interests are now active. Reports suggest that the Trump family’s crypto wealth, at least on paper, has surpassed $5 billion, surpassing even Trump’s extensive real estate holdings. The emoluments clauses in the U.S. Constitution, designed to shield presidents from corrupt influences by prohibiting them from accepting gifts from foreign governments, have been brought into question by some who argue they need revision. This concern is not merely theoretical; in May 2025, Freight Technologies (Fr8Tech), a Nasdaq-listed company in Mexico, announced plans to raise up to $20 million to acquire $TRUMP meme coins. Amid rising tariffs on Mexico, Fr8Tech’s CEO, Javier Selgas, stated that purchasing Trump tokens would serve both economic and political purposes, suggesting that doing so could provide favorable trade treatment.
### Trump’s Unique Position in the Crypto Landscape
Donald Trump has been characterized as the most crypto-friendly president in U.S. history. In March, he signed an executive order establishing a national bitcoin strategic reserve aimed at creating a government stockpile of the cryptocurrency, which he has touted as a representation of U.S. supremacy in the digital asset domain. Furthermore, Trump’s appointed “crypto czar,” David Sacks, has made significant strides in shaping favorable regulatory frameworks for cryptocurrencies. Under Trump’s administration, the U.S. Securities and Exchange Commission has adopted a more pro-crypto stance, diverging from the regulatory approach seen during President Joe Biden’s tenure. This shift has included halting legal actions against prominent crypto companies such as Coinbase. While the Trump family stands to gain financially from their rising investments in cryptocurrencies, this could present a double-edged sword. If Democrats regain control of the House of Representatives in the upcoming 2026 midterms, they may scrutinize the president’s cryptocurrency affiliations, potentially spotlighting conflicts of interest associated with his administration.
