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Trump’s not sure if he cashed in on his own crypto Trump’s not sure if he cashed in on his own crypto

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Trump’s not sure if he cashed in on his own crypto – Crypto News

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Donald Trump gave varying responses about whether he has personally benefited from the cryptocurrency token launched under his name earlier this year, according to Cointelegraph.

In an interview aired May 4 on NBC News’ Meet the Press with Kristen Welker, Trump was asked about criticism suggesting he’s using the presidency for personal gain through a memecoin linked to his name. He replied, “I’m not profiting from anything,” and added that he hadn’t looked into it.

When pressed further, Trump drew a comparison to stock ownership, saying, “If I own stock in something and I do a good job, and the stock market goes up, I guess I’m profiting.”

The token, named Official Trump (TRUMP), launched on January 17 and briefly surged to $73.43 two days later. That peak came just before Trump was sworn into office on January 20. Since then, the token’s value has dropped significantly, recently trading at $11.35, according to data from CoinGecko.

Trump appeared unaware of the token’s recent price activity during the interview and repeatedly asked what it was currently worth.

Records show that two entities connected to Trump—CIC Digital LLC and Fight Fight Fight LLC—control 80% of the token’s total supply of one billion. Most of these tokens are locked and scheduled for gradual release over the next three years. On April 18, 40 million tokens, valued at about $454 million at the time, were released to CIC Digital.

An analysis by the Financial Times in March estimated the project has generated at least $350 million. This includes $314 million from token sales and another $36 million in related fees.

Trump’s involvement in cryptocurrency has raised concerns about potential conflicts of interest, especially as he continues to call for reduced regulation on the sector. Some lawmakers from his own party have criticised aspects of the token project, including a dinner invitation for top tokenholders scheduled for May 22. Senators Cynthia Lummis and Lisa Murkowski were among those who expressed concern.

During the interview, Trump mentioned he planned to donate his presidential salary back to the government. When asked if he would do the same with any profits from crypto, he replied, “I never thought of that,” and questioned whether property value increases tied to his presidency should also be donated.

Trump also used the interview to restate his stance on cryptocurrency. “I want crypto. I think crypto’s important because if we don’t do it, China’s going to. And it’s new, it’s very popular, it’s very hot,” he said. He criticised the Biden administration for what he described as inconsistent positions on the issue.

Speaking to reporters later that same day on the South Lawn, Trump reiterated that cryptocurrency was a priority and said he wanted to prevent China from gaining dominance in the space. He made similar comments about artificial intelligence and other industries.

(Image by Pixabay)

See also: Cryptocurrency regulation called ‘floor is lava’ as Trump faces impeachment calls over memecoin

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