President Donald Trump’s personal cryptocurrency, $TRUMP, has attracted significant investment from foreign entities. According to a Bloomberg report, over half of the top holders of this token, launched shortly before his inauguration, are likely foreign buyers who have invested millions into the project. This influx of foreign capital raises questions about potential motives. Last month, an exclusive dinner for major $TRUMP investors hosted by Trump at his Washington, D.C., golf club spurred further purchases. Bloomberg noted that 76 percent of the token value among the top wallets is likely owned by foreign entities due to the use of non-U.S. exchanges. Separate analyses indicate that approximately $100 million worth of tokens were purchased following the dinner announcement. The existence of $TRUMP as a means for global entities to fund Trump’s ventures in exchange for access is concerning. An Associated Press analysis revealed that the coin has generated over $320 million in transaction fees for its creators. However, the investment is risky; NBC News reported that out of two million crypto wallets purchasing $TRUMP, around 764,000 lost money, while just 58 wallets accounted for roughly $1.1 billion in gains. Critics, including Sen. Jon Ossoff, have labeled this as a clear case of corruption. Senate investigations and legislative proposals, such as the MEME Act introduced by Sen. Chris Murphy, aim to address these ethical concerns.
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