In a recent interview, U.S. President Donald Trump offered conflicting statements regarding his involvement with the memecoin he launched earlier this year, raising eyebrows across the cryptocurrency community. During an appearance on NBC News’ Meet the Press with Kristen Welker on May 4, Trump declared he was “not profiting from anything” when queried about potential financial gains from the memecoin, dubbed Official Trump (TRUMP), which he introduced on January 17, just days before his inauguration.
Confusion Amidst Crypto Profits
The conversation took a curious turn when Welker pressed Trump further: “So you’re not profiting off of the cryptocurrency at all?” In a seemingly candid moment, Trump admitted, “I haven’t even looked,” before adding, “But I’ll tell you what. Look, if I own stock in something and I do a good job, and the stock market goes up, I guess I’m profiting.” This admission left many wondering about the actual extent of his engagement with the token. For more on how Trump’s crypto ventures might influence trade, see A Tiny Company Wants to Buy $20M TRUMP Token to Change U.S.-Mexico Trade Deals.
The Official Trump coin saw a meteoric rise, peaking at $73.43 on January 19—only to nosedive in the weeks that followed. Yet, it experienced a notable resurgence late last month, fueled by an enticing offer on its website: a chance for top holders to dine with Trump on May 22. As of now, the token is trading at $11.35, reflecting an 85% decline from its initial high. The president appeared oblivious to this recent uptick, repeatedly inquiring about its current value.
Ownership and Financial Interests
Two Trump-affiliated entities, CIC Digital LLC and Fight Fight Fight LLC, control a substantial 80% of the token’s total supply of 1 billion coins. These tokens are subject to a staggered release plan extending through 2028, with the first major unlock on April 18, which saw 40 million tokens, valued at $454 million, allocated to CIC Digital. According to a Financial Times analysis from March, the project has already generated over $350 million, a figure derived from both token sales and associated fees.
Despite the financial success, Trump’s involvement in the crypto sector has not been without controversy. Critics, including notable Republican figures like Senators Cynthia Lummis and Lisa Murkowski, have expressed concerns over the potential conflict of interest, particularly in light of Trump’s efforts to ease regulatory burdens on the industry. The offer of a dinner with the president to top token holders has also been met with scrutiny within his party.
During the interview, Trump suggested he would donate his presidential salary to the government but was noncommittal when asked if he would do the same with any potential crypto earnings. “I never thought of that,” he mused. “I mean, 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.”
A Staunch Crypto Advocate
In the same interview, Trump reaffirmed his commitment to cryptocurrency, invoking geopolitical considerations. “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,” he asserted. Trump criticized the previous administration’s approach to crypto, claiming that former President Joe Biden had initially opposed it before changing his stance to attract crypto supporters—a curious claim, given that Biden did not run against Trump in the last election.
His consistent rhetoric underscores a strategic alignment with the crypto sector, as evidenced by comments made on the White House South Lawn, where he reiterated the importance of keeping crypto out of China’s influence. This stance resonates with his broader economic platform, which emphasizes maintaining American technological leadership. For insights into legislative developments, see Trump’s Crypto Sherpa Bo Hines Says Crypto Legislation on Target for Quick Completion.
Looking Ahead
As the Official Trump memecoin continues its volatile journey, questions remain about how Trump’s crypto ventures will influence both his presidency and the broader market. Will the financial entanglements prompt further scrutiny, or will they bolster his image as a pro-crypto leader? With the token’s value in flux and regulatory landscapes shifting, the coming months promise to be pivotal for both Trump and the crypto community at large.
Source
This article is based on: Donald Trump gives conflicting answers over memecoin profits
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
