Trump’s embrace of meme coin sours mood in crypto industry

Then Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference on July 27, 2024, in Nashville, Tenn. (AP Photo/Mark Humphrey, File)

President Donald Trump’s goodwill in the cryptocurrency industry has taken a hit after he and his wife launched meme coins — a move critics say looks like an unseemly cash grab that undermines an effort to legitimize digital assets.

The industry, which felt unfairly targeted by the Biden administration and spent heavily to help Trump win, is eager for the new president’s help to make crypto a bigger part of mainstream financial systems. Trump has promised a lighter regulatory touch and picked pro-crypto officials for key government positions.

The price of bitcoin and other digital assets has soared since Trump won. A lavish “Crypto Ball” Friday ahead of Trump’s inauguration sold tickets for thousands of dollars and featured a performance by the rapper Snoop Dogg.

But as that party was ongoing, Trump announced on social media he was offering his very own cryptocurrency in the form of a meme coin. The move dampened the mood for many in the crypto community.

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