Donald Trump gives conflicting answers over memecoin profits

US President Donald Trump gave clashing answers to whether he has profited from the crypto memecoin he launched in January, just days before he re-entered the White House.

In a wide-ranginginterviewwith Kristen Welker on NBC News’ Meet the Press released on May 4, Trump said he was “not profiting from anything” when asked to respond to critics who said he’s profiting from the presidency through the memecoin.

“So you’re not profiting off of the cryptocurrency at all?” Welker asked Trump.

“I haven’t even looked,” Trump admitted.

Trump launchedhis memecoin, Official Trump (TRUMP), on Jan. 17, which hit a peak of $73.43 two days later, just a day before he was inaugurated as president on Jan. 20, according to CoinGecko.

The token has been in asteady declinesince launch, butit surged late last monthafter its website offered top holders a chance to dine with Trump on May 22. It’s currently trading at $11.35, down nearly 85% from its peak.

Trump was apparently unaware of his token’s recent surge, repeatedly asking how much it was now worth.

Two companies, CIC Digital LLC, an affiliate of Trump’s sprawling Trump Organization, and Fight Fight Fight LLC, which is co-owned by CIC Digital, together own 80% of the token’s total 1 billion supply.

Most of those tokens are locked up and will be released over the next three years. The firstunlock on April 18saw 40 million tokens, worth $454 million, go to CIC Digital.

Trump’s memecoin project has made at least $350 million so far, according to a Marchanalysisfrom the Financial Times, which found those behind the token made $314 million from selling them and $36 million from fees.

Trump has been criticized over hismany crypto dealings, which his opponents say are a conflict of interest as he looks to unburden the sector from regulators.

Even those in his own party, Republican Senators Cynthia Lummis and Lisa Murkowski, have criticized Trump’s dinner offer to his top tokenholders.

Trump said during the interview that he would contribute his presidential salary “back to the government,” prompting Welker to ask if he would also contribute any potential crypto earnings.

“I never thought of that,” Trump answered. “I mean, should I contribute all of my real estate that I’ve owned for many years if it goes up a little bit because I’m president and doing a good job? I don’t think so.”

Trump reiterates crypto commitment

In a part of the interview, Trump made a meandering statement that reiterated his campaign promise to support crypto.

“I want crypto. I think crypto’s important because if we don’t do it, China’s going to. And it’s new, it’s very popular, it’s very hot,” he said.

Trump claimed former President Joe Biden “went after it violently, and then, before the election, he changed his tune entirely” to garner the crypto vote. Biden did not run against Trump in the last election, instead handing the baton to then-Vice President Kamala Harris.

Related:Trump’s first 100 days ‘worst in history’ despite crypto promises

The president again made his point when speaking to reporters on the White House South Lawn on May 4.

CBS News’ Jennifer Jacobsreportedon X that Trump said “crypto is very important,” and wanted “to keep it away from China.”

He claimed China “will take it over, just like AI, just like so many other industries, or whatever you want to call them.”

Magazine:Trump’s crypto ventures raise conflict of interest, insider trading questions

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