Trump’s Crypto company divides the industry it aims to support

Dressed in ball, tuxedo and “Bitcoin again” Baseball caps, a crowd of some of the country’s most powerful cryptocurrency executives have gathered a few houses in the White House for a sumptuous party three days before the inauguration of President Trump, grilling an incoming administration that had promised to promote the interests of industry.

Even Snoop Dogg has joined the festivities, offering a interpretation “Don’t stop believing”.

But the cryptographic millionaires and billionaires were caught by what happened next.

At 9 p.m. on January 17, with booming festivities, Mr. Trump announcement On social networks that he threw a new cryptocurrency-a so-called same known simply under the name of $ Trump.

Surprise disclosure has raised a new ethics and legal concerns concerning the way in which Mr. Trump continues to take advantage of his power and renown, in this case by marketing a digital asset in an intrinsically volatile and speculative market to millions of his supporters.

And that sparked a wave of criticism from the interior of the industry which he says he wants to defend.

Crypto leaders criticized this decision as a cash seizure, saying that Trump had undermined the credibility of the industry at the very moment when supporters were looking for a more important place for digital currencies in finance and consumer affairs .

His adventure, they said, created a brief and very publicized bubble which was partially deflated in a few days while Mr. Trump The family and its trading partners have collected millions of dollars on fees Purchases and sales of the medal.