WatcherGuru, a platform known for providing information about cryptocurrency and general finance, has revealed that former United States President Donald Trump owns $250,000 worth of Ethereum. This information comes amidst an ongoing investigation into the former President’s financial records.
Trump Family Embraces Crypto Assets
Donald Trump and those close to him are known for their inclination towards cryptocurrency. The ongoing investigation aims to determine the extent of the former US President’s involvement with crypto assets and whether he has violated any laws through crypto interactions.
In December 2022, Trump endorsed his own NFT collection called “Trump Digital Trading Cards.” The value of the NFT quickly rose to its all-time high of 0.84 ETH, just one day after the endorsement. However, the price subsequently collapsed along with the rest of the crypto market due to volume declines, resulting in a loss of 85% as the value of Trump Digital Trading Cards dropped to 0.12 ETH.
Trump’s wife, Melania Trump, also entered the NFT market. She converted several well-known images from Apollo moon landings in the 1960s and 1970s into NFTs and sold each for $75. Officials at NASA did not approve of this, stating that it violated rules regarding the use of their images for digital assets like NFTs. NASA’s regulations regarding commercial products state:
“Since it is not consistent with the categories of products the agency has approved for sale, NASA prohibits all commercial applications involving NFTs. Additionally, as stated in NASA’s Media Usage Guidelines, NASA does not desire its images to be used in connection with NFTs.”
Ethereum is Not a Security
The fact that Trump owns Ethereum may not necessarily indicate a violation of any laws, considering that the crypto token is not among the securities approved by regulators in the United States. Ethereum is not listed as a security, and it has not been involved in any of the recent lawsuits filed by the SEC against several crypto exchanges in the country.
Therefore, while the ongoing investigation may not lead to any charges against former US President Trump, the loss in value of NFT collections and Melania Trump selling NASA images as NFTs could potentially spark new investigations.
