Trump's Cryptocurrency Endorsement Raises Ethical and Legal Concerns

Donald Trump's promotion of the TRUMP token, tied to entities he controls, has drawn criticism over potential constitutional violations and conflicts of interest.

Donald Trump endorsed the Solana-based TRUMP token on Truth Social, causing a brief price surge to $12.25 before falling back to $11.67.
Entities linked to Trump, including CIC Digital LLC and Fight Fight Fight LLC, control 80% of the token's supply, raising concerns about financial conflicts of interest.
Ethics experts argue that Trump's promotion of the token may violate constitutional provisions such as the Emoluments Clauses and federal ethics laws.
The TRUMP token's trading volume spiked 288% to $1.22 billion following the endorsement, with the token now trading 84% below its January peak.
Critics claim Trump's actions undermine regulatory agencies like the SEC and CFTC, while aligning with his broader push to position the U.S. as a leader in cryptocurrency.