Trump's crypto venture divides the industry he aims to support
cryptocurrency executives gathered a few blocks from the White House for a lavish party three days before President Donald Trump's inauguration, toasting an incoming administration that had vowed to promote the industry's interests.
But the crypto millionaires and billionaires were caught off guard by what happened next.
At 9 p.m. Jan. 17, with the festivities in full swing, Trump announced on social media that he was launching a a so-called memecoin known simply as $Trump.
The surprise disclosure raised fresh ethical and legal concerns about the ways that Trump continues to cash in on his power and fame, and it set off a wave of criticism from inside the industry that he says he wants to champion.
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View Details» His venture, crypto executives said, created a brief and highly publicized bubble that partly deflated within a few days as Trump's family and its business partners collected millions of dollars from fees on purchases and sales of the coin.
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