Trump crypto meme coin is a ‘deep concern,’ Dem lawmakers tell regulators
(Michael Godek/Getty Images)
(WASHINGTON) — In a new letter, Democratic lawmakers are asking federal regulators to look into legal and ethical questions around the meme cryptocurrency coins launched by President Donald Trump and the first lady.
The letter formally raises concerns about the risk of foreign countries trying to curry influence by buying the coins — and the ethics of Trump making “extraordinary profits off his presidency.”
Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee and an advocate for crypto regulation, co-wrote the letter with Rep. Jake Auchincloss, D-Mass., who sits on the House Committee on Energy and Commerce.
Warren and Auchincloss point to the foreign emoluments clause of the U.S. Constitution, which states “[N]o Person holding any Office of Profit or Trust under [the United States], shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State.”
“Anyone, including the leaders of hostile nations, can covertly buy these coins, raising the specter of uninhibited and untraceable foreign influence over the President of the United States, all while President Trump’s supporters are left to shoulder the risk of investing in $TRUMP and $MELANIA,” Warren and Auchincloss wrote to the Office of Government Ethics, the Treasury Department, the Commodity Futures Trading Commission and the Securities and Exchange Commission.
The meme coins also pose a conflict of interest, they write, because Trump’s family members are expected to directly profit off an industry he is charged with regulating. The president nominates the Chairs of the Commodity Futures Trading Commission, and Securities and Exchange Commission, the Directors of the Financial Crimes Enforcement Network and Consumer Financial Protection Bureau, and the Secretary of the Treasury.
“This creates an unavoidable conflict of interest, as he will be in a position to both benefit directly from the sale of the tokens while also setting the policy on how these markets are regulated. He will be in a position to seek commitments from agency heads, to not only decide how the market is valued, but to implement lax policies to crack down on crypto scams like pump-and-dump schemes that are regularly conducted through meme coins,” the letter says.
ABC News reached out to the White House for comment.
Trump launched the $TRUMP coin Friday night, just days before he took office. Its estimated value is now $7 billion, according to CoinGecko. The $MELANIA coin is worth around $400 million. A big share of the profits from these coins go toward Trump and his businesses, according to financial disclosures. (If Trump divests of his interests in these companies like he did with most of his assets during his first term, his family could still profit off them.)
Meme coins are a highly volatile type of cryptocurrency that allow people to bet on a popular personality or trend.
On Thursday, Trump signed an executive order seeking to support the expansion of cryptocurrencies.
(WASHINGTON) — President-elect Donald Trump shook hands with his former Vice President Mike Pence and spoke extensively with former President Barack Obama during the state funeral for late President Jimmy Carter on Thursday.
All five living U.S. presidents attended Carter’s service at Washington National Cathedral. Carter, the nation’s 39th president, died in late December at the age of 100.
Trump was the first of the presidents to arrive and sit in the second row, joined by his wife Melania Trump.
As he took his seat, Pence stood and the two men shook hands. It was a notable exchange as they have not interacted publicly in four years, after Pence broke with Trump by refusing his demands to unilaterally reject the 2020 election results.
Pence later launched his own campaign for the Republican nomination, though he dropped out before primary voting began. Pence also declined to endorse Trump for president.
Trump was seated next to Obama at the church. Before the program began, they were seen talking to one another and smiling in an extended conversation. Former first lady Michelle Obama was not in attendance.
Also in the second row were former President George W. Bush and Laura Bush, as well as former Secretary of State Hillary Clinton and former President Bill Clinton.
After they were all seated, Vice President Kamala Harris and second gentleman Doug Emhoff arrived and took their places in the front row.
Harris, who faced Trump in the 2024 election and lost, did not greet Trump but at one point looked back as Obama and Trump were chatting with one another.
President Joe Biden and first lady Jill Biden joined Harris and Emhoff in the front row. Biden will deliver the eulogy for Carter.
Other high-profile figures spotted at Carter’s funeral were former Vice President Al Gore, Biden’s son Hunter Biden and former Vice President Dan Quayle.
(WASHINGTON) — Tributes are pouring in for former President Jimmy Carter, who died Sunday at the age of 100. His life and legacy will be celebrated in Washington, D.C., Atlanta and in Carter’s hometown of Plains, Georgia, over the coming days.
Atlanta Journal-Constitution reporter Ernie Suggs covered Carter and the work of the Carter Center — which Jimmy Carter and his wife Rosalynn Carter founded after his defeat in the 1980 election — in advancing human rights and alleviating human suffering.
On Monday, ABC News’ Stephanie Ramos spoke to Suggs about the former president’s work, his character and his relationship with the people of Georgia.
ABC NEWS: Now we want to turn to someone who knew Carter well. Atlanta Journal-Constitution reporter Ernie Suggs covered Carter and developed a close personal relationship with the former president. Sir, thank you so much for speaking with us as we bid farewell today. What are some of your personal memories that you’re remembering the most?
SUGGS: Well, thank you for having me, for one. Personally, he was the person that I have always looked up to. I always told a story about, in 1976, my mother voted for Jimmy Carter. She campaigned for him in Brooklyn, New York. And we voted in PS 241 in Brooklyn, New York. And I always told him that story.
So one of the last times we talked, I didn’t mention it, you know. For some reason, I just didn’t mention it, I don’t know what we were talking about. And he mentioned it. He said “How’s your mother doing? How’s she doing?” And I said — at the time my mother wasn’t doing too well — “She’s sick.” She had been battling dementia.
And he told me about, you know, he reiterated the work that Rosalynn Carter was doing with mental health. And he asked me if my mother could talk on the phone. And I said, sure, you know, she could talk. And he called my mother and he called my mother out of the blue to talk to her, just to kind of give her some words of encouragement as she was dealing with this illness and an illness that eventually his wife Rosalynn had.
So I think that’s the kind of example of a person who’s compassionate, who loves humanity, who loves people. And I tell that story as if it’s unique, but it’s not because he has done that kind of work and he’s done those kind of things for so many people, for so many, for 100 years. And for that I’m proud.
ABC NEWS: Absolutely. Such a wonderful example of what type of man he was and what type of life he led. You touched on this a bit, that in the decades after he left office, Jimmy Carter continued to carry so much influence around the world and he continued to do so much work.
As you covered him in those years, what else stood out to you from that work that he was able to do over, over really decades?
SUGGS: One of the things that he said he wanted to see before he died was the eradication of the Guinea worm disease. And that disease is down to about four people now. And when he started this, thousands of people were suffering from this horrible disease. Now it’s down to four, about four people. So it’s going to be eradicated in a couple of years. So this is the kind of work that Jimmy Carter did post-presidency.
The first line of his obituary that I wrote says that he was the 39th president of the United States. I’m sure that’s the first line that you wrote in your obituary. But I think that if you ask him, his most enduring legacy is what he did after the presidency and what he continued to do up until his 100th birthday to kind of promote humanity and to promote decency and to give to others.
ABC NEWS: And on that list of achievements, and you’ve written about some of those achievements, you’ve written that Carter grew up or grew into a politician who shaped race relations, but before that, he was shaped by, by then growing up in the Jim Crow South.
So how do you think those early experiences shaped his worldview and his approach to others throughout his life?
SUGGS: I think that had a tremendous effect. He was born in 1924. We have to understand that. So he was born prior to the Great Depression. He was born in the segregated South.
One perfect example was in 1954 when he left the Navy to return to Plains to take over his father’s business. He was the only white businessman in Plains, Georgia, who was not a member of the Citizens’ Council. We know what the Citizens’ Council is — it’s basically the Ku Klux Klan.
They came to his store and said, “Hey, we’re going to boycott you unless you join the Citizens’ Council. We will even pay your $5.” And he said, “I’d rather throw my $5 down the toilet then give you $5 to join this racist organization.”
So even in 1954, even owning a business in that rural, tiny Plains, Georgia, he rebuked the temptation to join basically the klan or the Citizens’ Council because of who he was and how he grew up and the people who was around him when he grew up.
ABC NEWS: And after a hundred years, we’re hearing so many stories, so many new stories in the last 24 hours about his life — that’s a story I hadn’t heard before. So thank you for sharing that. Since news of his passing last night, you’ve been speaking with people in Plains, Georgia, where Jimmy Carter is from and in other parts of Georgia. What are you hearing from them? What are they sharing with you?
SUGGS: People in Plains, Georgia, if you come by this town, they love him. If you go to anyone’s house in Plains, Georgia, they have a story about Jimmy Carter or “Mr. Jimmy,” as they called him.
Everyone’s house you go to has a photograph of Jimmy Carter, and it’s not a photograph of him from the White House or it’s not a standard portrait. It’s a photograph that they’ve taken with their Polaroid cameras or their selfies of him on their porch, eating peanuts and laughing and joking around, shucking corn.
So that’s who he was. He was Mr. Jimmy. He was truly a man of the people, who happened to one day have served as the 39th president of the United States.
ABC NEWS: He really was a man of the people. What a remarkable life and what an impact Jimmy Carter had on this country and those who had the pleasure of meeting him and knowing him. Ernie Suggs, thank you so much for speaking with us today. Thank you so much for your insights.
(WASHINGTON) — Jan. 6 rioters convicted for role in Capitol attack speak out against Trump’s pardons
On his first day back in office, President Donald Trump followed through on his pledge to pardon those convicted for participating in the Jan. 6 attack on the U.S. Capitol, granting a sweeping unconditional pardon to more than 1,500 rioters and commutations for more than a dozen others.
Following the executive action, two people who pleaded guilty for their actions at the Capitol that day have spoken out against their pardons.
“This is a sad day,” Idaho resident Pamela Hemphill told Boise ABC affiliate KIVI. “The ramifications of this is going to be horrifying.”
Hemphill pleaded guilty to violent entry and disorderly conduct on Capitol grounds and was sentenced in May 2022 to 60 days of incarceration. She told KIVI she doesn’t want to be pardoned.
“I broke the law. I pleaded guilty because I was guilty,” she told KIVI. “And we know all of them are guilty.”
New Hampshire resident Jason Riddle, who admitted to entering the Capitol on Jan. 6, drinking from an open bottle of wine and stealing a book from the Senate Parliamentarian office, pleaded guilty to theft of government property and illegally protesting inside the Capitol. He was sentenced in April 2022 to 90 days in prison.
Riddle was struggling with alcohol at the time, and part of his probation included mandatory alcoholic treatment. The Navy veteran said he is grateful for his arrest.
“I am guilty of the crimes I have committed and accept the consequences,” he told ABC News. “It is thanks to those consequences I now have a happy and fruitful existence.”
At the time of his arrest, Riddle said he was an “obsessor” of Trump’s.
“I don’t need to obsess over a narcissistic bully to feel better about myself,” Riddle said. “Trump can shove his pardon up his a–.” As of early January, more than 1,580 individuals had been charged criminally in federal court in connection with Jan. 6, with over 1,000 pleading guilty, according to the Department of Justice.
Of course, not all of those convicted for their role in the Jan. 6 attack questioned Trump’s executive action. Stewart Rhodes, the head of the Oath Keepers, is among the 14 people whose sentences were commuted by Trump. He was serving an 18-year sentence after being convicted of seditious conspiracy for leading members of the Oath Keepers in an attempt to use the violent Capitol attack to stop the peaceful transfer of power.
“That was a bunch of nonsense,” Rhodes told ABC News while standing at a protest outside the DC Central Detention Facility after being released on Tuesday.
Rhodes, who was not at the Capitol on Jan. 6, said he isn’t disappointed that he didn’t receive a full pardon, and believes Trump will ultimately issue him one.
Asked whether the Jan. 6 defendants who were charged with assaulting police officers deserved a pardon, he said yes.
“Like I said before, it’s about defense of innocence. Because they were not given a fair trial,” Rhodes said.
Riddle, though, worried about the message the executive action sends to those convicted of assaulting police officers.
“If I was one of the people who crossed the line into assaulting police officers that day, I’d probably believe I can get away with anything I want now,” he said.
Asked during a press briefing Tuesday about pardoning violent Jan. 6 convicts, including one who admitted to attacking an officer, Trump said he would look into it and repeated his claim that the rioters were unjustly prosecuted.
“The cases that we looked at, these were people that actually love our country, so we thought a pardon would be appropriate,” he said.
