Author: Vince Quill, CoinTelegraph; Compiler: Baishui, Golden Finance
On January 17, President-elect Trump launched a meme coin, aptly named Official Trump (TRUMP) - lawyers have mixed reactions to it, with some arguing that the token marks a positive shift in US regulation, while others warn that it violates the Constitution.
Consensys attorney Bill Hughes described the incoming Trump administration as a "seismic shift" in a written statement. The lawyer noted:
"They don't want other countries dictating how this space changes the internet, commerce, and investing, but rather want a regulatory structure that allows creativity and experimentation to happen here. They want growth and see cryptocurrency as a way for the United States to achieve that growth."
Hughes added that while the incoming Trump administration encourages innovation and experimentation, he does not believe the incoming administration will repeal all cryptocurrency regulations.
Consensys lawyers said: "The law enforcement and national security issues that existed in the previous administration will also exist in the Trump administration."
Source: President Trump
Lawyer David Lesperance pointed out that the president-elect launched Meme Coin violates provisions of the U.S. Constitution designed to prevent foreign influence on U.S. government officials. Lesperance explained:
"In the past, President-elect Trump's launch of his meme coin, TRUMP, would have been viewed as a clear example of a violation of Article I, Section 9, Clause 8 of the United States Constitution, the Foreign Emoluments Clause."
Given that TRUMP could be easily purchased by foreign persons or governments, it would appear to violate this clause,"the attorney said.
However, Lesperance added that it remains to be seen whether incoming U.S. Attorney General Pam Bondi will take enforcement action against Trump or Meme.
The Solana-based Meme Coin was launched during The Crypto Ball, a black-tie event held in Washington, D.C., the weekend before Trump’s inauguration on January 20.
Traders were initially skeptical of the coin because there are many unofficial copycats out there — including one for Martin Shkreli, whose token is DJT.
However, the Trump family later confirmed the authenticity of the Meme Coin — which drove up the token’s price.
Trump's price action. Source: TradingView
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