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.

Summary

Donald Trump launched a meme coin during his inauguration celebrations, prompting backlash from the crypto industry.

While Trump has pledged pro-crypto reforms and appointed industry-friendly officials, critics say his meme coin venture undermines efforts to legitimize digital assets, branding it as a “cash grab.”

The coin, initially priced at $70, dropped to $45 after First Lady Melania Trump launched her own meme coin.

Crypto leaders fear the association with meme coins damages the industry’s credibility as a serious financial sector.

The Trump Organization organized the sale of the coins, which are marketed as expressions of support rather than investment opportunities.