Donald Trump Endorses Official Trump Token Amid Price Surge
President Donald Trump endorsed the official Trump token on social media Sunday morning, directly promoting the meme coin based in Solana, of which the Trump Membership Company holds an 80% ownership stake.
“I love Trump – so cool!!!!!!!!!!!!!!!!!!!!!!!!!!” tweeted Trump at 10:33 AM EST on Truth Social, coinciding with the price spike that briefly pushed the token to $12.25 before experiencing significant volatility.
According to Coingecko, the asset rose by 7.7% on the day to reach $11.67. Nevertheless, it remains down 84% from its historical high of $73.4 launched in January.
The price action is a sign that “the market is no longer excited about the Trump token,” said Luis Buenaventura, head of cryptocurrency at Gcash. While investors recognize “the potential for small profits in a short period,” sentiment remains cautious.
Despite the token’s website claiming it “is not intended to be an investment opportunity,” its value proposition appears inextricably linked to Trump’s personal brand and ongoing promotions.
High-Risk Constitutional Issues
The unprecedented development of a sitting president directly promoting a cryptocurrency asset to benefit his business interests has raised ethical concerns among observers and industry analysts.
Andrew Rossow, digital media attorney and CEO of global brand influence consultancy AR Media, told Decrypt that these activities “unfortunately set a dangerous precedent for personal economic gain.”
Rossow cited three high-risk constitutional issues. The first is the Emoluments Clause (Article I, Section 9), which prohibits the sitting president from “receiving any economic benefit from domestic entities or foreign governments without congressional approval,” Rossow explained.
Due to its ownership structure, the Trump token allows “foreign participants to anonymously purchase tokens and potentially violate these terms through indirect financial gains or undue foreign influence,” he added.
Rossow further cited the Separation of Powers (Article II, Section 3), which requires the president to “faithfully execute the laws.” He stated that Trump’s endorsement of financial products related to his personal wealth “undermines the trust in fair governance” from regulatory bodies like the SEC and CFTC.
Additionally, under the Equal Protection and Due Process provisions of the Fifth Amendment, Rossow argued that preferential treatment for the token over others could “create an uneven playing field in the cryptocurrency market, disadvantaging competitors.”
CIC Digital LLC, listed in Trump’s financial disclosures, claimed that these entities would financially benefit from increased trading activity and price appreciation.
Rossow explained that federal ethics laws “prohibit public officials from engaging in activities that create conflicts between public duties and private interests.” Given that the affiliated entity holds 80% of the token supply, Trump’s involvement “directly conflicts with his presidential role” and “undermines public trust in fair governance.”
Earlier this month, Trump reportedly profited around $390 million from a second-round sale.
The Trump token rollout follows the president’s campaign promise to make the U.S. a leader in cryptocurrency, including initiatives to establish a strategic Bitcoin reserve and to end the Federal Reserve’s independence through selected crypto strategies.
Representatives for President Trump did not immediately respond to Decrypt’s request for comment.
Editor Sebastian Sinclair
