President Donald Trump refuted claims that he is financially benefiting from his Official Trump TRUMP/USD meme coin during an interview that aired Sunday.
What Happened: In a wide-ranging interview with NBC News, Trump was asked about his potential financial gains from the Solana SOL/USD-based cryptocurrency, to which he responded, “I’m not profiting from anything.”
“I haven’t even looked,” Trump said, implying he was unaware of the coin’s gains and the market valuation it has spawned since launch. “If I own stock in something, and I do a good job, and the stock market goes up, I guess I’m profiting.”
See Also: If You Bought $1 Worth Of Bitcoin At Launch, Here’s How Much You’d Have Today
Trump stated that he started endorsing cryptocurrency before his presidency. “I want crypto. I think crypto’s important because if we don’t do it, China’s going to. And it’s new, it’s very popular, it’s very hot.”
When Trump was asked if he would donate cryptocurrency earnings back to the government, he replied, “Should I contribute all of my real estate that I’ve owned for many years if it goes up a little bit because I’m president and doing a good job? I don’t think so.”
Why It Matters: Trump’s denial adds another layer to the ongoing debate surrounding the ethical implications of his involvement in the cryptocurrency market.
TRUMP’s top holders were promised an exclusive dinner with Trump, causing a dramatic surge in value, but also birthed accusations of potential corruption. Sen. Jon Ossoff (D-Ga.) deemed the act an impeachable offense, while Sen. Elizabeth Warren (D-Mass.) requested the U.S. Office of Government Ethics to investigate a potential violation of federal ethics regulations.
The meme coin, 80% of whose supply is controlled by an affiliate of the Trump Organization, emphasizes that TRUMP is not a political initiative or investment opportunity but an expression of support for Trump’s ideals.
The token bumped to an all-time high of $75.35 shortly after its launch but has since cratered more than 85%.
Price Action: At the time of writing, TRUMP was exchanging hands at $11.12, up $0.12 in the last 24 hours, according to data from Benzinga Pro.
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