Original Beosin Compliance Team Beosin January 21, 2025 12:07 Singapore local time On the evening of January 17, U.S. President-elect Trump announced the launch of a personal cryptocurrency, creating a huge stir and triggering a significant response in the cryptocurrency market.
The cryptocurrency named Trump has seen its price soar. According to CoinGeko data, the market value surpassed $3 billion just one hour after the coin was issued. The next day, it continued to rise, with the fully diluted market value once breaking through $80 billion. Based on Forbes rankings, if the price of Trump coin rises to $270, Trump will become the richest person in the world.
Subsequently, on the evening of the 19th local time, Melania Trump also issued her 'First Lady Coin,' which quickly saw its market value exceed $10 billion. As of the time of writing, both currencies have significantly declined.
Compliance controversies following the issuance of the coin
With the rapid rise in price, investors in Trump coin have received substantial returns from the swift price increase. Many on X are showcasing their earnings, and countless millionaires emerged overnight. David Sacks, the new cryptocurrency policy head appointed by Trump, stated, 'The reign of terror against cryptocurrencies has ended; the beginning of U.S. crypto innovation has only just started.'
At the same time, there are concerns that the connection between political power and the cryptocurrency market may lead to more severe consequences. Cryptocurrency executives have spent an unprecedented $130 million on the 2024 election, raising questions about the industry's control over regulatory agencies. Moreover, the price of Trump coin saw significant fluctuations within 48 hours of its launch and subsequently fell, confirming industry worries.
Cryptocurrency venture capitalist Nick Tomaino stated, 'Trump owns 80% of the Trump coin and launched the product just days before the inauguration. This is predatory, and many may be harmed as a result.'
Critics also claim that Trump coin could become a dangerous way for special interest groups to attempt to buy presidential influence. Former Trump White House communications director Anthony Scaramucci stated on X, 'Now anyone in the world can deposit money into the U.S. President's bank account with just a few clicks of the mouse.'
With the news of Trump and his wife launching cryptocurrency, this event not only attracted widespread attention in the market but also sparked discussions about its safety and compliance. As the cryptocurrency market is still in a state of continuous development, the relevant legal framework and regulatory policies are not yet fully clear. Therefore, ensuring that these newly issued tokens can be traded and operated within a legal and compliant framework is a pressing issue that needs to be addressed.
Beosin KYT has supported queries related to Trump coin
In addition, beneath the hot trading of Trump coin lies another winner, which is Solana. Both Trump coin and Melania coin are issued based on the Solana platform. As a high-performance public chain, the Solana ecosystem is continuously expanding, with increasing funds entering the Solana ecosystem to participate in various trading activities.
Currently, the Beosin KYT system has fully supported the query function for Trump coin. This initiative not only enhances the transparency and security of digital currency transactions but also provides users with more efficient anti-money laundering and compliance monitoring services. Beosin KYT helps ensure that transaction activities comply with international financial regulations, reducing potential risks and further promoting the healthy development of the blockchain industry by monitoring the trading flow of Trump coin in real-time.Add Trump coin to Beosin KYT
Beosin KYT conducts risk assessments based on Trump coin for certain phishing addresses. Beosin KYT has updated its account design for Solana, using blockchain big data analysis technology and advanced AI technology. Through billions of address labels and a database of blacklisted addresses, it can identify any suspicious transactions on the Solana chain, conduct comprehensive risk assessments, and identify risks in on-chain relationships, helping exchanges and Solana ecosystem projects build KYT and ongoing address risk assessment capabilities.
In conclusion
The events of Trump and his wife consecutively launching cryptocurrencies not only showcase the potential of the cryptocurrency market but also raise widespread attention and skepticism. With the market's rapid response, the prices of Trump coin and Melania coin skyrocketed, undoubtedly proving the enormous appeal of cryptocurrencies as emerging investment assets. However, the accompanying issues of safety and compliance cannot be overlooked. Ensuring that these tokens can be traded and operated within a legal framework, avoiding illegal activities or market manipulation, has become the focus of industry concern.
As the cryptocurrency market continues to develop and regulatory policies gradually improve, ensuring the safety and compliance of tokens will be an essential responsibility for every crypto project. The rapid development of cryptocurrencies relies on the dual guarantee of compliance and safety. Only by ensuring safety and compliance can a solid foundation be laid for the long-term development of the crypto market. With the gradual improvement of regulatory policies and continuous innovation in technological means, the future cryptocurrency market will flourish in a healthier and more orderly environment.