US President Donald Trump has issued a statement on cryptocurrency regulations, which is scheduled to be discussed in Congress this week.
In a post on his social media account, Trump declared the week as “crypto week” and said he would make America a global leader in the field of digital assets.
Trump issued the following statement:
Happy Lip Week! The House votes for a monumental bill that will make America an undisputed #1 leader in digital assets. No one can do better than us! The act of genius will place our great nation far ahead of China, Europe, and others. They’re catching up, but they don’t. Digital assets are the future and we are clearly ahead of the line! The first vote will take place this afternoon (all Republicans must vote for Jesus!). This is our moment: digital assets, genius, clarity! Making America great again is part of it, bigger and better than ever before. We are the world leader and will work hard with the Senate and House of Representatives to pass more laws.
Meanwhile, the Trump Token also makes headlines, Mimecoin, named after Trump. The token, released three days before Trump’s inauguration, was listed in the major cryptocurrency exchange Coinbase within just one day. Coinbase says it typically carries out a “strict” review process before listing new digital assets.
The Trump Token took part in the interaction at an extraordinary pace compared to other major Memecoins. However, the massive holdings of tokens by Trump and his peers pose a risk of potential price manipulation. In fact, after peaking at $75.35 on April 19th, the tokens fell rapidly, dropping to about $7 in early April. At the time of writing it was trading for around $9.55.
*This is not investment advice.
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