Even Republicans are getting nervous about President Donald Trump selling his influence

A new memo coin, $TRUMP, has been launched by former President Donald Trump, and it has already been making headlines. The coin, which is being sold as a way for Trump to connect with his fans and supporters, has come under fire from some legal experts, who argue that it could be seen as an attempt to sell political influence.

The memo coin is being sold on Trump’s official website, where it is described as a “unique opportunity to invest in the future of American greatness.” The coin is currently trading at around $0.0008, and it has a market capitalization of about $3 billion.

Some legal experts have argued that the memo coin could be seen as an attempt to sell political influence, which is illegal. They point out that Trump is offering an “intimate private dinner” with the top 220 coin holders at his golf club, as well as a “VIP Tour” of the White House the following day to the top 25 investors.

“This is my president that we’re talking about, but I am willing to say that this gives me pause,” Lummis said.

“Even what may appear to be ‘cringey’ with regard to meme coins, it’s legal, and what we need to do is have a regulatory framework that makes this more clear, so we don’t have this Wild West scenario.”

The official website for Trump’s meme coin announced last week that the top 220 holders of the coin are invited to an “intimate private dinner” with the president at his golf club. The top 25 investors receive an invitation to a “VIP Tour” of the taxpayer-funded White House the following day, according to the website. The $TRUMP meme coin surged more than 50% after the announcement, boosting its market value to nearly $3 billion.

But GOP senators were wary of the Trump family selling presidential access for personal gain. The $TRUMP meme coin generates wealth for the Trump family.

“I don’t think it would be appropriate for me to charge people to come into the Capitol and take a tour,” Murkowski told NBC News on Thursday.

“He’s got to remember that he’s living there, but it’s the people’s house, right?”

There are no clear laws barring Trump and his organizations from selling access however.

Earlier this week, Eric Trump appeared onstage in Dubai at the crypto conference Token2049 on Thursday along with Zachary Witkoff, co-founder of World Liberty Financial and son of the White House envoy to the Middle East, Steve Witkoff. The two announced that USD1, a crypto coin unveiled by World Liberty Financial last month would be used by MGX, an investment firm funded by the United Arab Emirates, to make a $2 billion investment in Binance, the world’s largest crypto exchange. World Liberty Financial stands to earn tens of millions of dollars.

"This transaction could be lucrative for World Liberty Financial, and by extension, Trump and his family,” claims WIRED.

The deal was seen as a major coup for World Liberty Financial, which had been struggling to get its crypto coin off the ground. The announcement sent the price of the coin soarsing.

“This transaction is a testament to the innovative spirit of the crypto industry,” said Selgin.

“It is also a reminder of the importance of having a regulatory framework in place that encourages responsible innovation.”

However, some legal experts have argued that the deal could be seen as an attempt to sell political influence, which is illegal. They point out that Trump and his family members have been trying to sell access to the president for personal gain.

"This transaction risks making the U.S. look more and more like a banana republic,” said Selgin.

"We need to be careful not to create an environment where political influence can be bought and sold.”