Ethereum blockchain founder Vitalik Buterin has raised concerns about politicized cryptocurrencies and tokens such as $TRUMP, stating that they can be used as tools for corruption, including bribery of politicians. Buterin cautioned against the trend of public figures creating their own crypto assets in a statement posted on his social network page.
Buterin highlighted that large-scale political coins can lead to unlimited political bribery, even from foreign states, going beyond mere entertainment. He emphasized that the negative impact of such assets extends beyond mistakes made by market participants, stressing the importance of a more thoughtful approach to the development of alternative financial instruments in the cryptocurrency market.
Furthermore, Buterin mentioned Gary Hensler, the head of the US Securities Commission (SEC), who is known for his strict stance on non-traditional assets. While acknowledging Hensler’s efforts to provide clarity for investors, Buterin warned against idealizing the SEC chief, pointing out that his actions have contributed to increased market regulation and restricted the circulation of alternative means.
The $TRUMP token was launched by the Donald Trump team just before the US elections, quickly becoming one of the top 30 largest cryptocurrencies by market capitalization. As of January 24, $TRUMP holds the 25th spot on CoinmarketCap with a capitalization of $6.8 billion, reaching a peak price of $75 before settling around $34.
Shortly after $TRUMP’s release, an official Melania Meme (Melania) token linked to the president’s wife made its debut, soaring to 65th place in the cryptocurrency rankings on its first day and briefly hitting $13.7 in value. However, the price later dropped, and as of January 24, Melania now ranks 150th with a market capitalization of approximately $460 million, priced at $2.69.
*Please note that the social network referenced in Buterin’s statement is prohibited in the Russian Federation.