- California Governor Gavin Newsom will launch a memecoin to criticize US President Donald Trump’s corrupt practices.
- He called it the “Trump Corruption Coin.”
California Governor Gavin Newsom recently revealed his plan to release a memecoin. The move comes as a criticism of US President Donald Trump’s controversial involvement in cryptocurrencies. He said it will be aptly called the “Trump Corruption Coin.”
Details About the Upcoming Memecoin of Newsom
Newsom announced his upcoming memecoin on an episode of the Pivot podcast, which aired over the weekend. He claimed it will be part of his “Campaign for Democracy” initiative.
Additionally, the governor is confident that the “Trump Corruption Coin” will resonate with crypto investors who want to support his efforts to counter the growing overreach of Trump and his Republican allies. Besides serving as criticism of the president’s alleged corrupt practices, he stated that he will allocate the token’s proceeds to help the Golden State’s redistricting and voter outreach.
Newsom has been pushing for a special election to bypass California’s redistricting commission this fall. This came in response to Texas’s proposed constitutional amendment to redraw its congressional lines and supposedly give Republicans an advantage in its political dynamics by five seats.
Meanwhile, Trump’s success in converting younger demographics across California to Republicans in the last election has led to concerns about the waning influence of Democrats in the area. Hence, Newsom and his party mates want to nullify such an advance.
The California governor believes the upcoming memecoin will outperform any token related to Trump, whom he called “one of the great grifters of our time.”
Trump’s Crypto Ventures
Trump initially opposed Bitcoin (BTC) and cryptocurrencies during his first term in the White House. He called them a scam and instructed then-Treasury Secretary Steve Mnuchin to “go after Bitcoin” as it’s competing against the dollar’s status as a world currency.
Fast-forward to the campaign leading to the November 2024 elections, Trump has turned out to be a vocal advocate for crypto. Along the way, he got involved in non-fungible token (NFT) projects, backed the World Liberty Financial decentralized finance (DeFi) platform, attended crypto community events, and launched several memecoins alongside his wife, Melania Trump.
Then, upon assuming office for his second non-consecutive presidential term, Trump immediately signed several Executive Orders reinforcing the digital assets sector. He and his Republican allies followed it up with the GENIUS Act for stablecoin regulation.
The president’s sons also expanded his business empire into the crypto world, with Trump Media & Technology Group recently emerging as one of the top public Bitcoin treasury companies in the world with its 15,000 BTC portfolio. Critics, including Newsom and Senator Elizabeth Warren, have pointed out Trump and his family’s crypto advances as a conflict of interest.
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