Donald Trump's social media account promotes a new meme coin, $TRUMP, raising concerns about its terms and conditions, which prevent users from joining class action lawsuits. The launch sparks debate about the implications of such waivers for consumer rights and the future of financial markets.
A new meme coin , endorsed by Donald Trump 's social media account, has sparked controversy with its terms and conditions that include a block on class action lawsuits. The $ TRUMP meme coin , launched via the 'Get Trump Memes' website, features an artistic depiction of Trump triumphantly raising his fist after surviving an assassination attempt in July 2024. The website capitalizes on the event, stating, 'Now, you can get your piece of history.
This Trump Meme celebrates a leader who doesn't back down, no matter the odds. Join the Trump Community—we're all about fighting for what matters.'A total of 200 million $TRUMP coins were released on launch day, with plans for 1 billion over the first three years. The coin's value fluctuated, reaching $21.95 per coin according to Grecko Terminal on Saturday morning. However, the website emphasizes that the coins 'are NOT INTENDED TO BE, OR TO BE THE SUBJECT OF, AN INVESTMENT OPPORTUNITY, INVESTMENT CONTRACT, OR SECURITY OF ANY TYPE.' The terms and conditions, which purchasers must agree to, state that they surrender the right to join a class-action lawsuit against CIC Digital LLC, the Trump Organization affiliate behind the $TRUMP coins. This waiver must be explicitly opted out of within 30 days of accessing the website.The use of class action waivers in consumer agreements has been a contentious issue, drawing scrutiny from lawmakers and the Supreme Court. While the Supreme Court has generally upheld the enforceability of such waivers under the Federal Arbitration Act (FAA), concerns remain about their potential to limit consumer rights and shield companies from accountability. Congress has also explored legislation to restrict the use of class action waivers.Following the launch, some social media users questioned if Trump's account had been hacked. However, there's no evidence to support this claim, as Trump continued to post about his incoming administration. One blockchain engineer noted that the Trump meme coin website shares similarities with his previous NFT website, including its deployment infrastructure and SSL certificate issuer.Trump has a history of selling merchandise to his supporters, ranging from 'God Bless the USA' Bibles to digital trading cards (NFTs). This latest venture has garnered mixed reactions. Some, like business commentator James Camp, expressed skepticism, warning that 'this man is willing to destroy markets and this is the beginning of the end.' Others, such as crypto investor Dan Gambardello, viewed it as a bullish signal for deregulation and a potential boost for the cryptocurrency market
Politics Trump Meme Coin Cryptocurrency Class Action Waiver Federal Arbitration Act Donald Trump Nfts Regulation Social Media
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