logo

Trump, Tiptoeing the Edge of the Constitution: The Night Before Taking Office, He Capitalized on a MEME Coin Craze

By: blockbeats|2025/01/20 16:15:03
0
Share
copy
Original Article by: Zack Guzmán, Founder and Host of Coinage_media
Article Translation by: Ashley, BlockBeats

Editor's Note: The author points out that the Trump family cleverly circumvented the Constitution's Emoluments Clause controversy when launching the $TRUMP and $MELANIA tokens. By strategically entering the NFT and cryptocurrency space early on, they leveraged Web3 to maximize their interests within legal boundaries.

The following is the original content (slightly reorganized for better readability):

The Trump family rapidly rolled out the $TRUMP and $MELANIA tokens just before the inauguration ceremony for a very crucial reason. Whether you love or hate Trump, the fact is, delaying even one more day could have exposed him to the risk of constitutional violations and potential impeachment once again.

According to the Constitution, the President must not abuse their power for personal gain. In particular, the Emoluments Clause explicitly prohibits the President from receiving benefits or profits from foreign governments. This is precisely why these tokens are so noteworthy.

Over the past few years, the Trump couple has been testing the market waters through various NFT releases. They have used separate companies and seemingly different teams. These companies have paid Melania and Trump respective fees, thus maintaining the "independence" of direct token purchases.

Trump, Tiptoeing the Edge of the Constitution: The Night Before Taking Office, He Capitalized on a MEME Coin Craze

According to Trump's public tax filings, he earned approximately $7.2 million through involvement in NFT-related transactions. This income is linked to his partnership with CIC Digital in the $TRUMP project. Melania, on the other hand, earned over $330,000 through an agreement related to NFT sales.

Despite all this appearing convoluted, one thing is certain: launching these tokens before Trump formally became President made things easier. Failing to do so would have made it easier to allege that Trump benefited from the presidency and violated the Emoluments Clause.

While our founding fathers hoped to prevent the President from unduly profiting from power, I don't think Jefferson or Madison ever discussed meme coins. What do you think?

Original Article Link

You may also like

Abraxas Capital Mints $2.89 Billion USDT: Liquidity Boost or Just More Stablecoin Arbitrage?

Abraxas Capital just received $2.89 billion in freshly minted USDT from Tether. Is this a bullish liquidity injection for crypto markets, or is it business as usual for a stablecoin arbitrage giant? We analyze the data and the likely impact on Bitcoin, altcoins, and DeFi.

A VC from the Crypto world said AI is too crazy, and they are very conservative

Amid the Crypto frenzy and with investors who once missed out on Pinduoduo, a new AI fund called Impa Ventures was established, rejecting bubble narratives and adhering to a conservative "problem-first" strategy to seek real business value.

The Evolutionary History of Contract Algorithms: A Decade of Perpetual Contracts, the Curtain Has Yet to Fall

The ten-year evolution of perpetual contracts: from pulling the plug on 312 to the shocking short squeeze of TRB, a deep dive into the pricing machine that averages $200 billion daily, written with countless liquidations and real money, detailing the blood and tears of risk control theory.

Kicked out by PayPal, Musk aims to make a comeback in the cryptocurrency market

Cashtags generated a trading volume of 1 billion dollars just a few days after its launch, marking a strong start for Musk's super app strategy. For the cryptocurrency market, X's layout may be one of the most anticipated sources of retail growth after the meme coin craze subsides.

Solana ETF News: What Is a Solana ETF and Why Is Goldman Sachs Betting $108 Million on SOL?

Solana ETF news today shows Goldman Sachs disclosed a $108M position while total SOL ETF inflows reached $1.45B. Analysts now expect up to $6B in institutional demand as Solana trades 71% below its all-time high.

Bitcoin ETF News Today: $2.1B Inflows Signal Strong Institutional Demand for BTC

Bitcoin ETFs news recorded $2.1B inflows over 8 consecutive days, marking one of the strongest recent accumulation streaks. Here’s what the latest Bitcoin ETF news means for BTC price and whether the $80K breakout level is next.

Popular coins

Latest Crypto News