Could Trump’s Links to Crypto Add up to His Charges?

Could Trump’s Links to Crypto Add up to His Charges?

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Records of Trump’s and his inner circle’s crypto promotions could be used against him in court and the upcoming presidential race.

First US President to Ever Be Indicted

Former US President. Donald J. Trump is the first American leader to ever be indicted. Trump is currently facing numerous charges in connection with at least three criminal cases including hush money payments, mishandling of classified documents, and the January 6 insurrection case, an effort to overturn the 2020 election. The 45th President of the US pleaded not guilty to all of the counts. However, the investigation continues. Trump might also face charges related to the election interference in the state of Georgia in 2020. 

As for crypto, some suggest that Trump’s and his inner circle’s involvement in activities related to digital assets could add up to the criminal charges against the former president and decrease his chances of reelection.

Trump Family Jumps into NFT Space

Former first lady, Melania Trump, was the first one to release an NFT collection called “Melania’s Vision”on the Solana blockchain back in 2021. However, Melania Trump was later accused of buying the winning bid of her NFT auction in an effort to inflate the price of the collection.

This year, Melania Trump launched another batch of NFTs titled “The 1776 Collection”, timed for the US Independence Day, which seemed to have rolled out smoothly. Yet, her most recent NFT collection with the theme of Apollo 11 may have got the former first lady in trouble with NASA! Apparently, the agency doesn't approve of its images being used in connection with NFTs.

“NASA is not approving any merchandising applications involving Non-Fungible Tokens (NFTs), as they are not consistent with the categories of products the agency is approved to merchandise,” the document on the NASA website reads. 

Donald Trump’s Controversial NFT Collection

Even though Doland Trump had previously spoken out against crypto, he later followed his wife’s steps and dropped his own NFT collection, “Trump Digital Trading Cards”. The first batch of NFTs, priced at $99 each, was sold within just 12 hours, raising over $5 million in the process. However, the floor price of the collectibles quickly dipped after.

Ironically, what made the NFT collection surge in price again (by a whopping 462%!) was the news about the former president's indictment and his arrest in New York City. Following the sudden success of the collection, in April 2023, Trump decided to launch the second series of his “Digital Trading Cards”. 

The Trump-branded NFTs were widely criticized and ridiculed both in the political and crypto spaces. It was recently revealed that the 45th President had made somewhere between $500,000 and $1 million on the sale of his collection so far. It is not clear what Trump will use this money for. Some speculate that the sum is aimed at funding the former president’s legal battles.

Donald Trump will be running for president again in the upcoming 2024 election, along with other pro-crypto candidates.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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