- Truth Social denies launching any memecoin amid rising online rumors.
- Trump’s TRUMP token draws ethics concerns over token-holder gala invite.
- GENIUS Act stalls as lawmakers cite Trump’s crypto ties as conflict of interest.
Truth Social, the social media platform owned by Trump Media & Technology Group, has publicly and firmly denied reports that it is launching a new memecoin. These rumors, which circulated widely on social media and were quickly labeled as ‘fake’ news by the platform, comes alongside growing attention on President Donald Trump’s expanding ties to cryptocurrency and the TRUMP memecoin controversy.
Speculation about a Truth Social memecoin began after Ran Neuner, founder of the Crypto Banter platform, posted on X (Twitter) suggesting a token tied to the Truth Social platform was expected to launch within 72 hours and drew comparisons between this rumored coin and the existing TRUMP memecoin.
In a swift response, Truth Social issued a direct statement on its own platform: “Contrary to rumors, Truth Social is not launching a memecoin.” The company, majority-owned by President Trump, emphasized that no such crypto project is underway, effectively calling the Trump memecoin rumors for this platform ‘fake’.
Donald Trump Jr. also weighed in to dismiss the claims. Posting on X, he wrote, “There’s no truth about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.”
Existing Trump-Linked Tokens Fuel Broader Criticism and Legislative Impact
Although Truth Social denied involvement in any new memecoin, President Trump’s connection to crypto remains active and a subject of intense debate. The TRUMP memecoin, already in circulation, is directly linked to the president’s public image. In a separate initiative, First Lady Melania Trump previously launched a token under her name, MELANIA.
The existing TRUMP token has drawn sharp criticism over an event announced by the president. According to his campaign, top token holders will be invited to a gala dinner on May 22.
Related: Trump’s Personal Crypto Ties Stall GENIUS Act as Concerns Over Conflicts Grow
The announcement has triggered concern from lawmakers, with some senators renewing calls for impeachment based on ethics concerns surrounding the offer.
The controversy has also impacted progress on crypto legislation. The GENIUS Act, a bill to establish national rules for stablecoins, failed to pass this week. Despite some bipartisan support, lawmakers pointed to Trump’s crypto holdings as a central issue.
Related: Trump to Dine With TRUMP Token Whales—Is This Web3 or Just Old-School Politics?
Senator Jeff Merkley (D-Ore.) stated that individuals seeking political influence could enrich him personally by buying cryptocurrency he owns or controls. He warned that such financial overlap represents a profoundly corrupt scheme and risks undermining public trust. This context explains why Truth Social is calling new memecoin speculation ‘fake’ denying any Trump crypto ties.
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