Recent statements by Senator Chris Murphy accused President Donald Trump of using his cryptocurrency $TRUMP for secret payments in exchange for political favors, stirring public debate regarding crypto-financial transparency.
Murphy's Allegations
Senator Chris Murphy accused Trump of running a 'backdoor bribery scheme' through the cryptocurrency $TRUMP. At a press conference on April 9, he stated that foreign oligarchs and CEOs could make secret payments in exchange for favors, calling it 'the biggest scandal in the history of the Presidency.'
CITE_NA: 'Today is the 80th day that the US President is running a backdoor bribery scheme in which any CEO or foreign oligarch can send him money secretly through his crypto coin scam in exchange for favors.'
$TRUMP Cryptocurrency and Its History
$TRUMP was launched in January 2025 as part of a project by the President and First Lady, who also launched the cryptocurrency $MELANIA. Initially marketed as a 'supporter-powered ecosystem,' it quickly gained traction among Trump supporters who saw it as a loyalty badge and speculative asset. According to CoinGecko, $TRUMP peaked at $72.62 with a market cap of $14.58 billion, although the price has since declined by 13% over the last week.
Social Media Response and Potential Investigations
Murphy's allegations sparked widespread reactions on social media, garnering both support and pushback regarding his claims. Some users pointed out that all blockchain transactions are public and cannot be entirely secret. Political analysts emphasize the importance of transparency in campaign financing. Lawmakers are calling for deeper investigations into the use of digital assets tied to high-profile political figures.
Senator Murphy's accusations highlight the need for stricter regulations surrounding cryptocurrency use by politicians and raise new discussions regarding its status in political financing. The question remains whether $TRUMP has become a tool for discreet political financial activities.
