Prof. Richard Painter Quoted by Axios About Trump’s Involvement in Crypto

Professor Richard Painter, S. Walter Richey Professor of Corporate Law, was quoted by Axios about whether Donald Trump should have any involvement in crypto markets. According to Axios, this weekend will offer clues about whether he has any regrets about releasing a meme coin just before he took office. By selling 200 million Official Trump (TRUMP) tokens on the Solana blockchain gave him multiple billions in paper wealth nearly instantly, but it has also been fodder for Democrats’ cries of corruption, and even skepticism from some industry allies. On Saturday, around $500 million worth of the president’s meme coin, Official Trump, will unlock, which means that they could theoretically get dumped on the market, earning millions and millions for the Trump family. Regarding whether Trump should be involved in crypto at all, Prof. Painter told the Senate Banking Committee last week, “President Trump should instill public confidence in his administration, and in the integrity of crypto markets, by divesting from this industry.”