Trump’s Very Stable Genius Coin

17 snips

Apr 25, 2025

Matt Sledge, a politics reporter at The Intercept, dives into Donald Trump’s surprising pivot from crypto skepticism to a vocal advocate for digital assets. He reveals how Trump and his family cashed in on a meme coin, netting upwards of $350 million while small traders faced losses. Sledge discusses the political implications of Trump's newfound crypto enthusiasm, including a gala for token holders and the potential risks this poses to the U.S. economy. The conversation also touches on the evolving regulatory environment and the influence of powerful figures in shaping crypto policy.

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ANECDOTE

Trump's Shift to Crypto Advocate

Donald Trump was once a crypto skeptic but changed his stance after seeing financial opportunities.
He attended a Bitcoin conference in Nashville and promised to make the U.S. the crypto capital of the planet.

INSIGHT

Crypto Industry Thrives Under Trump

Crypto companies prosper under Trump due to reduced regulatory scrutiny.
Investigations and lawsuits have lessened, making the environment friendlier for crypto businesses.

INSIGHT

Understanding Stablecoins' Role

Stablecoins are pegged to currencies like the U.S. dollar to serve as crypto market gateways.
They act like casino poker chips, facilitating purchases of other volatile cryptocurrencies.

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On the eve of his second inauguration, Donald Trump did something no U.S. president had ever done: He launched a meme coin. The cryptocurrency — whose value hinges more on hype than utility — surged to an all-time high of $75.35 a token. The next day, First Lady Melania Trump dropped her own meme coin, debuting at about $13 a share.

Both coins have since tumbled, but on Wednesday Trump’s token briefly bumped up again to $15.47 before dipping. The latest surge came after the coin’s official website announced that 220 top meme coin holders will be invited to a gala dinner with the president in May — black tie optional.

These tokens, that are not tied to any real world assets, have proven lucrative for Trump and his family. Last month, the Financial Times estimated Trump made upwards of $350 million from the project. While small traders have lost big, the Trump Organization and its affiliates — controlling 80 percent of the token supply — have made hundreds of millions in just trading fees.

Trump, once a crypto skeptic, is now the industry’s most powerful advocate.

“ He went to a big bitcoin conference in Nashville last July. That's where he declared he would make the U.S. the crypto capital of the planet,” says Intercept reporter Matt Sledge. “And the crypto industry started showering money on him. They saw somebody who would be friendly to their industry.”

This week on The Intercept Briefing, Sledge, who covers crypto’s political reach, discusses how investing in the president has paid off for the industry and for the Trump family.

“So far in Trump's presidency, things have gone great for the crypto industry. Even as the rest of the economy is on pretty perilous footing, a bunch of crypto companies have seen the SEC and other regulatory agencies drop investigations or lawsuits. Trump has created a 'bitcoin reserve,' and in general, regulators and Congress are behaving much more friendly toward the industry.”

For more on how Trump is reshaping the crypto landscape and what it means for the rest of us, listen to the full conversation of The Intercept Briefing on Apple Podcasts, Spotify, or wherever you listen.

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