US President-elect Donald Trump has launched his own cryptocurrency, which quickly soared in value, according to BBC.
The venture was co-ordinated by CIC Digital LLC – an affiliate of the Trump Organization – which has previously sold Trump-branded shoes and fragrances.
CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, own 80% of the tokens. It is unclear how much money Trump might make from the venture.
It included a disclaimer noting the coin is “not intended to be, or the subject of” an investment opportunity or a security and was “not political and has nothing to do with” any political campaign, political office or government agency.
Critics accused Trump of cashing in on the presidency.
President Joe Biden’s regulators cited concerns about fraud and money laundering as they cracked down on crypto companies by suing exchanges.
Trump was previously skittish about cryptocurrency, but at a Bitcoin conference in Nashville last year he said America would be “the crypto capital of the planet” once he returned to Washington.
His sons Erik and Donald Jr announced their own crypto venture last year.
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