Washington Post columnist Katherine Rampel claimed in a column on Tuesday that President Donald Trump may use his new cryptocurrency, dubbed "Trumpcoin," to accept bribes from foreign governments.
Rampel lashed out at buyers of the presidential cryptocurrency, saying: “The challenge now for anyone who buys these cryptocurrencies is that if they want to cash out, they have to find a bigger one that’s willing to pay more. Big fool," he claimed, "Trump has made these latest cryptocurrencies "to make billions of dollars by defrauding his biggest fans." "
While the Washington Post columnist claims it’s unlikely there will be a steady stream of retail investors willing to pay increasingly higher prices for the tokens, she believes more nefarious buyers will keep order books filled.
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President Donald Trump speaks at the Bitcoin Conference 2024 in Nashville, Tennessee, on July 27, 2024. (Getty Images)
"The continuing buyers of Trump dollars over the next four years are likely to come from one reliable source: individuals, companies and foreign governments who want to curry favor with the president," Rampel said.
The article was headlined: “Trump has found a new way for foreign governments to buy him off: cryptocurrencies.” The subtitle was: “Trump’s cryptocurrency is nothing more than a masterful Ponzi scheme.”
Lampert used an analogy to describe how she thinks these so-called bribes work.
“Saudis no longer have to check into Trump’s hotels — or just pretend to be there — to line the president’s pockets; they can show off their digital wallets to show they’ve added to the president’s net worth,” Rampel said. How much." After all, every dollar they put into shoring up the value of Trump's memecoin effectively adds cash to Trump's bank account, regardless of the terms of the pay. "
The Foreign Emoluments Clause of the U.S. Constitution states, “No person holding any office of profit or trust[in the United States]shall accept any gift, emolument, office, or title, of any kind, from any king, prince, or foreign nation, without the consent of Congress” "
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Washington Post columnist Catherine Rampell claims that Donald Trump’s $TRUMP cryptocurrency may violate the U.S. Constitution’s Foreign Emoluments Clause. ((Eric Barada/AFP))
The columnist also claims that $TRUMP insiders appear to be involved in insider trading.
“Meanwhile, $TRUMP insiders appear to have moved some of their tokens to an overseas trading platform that does not allow trades to be executed in the United States. Perhaps they are positioning themselves outside the reach of the U.S. government,” Rampell said. .
In Trump's inaugural address on Monday, the president told Americans that "for years, a radical and corrupt institution has drained power and wealth from our citizens."
Lampert concluded his column by quoting the president, claiming: "Maybe his objections are because the old establishment simply wasn't tech-savvy enough."
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The White House did not immediately respond to a request for comment from Fox News Digital.