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President Donald Trump has claimed he’s not paying attention to who buys his cryptocurrency coin—but companies are openly trying to use it to influence the administration’s policies.
Freight Technologies Inc., a North American shipping company, is buying up to $20 million of Trump’s memecoin, $TRUMP, in the hopes of influencing his tariff policy, HuffPost reports. Javier Selgas, the company’s CEO, said in a news release Wednesday that purchasing Trump’s digital token would be “an effective way to advocate for fair, balanced and free trade between Mexico and the U.S.”
During an interview on NBC News’s Meet the Press on Sunday, Trump was directly asked whether he was profiting off his cryptocurrency, which he launched just days before his inauguration. “I haven’t even looked,” Trump claimed. “If I own stock in something, and I do a good job, and the market goes up, I guess I’m profiting.”
The official website asserts that while 80 percent of Trump’s memecoins, $TRUMP and $MELANIA, are held by Trump-linked entities, the tokens aren’t an “investment opportunity” but simply a means of showing support for the president. “GetTrumpMemes.com is not political and has nothing to do with any political campaign or any political office or governmental agency.”
But it seems not everyone got the memo—one company is apparently hoping to use the purchase of Trump’s memecoin to influence trade policy.
Freight Technologies told the SEC a filing last week that it had entered an agreement to issue convertible notes up to $20 million, which will be earmarked exclusively for the purchase of Trump’s memecoin, $TRUMP. In his statement, Selgas, the CEO, referred to Treasury Secretary Scott Bessent’s recent remark that “America First does not mean America alone.”
Trump has implemented a 25 percent tariff on imports from Canada and Mexico, which would severely shrink shipping across the U.S.’s borders, hurting businesses like Freight Technologies Inc.
Trump’s claim that he doesn’t pay attention to the cash generated by his corrupt crypto scheme seems particularly far-fetched considering that the White House announced last month that it intends to throw an “intimate private” dinner for the memecoin’s 220 top holders, according to Politico.
The memecoin’s official website launched a leaderboard to keep track the biggest buyers, a list that was topped by Justin Sun, a Chinese billionaire who founded the crypto platform Tron and was sued by the SEC during the Biden administration. Sun apparently owns more than $1.2 million worth of Trump’s memecoins.
That’s not even the only crypto scheme the president’s family is running—and in which Sun is participating. Late last year, Sun also bought a whopping $75 million of $WLFI, the token for World Liberty Financial, the decentralized finance platform majority owned by a Trump business entity. A few months after Sun shelled out for $WLFI, the SEC asked a federal judge to halt his case.
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Thanks to the Team @ The New Republic Source link & Great Job Edith Olmsted
