- California Governor Gavin Newsom announced plans to launch a “Trump Corruption Coin” memecoin as part of his Campaign for Democracy.
- The coin launch aims to highlight what Newsom calls the “absurdity” of Trump’s controversial cryptocurrency dealings and potential conflicts of interest.
- Trump transformed from crypto skeptic to supporter during his 2024 campaign, promising initiatives like a Strategic Bitcoin Reserve but facing criticism for budget-neutral approaches.
- The Trump family reportedly holds over 22.5 billion WLFI tokens through World Liberty Financial, potentially worth around $7 billion USD.
After mocking Trump’s rant-style social media posts – often written in all caps and ending, just like Trump’s, with the line “Thank you for your attention to this matter” Newsom is now lashing out at Trump’s crypto connection.
Newsom appeared on the Pivot podcast, saying he was planning to launch a “Trump Corruption Coin” in response to Trump’s controversial dealings with crypto, particularly memecoins.
According to the governor, the coin launch would form part of his Campaign for Democracy, with proceeds going toward voter outreach and redistricting.
“We’re about to put a meme coin out […] And you know what, Donald Trump? We’ll see how well your coin does versus our coin,” he added. “We’re just trying to turn up the heat and tune people into the absurdity […] None of this is normal.”
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Trump’s Love for Crypto
Trump, once openly anti-crypto, changed his tune during the 2024 campaign. He made sweeping promises to the industry, including the idea of a Strategic Bitcoin Reserve (SBR).
And while he pushed ahead with some crypto-friendly initiatives, he was criticised for stopping short of actually buying Bitcoin for an SBR, instead looking for “budget neutral” ways to get more BTC.
Many have also questioned the president’s involvement with the TRUMP memecoin, a Trump-linked stablecoin, and his and his family’s ties to World Liberty Financial (WLFI).
Some, like Newsom, have accused the president of outright corruption. At the very least there’s a potential conflict of interest, with a sitting US president perhaps being a little too close to an industry he actively promotes.
After all, the Trump family is said to hold over 22.5 billion WLFI tokens — potentially netting Trump and his associates over AU$10 billion (roughly US$7 billion).
Related: 14, Including Police Officers, Sentenced to Life for Bitcoin Kidnapping in India
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