What is the inspiration for cryptocurrency regulation by Trump’s release of Meme coins?

Author: Vince Quill, CoinTelegraph; Compilation: Baishui, Bitchain Vision

On January 17, President-elect Trump launched a Meme coin, aptly named Official Trump (TRUMP) – lawyers mixed reviews.Some believe the token marks a positive shift in U.S. regulation, while others warn that it is a constitutional violation.

Consensys attorney Bill Hughes described the incoming Trump administration as “a drastic change” in a written statement.The lawyer pointed out:

“They don’t want other countries to decide how this field changes the internet, business and investment, but rather a regulatory structure that allows creation and experimentation here. They want to grow and see cryptocurrency as a way to achieve growth in the United States.Way.”

Hughes added,While the incoming Trump administration encourages innovation and experimentation, he does not believe that the incoming administration will repeal all cryptocurrency regulations.

“The law enforcement and national security issues that existed in the last administration will also exist in the Trump administration,” Consensys lawyer said.

Source: President Trump

Lawyers question the legality of the president-elect’s money issuance

Attorney David Lesperance noted thatThe launch of Meme coins by the president-elect violates regulations in the U.S. Constitution that aims to prevent foreign influence from U.S. government officials.Lesperance explained:

“In the past, President-elect Trump’s launch of his Meme currency, TRUMP, would be regarded as a clear example of a violation of Article 1, paragraph 9, Article 8 of the U.S. Constitution, “Foreign Payroll Clause.”

“Given that TRUMP is prone to being purchased by foreign individuals or governments, this appears to be a violation of these Terms,”The lawyer said.

However, Lesperance added,It remains to be seen whether incoming U.S. Attorney General Pam Bundy will take enforcement action against Trump or Meme.

Trump Meme coins spark trading craze

The Solana-based Meme coins were launched during the Crypto Ball, a black tie event in Washington, D.C., a weekend before Trump’s inauguration on January 20.

Traders initially were skeptical about the token because there are currently many unofficial imitators – including Martin Shkreli’s imitators, DJT.

However, the Trump family later confirmed the authenticity of the Meme coins—which pushed up the price of the token.