Trump's memecoin, $TRUMP, in the hopes of influencing his tariff policy, HuffPost reports. Javier Selgas, the company's CEO, said in a news release Wednesday that purchasing Trump's digital token
President Donald Trump’s claimed lack of attention to who’s buying his cryptocurrency coin may be misplaced, as companies are openly trying to use it to influence the administration’s policies.
Trump’s memecoin, $TRUMP, in the hopes of influencing his tariff policy, according to HuffPost. Javier Selgas, the company’s CEO, said in a news release Wednesday that purchasing Trump’s digital token would be “an effective way to advocate for fair, balanced and free trade between Mexico and the U.S.”
This comes after Trump was asked on Sunday’s Meet the Press if he was personally profiting off his cryptocurrency, which he launched just days before his inauguration. “I haven’t even looked,” Trump claimed. “If I own stock in something, and I do a good job, and the market goes up, I guess I’m profliting.”
Freight Technologies told the SEC in a filing last week that it had entered an agreement to issue convertible notes up to $20 million, which will be earmarked exclusively for the purchase of Trump’s memecoin, $TRUMP. In his statement, Selgas, the company’s CEO, referred to Treasury Secretary Scott Bessent’s recent remark that “America First does not mean America alone.”
The move comes as Trump’s administration has implemented a 25 percent tariff on imports from Canada and Mexico, which would severely shrink shipping across the U.S.’s borders, hurting businesses like Freight Technologies Inc.
Trump’s claim that he doesn’t pay attention to the cash generated by his corrupt crypto scheme seems particularly far-fetched considering that the White House announced last month that it intends to throw an “intimate private” dinner for the memecoin’s 220 top holders, according to Politico.
The publication also noted that a cryptocurrency news outlet, The Block, created a leaderboard to keep track the biggest buyers, a list that was topped by Justin Sun, a Chinese billionaire who founded the crypto platform Tron and was sued by the SEC during the Biden administration. Sun apparently owns more than $1.2 million worth of Trump’s memecoins.
Earlier this year, the SEC sued to shut down Sun’s crypto exchange, Huobi, and afterward, Sun bought a whopping $75 million of $WLFI, the token for World Liberty Financial, the decentralized finance platform majority owned by a Trump business entity. A few months after Sun shelled out for $WLFI, the SEC asked a federal judge to halt his case.
