Three days before his second inauguration last January, President Donald Trump launched the Solana-based meme token Official Trump (TRUMP), drawing massive retail trading and conflict-of-interest concerns. The token links the Trump political brand to crypto ventures and has become a focal point for lawmakers worried about presidential enrichment.
The token surged to a roughly $10 billion market cap within hours and peaked near $73, overwhelming Phantom Wallet with more than eight million requests per minute. It later plunged and now trades just below $5, with a market cap exceeding $987 million according to CoinGecko data.
The family’s crypto activities include World Liberty Financial and its USD1 stablecoin, and executives say the ventures have generated over $1 billion in profits; Eric Trump said the figure was “probably more.” (Ed. note: This dispute has slowed stablecoin and crypto legislation.)
In May, Rep. Maxine Waters introduced the “Stop TRUMP in Crypto Act of 2025” and staged a Democratic walkout to push divestment language.
A closed-door dinner hosted the top 220 TRUMP holders, including Justin Sun, who bought over $22 million in TRUMP and invested tens of millions in World Liberty Financial. Sen. Elizabeth Warren called the event “an orgy of corruption,” while lawmakers labeled reported earnings “open corruption.”
Peter Chung of Presto Labs said the launch hurt the industry and called it “an unnecessary distraction.”
