Eric Schmitt

And so when the president elect the United States announces on True Social that you should go buy my collectible, in fact, hundreds of thousands of people around the world did. And it suddenly overnight became one of the most popular and most valuable meme coins in the world.

And so when the president elect the United States announces on True Social that you should go buy my collectible, in fact, hundreds of thousands of people around the world did. And it suddenly overnight became one of the most popular and most valuable meme coins in the world.

The Trump family controls 80% of the meme coins that eventually will be issued by this platform. But they haven't sold any of them yet. So that's just paper money. We know that for sure. Yes, it's theoretical money. We can see in the marketplace that they haven't sold it.

The Trump family controls 80% of the meme coins that eventually will be issued by this platform. But they haven't sold any of them yet. So that's just paper money. We know that for sure. Yes, it's theoretical money. We can see in the marketplace that they haven't sold it.

But they also make money every time there's a purchase and a sale and there's a transaction, there's a small cut that's taken by the issuer of the meme coin. And so we were able to determine with the help of some crypto analytical companies that there was more than $100 million just as of March in transaction fees that were generated as a result of these transactions.

But they also make money every time there's a purchase and a sale and there's a transaction, there's a small cut that's taken by the issuer of the meme coin. And so we were able to determine with the help of some crypto analytical companies that there was more than $100 million just as of March in transaction fees that were generated as a result of these transactions.

So it was already generating tens of millions or $100 million for President Trump, members of his family, and their business partners that launched this meme coin. But there were some real losers because what happened with the Trump meme coin is that the price spiked almost instantaneously from 17 cents to $75. And everyone looked at that and think, wow, I better get in on this.

So it was already generating tens of millions or $100 million for President Trump, members of his family, and their business partners that launched this meme coin. But there were some real losers because what happened with the Trump meme coin is that the price spiked almost instantaneously from 17 cents to $75. And everyone looked at that and think, wow, I better get in on this.

And buy it because it's going to go even higher. And just as it hit $75, the crash began. And it went down just as quickly as it went up. And there were hundreds of thousands of people who bet their own money on this Trump meme coin who then quickly became losers and were left with large losses on this speculative bet that they had made following the advice of President-elect Trump.

And buy it because it's going to go even higher. And just as it hit $75, the crash began. And it went down just as quickly as it went up. And there were hundreds of thousands of people who bet their own money on this Trump meme coin who then quickly became losers and were left with large losses on this speculative bet that they had made following the advice of President-elect Trump.

It's not illegal if you follow the fine print, which says, buyer beware, this is a collectible. This is not an investment.

It's not illegal if you follow the fine print, which says, buyer beware, this is a collectible. This is not an investment.

But that said, traditionally, if there had been a launch like this, an overnight, one of the most valuable meme coins in the world, what I've been told is that this likely would have resulted in a review by staff at the Securities and Exchange Commission to see whether or not there was any potential violations of federal law. Mm-hmm. And that did not occur.

But that said, traditionally, if there had been a launch like this, an overnight, one of the most valuable meme coins in the world, what I've been told is that this likely would have resulted in a review by staff at the Securities and Exchange Commission to see whether or not there was any potential violations of federal law. Mm-hmm. And that did not occur.

And in fact, what happened was soon after Trump became president and he appointed an acting head at the SEC, there was a new policy that was issued that formally announced for the first time that meme coins will not be the subject of investigations or regulatory actions to punish issuers of meme coins.

And in fact, what happened was soon after Trump became president and he appointed an acting head at the SEC, there was a new policy that was issued that formally announced for the first time that meme coins will not be the subject of investigations or regulatory actions to punish issuers of meme coins.

That's right. And now, more recently, as the meme coin was bottoming out in value, President Trump and his financial backers announced that they're going to have a contest that says for the top 220 holders of this cryptocurrency, that they're going to get an invite to have a private special dinner at the Trump Golf Club in suburban Washington with the President of the United States.

That's right. And now, more recently, as the meme coin was bottoming out in value, President Trump and his financial backers announced that they're going to have a contest that says for the top 220 holders of this cryptocurrency, that they're going to get an invite to have a private special dinner at the Trump Golf Club in suburban Washington with the President of the United States.

And they create a leaderboard with like an online game where you can bid yourself up on the rankings to see where you are. The more you buy, the higher your rankings. And they say that you have to have a certain ranking for between now and the middle of May in order to be eligible for this dinner.

And they create a leaderboard with like an online game where you can bid yourself up on the rankings to see where you are. The more you buy, the higher your rankings. And they say that you have to have a certain ranking for between now and the middle of May in order to be eligible for this dinner.