Trump's Crypto Coin Sparks Ethical, Security Concerns

The launch of a crypto token linked to U.S. President Donald Trump raises conflict-of-interest and national security concerns. The assets, controlled by Trump-linked businesses, have attracted speculative investments. Critics argue Trump's involvement may influence policy affecting the industry in which he holds a stake.

U.S. President Donald Trump has launched a crypto token, stirring new ethical and security concerns, experts in the field have reported. Trump had promised to transfer control of his assets to his children, but the fast-moving nature of crypto investments raises transparency issues, say the insiders.

The token, along with similar 'meme coins' like $MELANIA, have been deemed 'expressions of support' rather than investments. However, doubts surface since the Trump administration could end up regulating a space where the President already has stakes. CIC Digital LLC, a Trump Organization affiliate, and Fight Fight Fight LLC, collectively own 80% of these tokens, potentially securing $8 billion in crypto value.

Critics, including ethical advisors, fear a conflict of interest and potential national security risks. Danielle Brian from the Project On Government Oversight has called for attention to Trump's crypto moves amid the industry's lax oversight. Additionally, Democratic lawmakers have expressed concern over unregulated trading of these tokens, potentially involving foreign entities.

(With inputs from agencies.)