#Melania #MelaniaTrumpLaunchesToken $ETH $BTC $ Melania Trump launches meme coin as crypto conflicts worry experts
The incoming US first lady, Melania Trump, has followed her husband’s lead by launching a multibillion-dollar cryptocurrency meme coin, fueling conflict of interest concerns as the new administration prepares to loosen regulation of the volatile and controversial assets.
Digital currencies rallied as Donald Trump prepared to return to the White House. The decision to launch crypto coins on the eve of his inauguration alarmed presidential ethics experts.
The price of the incoming president’s token, $Trump, had tripled to more than $70 (£57), giving it a total value of over $14bn shortly after its launch on Friday. However, the launch of his wife’s coin, $Melania, pared back those gains as investors piled into her rival coin.
“This may represent the single worst conflict of interest in the modern history of the presidency,” Norman Eisen, a former ethics adviser in the Obama administration, told the Washington Post. Trump has “the most profound conflict of interest” in the crypto space, he added, citing the fact he was “seeking to gain” and regulate the industry.
Cryptocurrencies have made significant gains since Donald Trump’s election victory in November as he has signalled plans to deregulate the sector.
On Monday, bitcoin – the world’s best known digital currency – reached a fresh record high of $109,241, up by more than 5%. Dogecoin – which has been touted by Trump-supporting billionaire Elon Musk as the “people’s crypto” – gained nearly 5%, while Ethereum climbed 3.5% to $3,384.
