Hi John,

Old-fashioned corruption has a new look. On January 17, President Trump announced his meme coin, $TRUMP.

What does this mean for Trump’s financials? How is he pulling it all off? How does it affect you? Let's break it down. 👇

Cryptocurrency is a digital currency that is not controlled by a government or bank, and is secured by cryptographic techniques. In plain language, that means it's a currency that isn't necessarily tied to any one government (like the U.S. dollar) and is harder to track (unlike, say, bank deposits). While cryptocurrency can be used for payments, most people buy it as an investment, hoping it will rise in value from the time of purchase. These currencies are extremely volatile and are ripe for exploitation by criminals looking to engage in fraud. 

Trump launched what’s known as a "meme coin," which is a type of cryptocurrency inspired by a meme or another internet trend. When it launched, the coin was for sale for $6.50 and rose to a high of $73 before the inauguration. It's currently priced at $27.05 (but by the time you read this, that could have changed!).

We're so glad you asked! First, as president, Trump has a lot of say over the regulation of the crypto industry – an industry he now actively participates in. He appointed Paul Atkins to lead the Securities and Exchange Commission, which regulates crypto. Atkins has a history of pushing for lighter regulations on the crypto industry. Again, this is an industry Trump himself is actively participating in. It's like he’s playing Monopoly and getting to be the banker AND write the rulebook as he goes. But in this game, we all lose. 

The fact that it's cryptocurrency and not some other type of merchandise also plays a role in the corruption. Offering this coin for sale essentially gives people a way to enrich Trump directly and anonymously, so anyone looking for favorable treatment from the administration can make Trump wealthier by buying his coin. This could look like U.S. businesses seeking favorable legislation, foreign actors buying influence, or ultra-wealthy individuals looking to curry favor with the president. And there's no way for the public to know who is buying this coin or why. 

You are asking all the right questions! The thing is, this IS an unprecedented level of corruption, but it's not a uniquely Trump problem. He’s just putting a new and more blatant spin on a problem that has existed for a long time – politicians using the system to enrich themselves at the cost of everyday Americans. 

That's why we’re here. RepresentUs has a strategy to end corruption that goes around politicians and passes laws in cities and states to hold government accountable to us, the people. We’re strengthening campaign finance, ethics and lobbying laws; making elections more representative; and ending partisan gerrymandering.