What Next | Daily News and Analysis TBD | $Trump
24 snips
Feb 23, 2025 
David Yaffe-Bellany, a New York Times reporter specializing in cryptocurrency, dives into the intriguing intersection of Donald Trump and the crypto industry. He discusses Trump's launch of a meme coin and its mixed impacts on markets and investors. The conversation reveals the opulence of crypto events surrounding Trump’s inauguration and the backlash over potential conflicts of interest with family-linked currencies. Yaffe-Bellany also addresses the challenges of regulating crypto and the industry's struggle to regain trust post-collapse.
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Crypto Ball and Meme Coin Launch
- Crypto industry members celebrated at a pre-inaugural ball, expecting deregulation under Trump.
- Trump announced a meme coin, "$Trump," during the event, allowing day traders to profit while attendees were offline.
Trump Coin Profits
- Trump's meme coin holdings were theoretically worth tens of billions, but selling would have tanked the price.
- The Trump family earned around $100 million in fees, with about 10% cashed out.
Shifting Industry Sentiment
- Initial industry enthusiasm for Trump's meme coin turned to skepticism after Melania's coin launched.
- Concerns arose about exploitation and conflicts of interest due to Trump's regulatory power over crypto.