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New $TRUMP Memecoin Soars and Crashes, Senate Stablecoin Bill Defeated

The $TRUMP memecoin's wild ride left many investors with losses. In the Senate, a bill to integrate stablecoins into the US financial system was narrowly defeated.

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In this picture, we see the coin in gold and brown color. We see some text written as "The United...
In this picture, we see the coin in gold and brown color. We see some text written as "The United States Of America". It might be a money coin. In the background, it is brown in color and it looks like a carpet.

New $TRUMP Memecoin Soars and Crashes, Senate Stablecoin Bill Defeated

A new coin stock, $TRUMP, launched with a bang, soaring to a $14.5 billion valuation on its first day. However, it crashed within a week, leaving many investors in the crypto red. Meanwhile, a Senate bill aiming to integrate stablecoins into the US financial system was narrowly defeated.

The $TRUMP coinbase's creators, Trump Trust-owned firms CIC Digital and Fight LLC, saw their token's value skyrocket on launch day. However, the hype was short-lived, as the coin stock's value plummeted by half within a week. Around 764,000 out of approximately 2 million wallets that bought $TRUMP lost money on the trade.

Unscrupulous traders exploited the volatility, with 58 addresses generating over $10 million each by snatching almost $133 million from the coin stock. Top holders, who paid between $53,500 and $16.4 million for dinner invitations with Trump, saw the coin stock's value increase by over 40% following the announcement.

In the Senate, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) was introduced by Senator Jon Ossoff. The bill aimed to incorporate stablecoins into the US financial system. However, it was defeated in a procedural vote by a narrow margin of 48-49. Senator Mark Warner (D-VA) voted against the bill, stressing the need for responsible technological advancements in online banking.

The $TRUMP coinbase's creators are the biggest winners, having made over $320 million in trading fees. Despite the coin stock's volatile start, its creators and top holders benefited significantly. The GENIUS Act's defeat has left the crypto industry awaiting further regulatory developments in Washington.

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