Trump’s Endorsement of Cryptocurrency Sparks Market Surge and Ethical Scrutiny
On Sunday morning, former U.S. President Donald Trump made waves in the cryptocurrency market with a direct and enthusiastic endorsement of the Official Trump (TRUMP) token. Posting on TruthSocial at precisely 10:33 AM ET, he declared, “I LOVE $TRUMP—SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!” This public declaration coincided with an immediate price spike for the Solana-based meme coin, briefly pushing its value above $12.25 before volatility took hold.
Despite this momentary surge, TRUMP token’s price remains a shadow of its former peak. Currently priced at $11.67—up 7.7% for the day according to CoinGecko—the token is still down a staggering 84% from its all-time high of $73.40 recorded in January. This declining value, according to Luis Buenaventura, head of crypto at GCash, suggests that investor excitement surrounding the token may be waning. “The market is no longer excitable about the Trump token,” Buenaventura told, though he acknowledged that traders remain aware of its potential for short-term gains.
While its official website claims the token is “not intended to be an investment opportunity,” the reality appears far different. The coin’s success is deeply intertwined with Trump’s personal brand and recurring promotional efforts, making its market movements increasingly reliant on his direct involvement.
Ethical and Legal Concerns Surround Trump’s Crypto Involvement
Trump’s open endorsement of a cryptocurrency in which his business entities maintain an 80% ownership stake has raised significant ethical and legal concerns. Ethics watchdogs and industry analysts warn that this sets a troubling precedent, with some arguing that it blurs the line between public office and personal financial interest in an unprecedented way.
Andrew Rossow, a digital media attorney and CEO of AR Media, voiced serious constitutional concerns over the implications of Trump’s cryptocurrency promotion. Rossow warned, “These activities have unfortunately set a dangerous precedent for leveraging public office for personal financial gain.”
Among the primary constitutional risks Rossow highlighted is the Emoluments Clause (Article I, Section 9), which forbids sitting presidents from receiving financial benefits from domestic or foreign entities without congressional approval. The TRUMP token, because of its anonymous ownership structure, allows foreign actors to purchase significant shares without disclosure. This raises the potential for indirect financial gains or undue foreign influence on U.S. policy—an alarming possibility for governance transparency.
Furthermore, Rossow pointed to the Separation of Powers (Article II, Section 3), which mandates that the president must “faithfully execute laws.” By endorsing a financial product so directly tied to his wealth, Trump may be undermining regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). This, in turn, could weaken public confidence in fair financial regulation.
Another critical issue is the Equal Protection and Due Process Clauses of the Fifth Amendment. Rossow suggested that Trump’s endorsement of a single cryptocurrency over others could tilt the playing field in an already volatile market, disadvantaging competing tokens and projects.
Conflicts of Interest and Financial Implications
Transparency concerns surrounding the TRUMP token only grow deeper when examining its ownership. According to the project’s official documentation, the vast majority of the token’s supply is controlled by CIC Digital LLC—listed on Trump’s financial disclosures as his company—and Fight Fight Fight LLC. These entities directly stand to benefit from increased trading activity and price appreciation, creating a serious conflict of interest.
Federal ethics laws strictly prohibit public officials from engaging in financial activities that create conflicts between their public roles and private interests. Yet, with Trump-affiliated entities holding 80% of the token’s supply, Rossow argues his endorsement “directly conflicts with his role as president” and “undermines public trust in impartial governance.”
This is not the first time Trump or his associates have profited significantly from blockchain-related ventures. Earlier this month, World Liberty Financial—a decentralized finance (DeFi) project linked to the Trump family and principals of DT Marks DEFI LLC—generated approximately $390 million in profits from its second round of token sales, demonstrating just how lucrative these ventures have been.
Crypto on Trump’s Political Agenda
The launch and aggressive marketing of the TRUMP token align with Trump’s broader campaign promises to make the U.S. a global leader in cryptocurrency. His proposals include the establishment of a strategic Bitcoin reserve and ending the Federal Reserve’s independence to allow for select crypto policies. These pledges appear to appeal directly to the growing number of crypto-enthusiastic voters looking for government action in the sector.
However, the ethical concerns surrounding his direct financial stake in cryptocurrency ventures raise questions about the true motivations behind his advocacy. His growing entanglement within the crypto industry—not just as a political proponent but as a beneficiary—puts his actions under intense scrutiny.
