Insiders in the crypto financial industry have expressed a "general level of disgust" after President Trump launched what many thought was a "scam" to "enrich himself" just days before his inauguration.
The Wall Street Journalreported Tuesday that the crypto tokens dubbed $TRUMP and $MELANIA had "no economic purpose," alarming industry insiders.
"By selling coins known for their speculative nature and extreme volatility, the president has undermined the credibility that the industry has worked hard to build in recent years, some crypto executives and investors say," the Journal noted. "They also point to the brazen conflict of interest: Trump benefits directly from the sale of the tokens while setting the policy that affects how markets are valued and regulated."
Trump supporter Ryan Selkis, former chief executive of crypto research firm Messari, urged the president to fire advisers responsible for the crypto schemes.
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"1. They don't know what they're doing. 2. They cost you a lot of $ and goodwill. 3. They don't have your interests in mind," Selkis explained on X (formerly Twitter).
The Journal revealed that "[s]ome crypto enthusiasts questioned if the coins were a scam and if Trump's accounts had been hacked."
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"The mechanisms on the token reminded some of a rug pull, crypto parlance for a project that is launched and quickly abandoned, leaving investors with steep losses," the report said.
Market analyst Michael Gayed told the Journal that fallout from the coins had reached beyond the crypto industry.
"There's a general level of disgust," Gayed remarked. "I do believe this puts into question some of Trump's credibility when we have a president-elect enrich himself just before inauguration and make a mockery of an entire ecosystem."