# Presidential Memecoin Scandal

*Author: Bankless*
*Published: Feb 17, 2025*
*Source: https://www.bankless.com/read/presidential-memecoin-scandal*

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[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2025/02/image-22--1-.png)](https://www.bankless.com/sponsor/frax-1737128738?ref=read/hester-peirce-on-crypto-industrys-5-biggest-concerns&email=true)

  
Milei's Memecoin Scandal

  
  Published on Feb 17, 2025

[
  
  View in Browser

](https://bankless.com/read/briefs)
 

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[**Sponsor: Frax**](https://www.bankless.com/sponsor/frax-1737128738?ref=read/hester-peirce-on-crypto-industrys-5-biggest-concerns&email=true) — Fraxtal Ecosystem: Where DeFi Meets AI.

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.  .  .

 
  
    
      
      NEED TO KNOW
    
    
  
  
Milei Memecoin Scandal
  

  

 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2025/02/Group-14---2025-02-17T184607.134.png)](https://www.bankless.com/dashboard)- 🇦🇷 **Argentina's President Faces Crypto Fraud Accusations. **Javier Milei is being [investigated by a federal judge](https://apnews.com/article/argentina-milei-cryptocurrency-fraud-charges-3f572a5f294d7c25437a08151798b917) over fraud allegations tied to his endorsement of the LIBRA memecoin, which insiders dumped more than $100 million of on early buyers.
- 🟧 **Crypto Task Force May Prioritize Bitcoin Reserve. **Trump's crypto task force is likely prioritizing efforts to create a national Bitcoin reserve, broker Bernstein [said in a research report](https://www.coindesk.com/markets/2025/02/17/u-s-crypto-task-force-to-focus-on-delivering-national-bitcoin-reserve-bernstein).
- ⌚️** TRUMP Memecoin Gets Small Airdrop.** The team behind the TRUMP token is airdropping 3 tokens each to [buyers of Trump-branded merch](https://www.theblock.co/post/341360/trump-memecoin-project-to-airdrop-around-50-of-tokens-to-buyers-of-trump-branded-products).
📸**Daily Market Snapshot: **Solana's rough month continued Monday as the native token fell another 6%, erasing its entire January pump and then some. SOL is down nearly 33% in the past 30 days of trading.

Prices as of 6pm ET
24hr
7d

 

       ![](https://banklesspublic.b-cdn.net/cmc.png)
    

  **Crypto**
   
          $3.20T
       

  
    
    ↘ 0.3%
    
  

   
    
    ↗ 0.3%
    
  

       ![](https://banklesspublic.b-cdn.net/btc.png)
    

  **BTC**
   
          $95,755
       

  
    
    ↘ 0.4%
    
  

   
    
    ↘ 1.6%
    
  

       ![](https://banklesspublic.b-cdn.net/eth.png)
    

  **ETH**
   
          $2,740
       

  
    
    ↗ 3.0%
    
  

   
    
    ↗ 3.0%  

 

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ON THE POD

  
  

Hester Peirce on Crypto Industry's 5 Biggest Concerns

  
  
   
     
     Bankless Author: 
     
       [
       
      Jack Inabinet](https://www.bankless.com/author/jack)
     
    
 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2025/02/image---2025-02-17T175800.095.png)](https://www.bankless.com/read/hester-peirce-on-crypto-industrys-5-biggest-concerns)President Trump made big crypto promises on the campaign trail. With Gary Gensler gone and the SEC now under new management, his administration stands ready to deliver on the agenda with digital asset regulatory clarity.

In our [latest episode of Bankless](https://www.bankless.com/podcast/secs-crypto-task-force-a-new-era-for-regulation-hester-peirce), SEC Commissioner Hester Peirce – an outspoken advocate for digital asset liberties and regulatory restraint – joined David Hoffman to discuss the implications of changing agency leadership on crypto’s future.

Day one of the Trump Administration saw Commissioner Peirce [appointed](https://www.sec.gov/newsroom/press-releases/2025-30) as head of the SEC’s freshly formed Crypto Task Force, and its first move was [rescinding](https://kpmg.com/us/en/frv/reference-library/2025/sec-rescinds-sab-121.html) SAB 121, a controversial accounting policy that restricted financial institutions from offering crypto custody services.

Although Gary Gensler’s relentless trickle of crypto lawsuits traumatized industry participants and discouraged engagement with American regulators, Commissioner Peirce hopes to build healthy relationships with crypto projects and encourage experimentation through practical solutions that uphold regulation.

*We didn’t get all the answers, but it was certainly refreshing to hear a lead crypto regulator finally engaging with the industry! Here’s how Hester responded to the crypto industry’s top 5 pressing concerns. *👇

[Read on Bankless.com](https://www.bankless.com/read/hester-peirce-on-crypto-industrys-5-biggest-concerns)
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