The Trump family's foray into meme coins, coinciding with the Crypto Ball and a new administration in Washington, highlights the potential for looser regulations and increased influence within the crypto industry. The launch of coins like $TRUMP and $MELANIA, coupled with endorsements from prominent figures like David Sacks, signals a shift towards a more crypto-friendly environment.
The Trump family's meme coins launched over the weekend showed how the incoming president plans to take advantage of looser regulations.
Meanwhile, Trump's net worth was about to explode from an asset that, up to that point, didn't exist. The same night of the party, the incoming president. Like with other meme coins, there's no underlying product. Trump told his followers in a social media post,"It's time to celebrate everything we stand for: WINNING!"Inside the Crypto Ball were some of the leaders of the platforms allowing ordinary investors to buy into Trump's newest project.
"Trump needs to fire his crypto advisors, from top to bottom and replace with people who know what they are doing," wrote Gabor Gurbacs, founder of digital asset firm Pointsville,on X."The memecoins cost the US, the presidency and his family a lot of credibility and the consequences haven't even started."
"The question now is, what do we do with this momentum?" said Ripple Chief Legal Officer Stuart Alderoty, who attended the Friday night festivities."How do we take that momentum and move forward to really create the promise that I think this new administration has of making the U.S. the crypto capital of the world?""Ultimately, Congress will own the policy, and we can't dictate to Congress what the policy should be," Alderoty said.
Koh Harada, COO of Aleo, a privacy-focused blockchain, said Bessent was"pretty coy about things, but the fact that he was even there was very interesting." The Winklevoss twins chatted in a group that included Chris Dixon of Andreessen Horowitz and his colleague, Sriram Krishnan, who recently left his role as a general partner at the firm to join Sacks' task force. Bo Hines, Trump's choice to lead the Presidential Council of Advisers for Digital Assets, was also present. He'll report directly to Sacks.
Technology CRYPTOCURRENCY REGULATION TRUMP MEMECOINS TECHNOLOGY
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