Charles Hoskinson, one of Cardano‘s co-founders, disclosed that approximately 78.5% or $24.1 billion of President-elect Donald Trump’s estimated net worth ($29.6 billion) is linked to cryptocurrencies. This declaration positions Trump among the world’s richest crypto entrepreneurs. The statement comes at a time when Trump has introduced the TRUMP memecoin, a move that has stirred debate within the crypto sector following its launch.
Cardano Co-Founder Charles Hoskinson Reveals Donald Trump’s Crypto Fortune
Charles Hoskinson revealed in a recent post on X that Donald Trump has a significant portion (approximately 78.5%) of his estimated net worth, which is $29.6 billion, invested in cryptocurrencies. This makes Trump one of the most prominent figures in the crypto world.
Charles Hoskinson pointed out that Trump’s significant engagement with cryptocurrency could potentially bring about significant transformations within the sector. His presidency might reshape the Internal Revenue Service’s guidelines on taxing capital gains and determining fair market value for digital assets. These expected modifications could, in turn, influence the regulatory structure of the crypto industry.
Charles Hoskinson added,
One implication of Donald Trump’s recent accumulation of significant cryptocurrency wealth could lead to modifications in how the Internal Revenue Service (IRS) assesses capital gains and the fair market value of cryptocurrencies.
Significantly, Eric Trump made comments about the quick valuation of the TRUMP memecoin, calling it “the most popular digital meme in the world.” He emphasized the significant growth of its market cap to over $5 billion just one day after its launch as a clear indication of its widespread appeal.
TRUMP Memecoin Gains $8B in Hours Before Inauguration
In the meantime, the debut of Donald Trump’s TRUMP memecoin has sparked even more curiosity about his ties to the crypto market. Amazingly, this meme coin managed to accumulate an astounding $8 billion in market value just hours after its introduction. Trump’s firm, CIC Digital LLC, is said to control 80% of the coin’s supply, making it a potentially very profitable undertaking.
Indeed, it’s the TRUMP meme coin rally that significantly contributes to Solana’s price reaching unprecedented peaks. This surge underscores increasing speculative excitement and encourages broader involvement in the Solana market. The widespread popularity of meme coins plays a significant role in maintaining the cryptocurrency’s strong worth.
The surge in popularity for meme coins happens around the same time President-elect Trump is about to take office. This timing has raised ethical questions as some people question whether it’s appropriate for a soon-to-be president to introduce a lucrative product when they are on the verge of taking up their official duties.
Ripple Lawyer Bill Morgan Comments on Trump’s Crypto Venture
Moreover, Bill Morgan, Ripple’s attorney, has expressed his thoughts on how Donald Trump endorsing the TRUMP memecoin could impact ongoing legal disputes and regulatory issues. According to Morgan, Trump’s role in promoting a speculative digital asset might make it more difficult for the Securities and Exchange Commission (SEC) to approach its legal strategy, especially in their lawsuit against Ripple and XRP.
As a researcher delving into the intricacies of digital assets, I noticed that Morgan suggested Trump’s “presidential immunity” could potentially protect him from regulatory examination in certain matters. This proposition, however, sparks broader debates concerning the necessity of stringent cryptocurrency regulations. The actions taken by Trump and his administration’s policy shifts significantly influence how digital assets are monitored in the future.
In simpler terms, the lawyer representing Ripple stated that their appeal against Judge Torres’ ruling appears strong considering the president’s stance on tokens sold without post-sale responsibilities. Morgan believes that Ripple’s sales of XRP also lacked such obligations. This viewpoint could strengthen Ripple’s choice to proceed with its counter-appeal.
The case made by Judge Torres, which rules against Ripple’s argument that a contract or post-sale duties were necessary, appears to be strong.
The U.S. President believes that a token lacking any post-sale commitments towards purchasers can be distributed and marketed without being considered a security.
— bill morgan (@Belisarius2020) January 18, 2025
With Trump’s impending presidency, his stance on cryptocurrencies may reshape the regulatory landscape for this industry, potentially impacting pending legal battles like the SEC versus Ripple court case.
It’s important to mention that Charles Hoskinson has shared plans for improvements on the Cardano Lace Wallet, with the goal of increasing its capabilities. These advancements are intended to foster growth and solidify its position as a top cryptocurrency wallet within the market.
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2025-01-19 04:24