The social media platform Truth Social, owned by Trump Media & Technology Group (TMTG), has officially and strongly denied rumors that the platform is about to launch a new memecoin. These rumors have spread widely on social media in recent days, prompting Truth Social to call it "fake news."

Where did the rumors start?

Everything started when Ran Neuner, the founder of the Crypto Banter platform, posted on X (Twitter) that a token related to Truth Social might be launched within the next 72 hours. Neuner also compared this rumored token to the TRUMP memecoin – a type of cryptocurrency that has existed and caused much controversy due to its association with the public image of former President Donald Trump.

Shortly after, Truth Social released an official statement on its platform.

"Contrary to the rumors, Truth Social is not launching any memecoins."

The company emphasized that no cryptocurrency projects are being developed, and called the rumors "entirely false."

Donald Trump Jr. speaks out to deny

The son of former President, Donald Trump Jr., also quickly denied the information. On his X account, he wrote:

"There is no truth to the claim that Truth Social is launching a memecoin. Do not be fooled by the false information that is being spread."

Although Truth Social denies any connection to memecoins, the relationship between former President Trump and the cryptocurrency world continues to attract attention. The TRUMP token, currently being traded, has caused much controversy – especially after Trump’s campaign announced that those holding large amounts of this token would be invited to a lavish dinner on May 22.

This information prompted many U.S. senators to criticize, arguing that this behavior was ethically questionable. Some even called for impeachment proceedings against Trump, claiming he was profiting from his political position through cryptocurrency.

Impact on the legislative process

The scandal has also directly impacted the progress of the GENIUS Act – a federal bill aimed at establishing national regulations for stablecoins. Despite receiving bipartisan support, the bill was not passed this week.

Senator Jeff Merkley (Democrat – Oregon) stated:

"An individual may seek to exert political influence by enriching Trump through the purchase of cryptocurrencies he owns or controls. This is extremely misleading and poses a risk to public trust."

Conclusion

In the context of growing public and legislative concern about the intersection of cryptocurrency and politics, Truth Social's denial is seen as an effort to mitigate image damage and distance itself from controversies related to memecoins and tokens associated with former President Donald Trump. However, observers believe that the connection between Trump and the cryptocurrency sector will continue to be the focus of political debates in the future.