One of the fiercest and most vocal critics of the Trump 2.0 administration, US Senator Chris Murphy, has not minced words in accusing the Donald Trump Presidency of serious corruption allegations.
According to a post on the Democratic Party Senator’s X handle, Murphy has accused the President of running an unorthodox bribery scheme and using his meme coin as a cover for moving the dirty money he receives. Senator Chris Murphy’s controversial statements will further muddy the waters surrounding digital asset regulation and political finance oversight.
Cautions Americans Against Being Naïve
The Dem Senator doesn’t see anything right with the Donald Trump Presidency, whether it is about plans to remove dissenting judges, corporate apostates, judicial watchdogs, inspectors general, disobedient DOJ lawyers, in addition to the acquisition of total executive branch power. According to Chris Murphy, Trump is an autocratic leader, and now the Senator is cautioning Americans against being naïve to think that the President has other priorities. Murphy tweeted:
“Today is the 80th day that the U.S. President is running a backdoor bribery scheme in which any CEO or foreign oligarch can send him money secretly through his crypto coin scam in exchange for favors.”
Biggest Scandal in History
On the eve of the beginning of the second Donald Trump Presidency, The US First family launched a new cryptocurrency, $TRUMP, which quickly soared in value. The crypto project associated with the First Family, World Liberty Financial, had raised over $1 billion in token sales, while the $TRUMP meme coin had soared to over $10 billion in market capitalization by the time he took office for his second term.
Recently, Trump-related crypto ventures have soared in value, coinciding with his efforts within the Senate and Congress to usher in a “golden age” for cryptocurrencies. The President’s efforts completely contrast the regulatory scrutiny and enforcement practices the Biden administration made the crypto industry endure. However, Chris Murphy sees nothing positive about the Trump family’s crypto ventures. He wrote:
“It’s the biggest scandal in the history of the Presidency.”
Likely to Collapse the American Democracy
In addition to the negative light Chris Murphy has towards the US First family’s crypto ventures, he has also accused the Donald Trump Presidency of unilaterally implementing trade tariffs that others treated as an economic policy issue, calling it another instance of the Trump plan to compel loyalty by exercising his power. Murphy alleges that Trump is likely to collapse American Democracy so he could set up a situation where every business “will need to petition Trump for relief” to survive, making him omnipotent.
Conclusion
According to Murphy, The Donald Trump Presidency is creating a protection racket via a process where money or favors get exchanged for relief from the problems that the perpetrator has caused. Murphy’s criticism comes a day after Trump reversed his decision on tariffs, pausing them for 90 days. To support his view, MSNBC reports that “the American Petroleum Institute issued a public thank-you,” saying, “We welcome President Trump’s decision to exclude oil and natural gas.”
Frequently Asked Questions (FAQs)
Who owns the Trump meme coin?
The $TRUMP meme coin website indicates that the token is primarily owned by two companies associated with the Trump family: CIC Digital LLC and Fight Fight Fight LLC, which hold 80 percent of the coins.
What is the other Trump-backed cryptocurrency?
World Liberty Financial is a decentralized finance venture backed by President Donald Trump and his family. It has launched a stablecoin dubbed USD1, which will be pegged to the US dollar.
How much has Trump made on crypto?
According to a March 2025 Financial Times analysis, the aggregate value of the money Trump could have made so far through his crypto ventures could be at least $350 million through sales of tokens and fees.
Appendix: Glossary to Key Terms
Scandal: An action or event regarded as morally or legally wrong and causing public outrage.
$TRUMP: $Trump is a meme coin associated with US President Donald Trump, hosted on the Solana blockchain platform.
Corruption: Dishonest or fraudulent conduct by those in power, typically involving bribery.
Sources
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