A tech reporter flagged a "confusing" message sent out by president Donald Trump's sons about the family's involvement in a new cryptocurrency venture.
A new website drew attention this week with an announcement that the developers of the president's memecoin were working with a company called Magic Eden to set up a trading app to buy and sell digital currencies, but Donald Trump Jr. and Eric Trump both denied the family business had anything to do with the new project.
"The Trump family has a digital affiliate within the Trump Organization called CIC Digital," Axios reporter Sara Fischer told "CNN News Central." "That organization owns the majority of the Trump memecoin, so when you hear an announcement coming out that a wallet is being developed by a third party that has connections to various aspects and people within the Trump Organization, but it's not being endorsed by the Trump sons, Eric and Don Jr., it is very confusing."
The president and his family have embraced crypto since his return to office, and Trump has rolled back regulatory oversight of the industry as his family and their associates have started four different crypto ventures under the brand names American Bitcoin, $TRUMP, World Liberty Financial and Trump Media & Technology Group.
"If I had to put my best guess towards what's happening," Fischer said, "the Trump sons are likely either, A, preparing the launch of their own wallet and don't want to be conflated with a competing venture or, B, there are concerns about regulatory problems with that type of overlap and ownership, but either way, it is a very confusing message to be sending to people who you want to buy into an eventual wallet. This is not the way you want to launch a product."
"Definitely not," agreed host Kate Bolduan. "Confusion is not the right launch concept."
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