Crypto industry leaders are expressing concerns over the chaos caused by the launch of memecoins TRUMP and MELANIA by former US President Donald Trump and his wife leading up to his inauguration. The value of the meme coins, which initially amounted to $17.5 billion, has plummeted, causing questions about ethics, conflicts of interest, and the industry's reputation. Most of the trading activity for the tokens occurred on lesser-known Asian exchanges. Critics argue that the memecoins allow for anonymous financial transactions to Trump's inner circle, potentially bypassing national security and anti-corruption laws. Concerns are also raised about the lack of protections for retail investors and the potential impact on efforts to establish regulatory clarity for crypto. Despite the controversy, filings for a TRUMP token-focused exchange-traded fund (ETF) have been submitted to the SEC, but their approval is uncertain. Additionally, over 30 new crypto ETFs are in the pipeline. Cathie Wood of Ark Invest sees value in the TRUMP token as a symbol of the cryptocurrency revolution's future practicality.



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