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President Donald Trump’s Republican allies in the House say he is better positioned than ever to enact his legislative agenda, entering the White House armed with nearly a decade’s worth of knowledge about Washington.

‘The first time, he was a great businessman, but he didn’t know Washington. He’s got it down now,’ said Rep. Jeff Van Drew, R-N.J., a close ally of Trump’s who switched parties to better align with him during his first term. ‘He’s totally prepared for this. Last time he was learning. He’s learned. He’s ready to go.’

Multiple House GOP lawmakers who served in Congress during Trump’s first term described a man who is returning to D.C. both with a triumphant electoral victory and a sharp understanding of how Capitol Hill and the wider D.C. network works.

Several said the changes are manifesting in his and his team’s near-constant communication with Republican lawmakers and in the people he’s hiring for his team.

‘He knows now that Washington is generally going to push back, and they’re going to do what they want to do — whether you call it the deep state or the establishment or the uniparty. I think he’s very aware, and I think he’s comporting his actions to address those issues,’ said Rep. Scott Perry, R-Pa. ‘He understands that personnel is policy, so he’s trying to get the right people in place, not because they’re loyal to him, but because they’re loyal to the agenda that the people want.’

Within hours of being sworn in Monday, Trump held public events where he signed dozens of executive orders to enact promises he made on the campaign trail.

All the while, he’s stayed in close contact with Speaker Mike Johnson, R-La., and Senate Majority Leader John Thune, R-S.D., as well as summoning a flurry of House Republicans to Mar-a-Lago earlier this month to discuss the GOP agenda.

Rep. Marlin Stutzman, R-Ind., a former founding member of the House Freedom Caucus who served in the House from 2010 to 2017 and who is back for another term, noticed a marked difference from former Speaker Paul Ryan’s era.

‘It didn’t seem he and Speaker Ryan were on the same page coming into Congress. I saw them have discussions about the election and rallies, and they just had different perspectives, which I think is unfortunate because it was a real missed opportunity for a lot of things to be done,’ Stutzman said.

‘This time, he knows Washington, he has a great team he’s pulling together and I think his team will be that much more disciplined and focused on the four-year window to get as much done as possible.’

Rep. Gary Palmer, R-Ala., a former member of House GOP leadership, also remarked on Trump’s focus on Congress.

‘His first term was clearly a populist campaign. He had really smart people, but they didn’t have any congressional experience,’ Palmer said. ‘That’s not happening now. They’ve worked very closely with us. I feel like we’re all on the same page about what needs to be done.’

Freshman Rep. Jeff Crank, R-Colo., who had been a talk radio host before his political career, noted that the media environment Trump walked into had been a more receptive one compared to 2016.

‘He sort of broke the media complex. He seemed like – the media folks who in 2016 were resisting him, now they’ve realized, ‘Well, maybe this was censorship that we were doing, and that’s maybe not the best thing for our business model,’’ Crank said. ‘But, whatever it is, they’ve sort of joined up with him, right, in a lot of ways.’

A significant part of Trump’s D.C. education came during the four years he was out of office, Rep. Darrell Issa, R-Calif., a longtime ally, said. But he and others agreed that, at his core, Trump has not changed.

‘There’s no question that he is better than had he raced into a second term. He is the same man, though. He knows what he believes,’ Issa said.

This post appeared first on FOX NEWS

Democratic lawmakers grilled President Donald Trump’s pick to lead the Office of Management and Budget (OMB) on a series of issues Wednesday, ranging from abortion to the constitutionality of the Impoundment Control Act. 

While Republicans argue that Russell Vought is qualified for the role because he served as Trump’s OMB director during the president’s first term, Democrats like Senate Minority Leader Chuck Schumer, D-N.Y., have labeled Vought an ‘ultra-right’ ideologue. 

Vought appeared before the Senate Budget Committee on Wednesday for a confirmation hearing and defended his previous statements that the Impoundment Control Act is unconstitutional — an issue Democrats claim should disqualify him from leading the Office of Management and Budget.

The law, adopted in 1974, stipulates that Congress may oversee the executive branch’s withholding of budget authority, and affirmed that Congress holds the power of the purse. Ultimately, the law bars the executive branch from circumventing Congress and withholding appropriated funds.

The first Trump administration and Vought have come under fire after the Office of Management and Budget held up $214 million in military aid for Ukraine in 2019, a decision that ultimately led to Trump’s first impeachment.

‘You’re quite comfortable assuming that the law doesn’t matter and that you’ll just treat the money for a program as a ceiling… rather than a required amount,’ Senate Budget Committee ranking member Jeff Merkley said. ‘Well, the courts have found otherwise.’

Additionally, the Supreme Court also ruled in 1975 that the executive branch cannot impound funds without congressional oversight. 

In that case, Train v. City of New York, the Supreme Court determined the Environmental Protection Agency must use full funding included in the Federal Water Pollution Control Act Amendments of 1972, even though then-President Richard Nixon issued orders not to use all the funding. 

Lawmakers have pointed to this case in Vought’s confirmation hearings as further evidence that the executive branch cannot tie up funding Congress has approved. 

Even so, Vought told lawmakers in multiple exchanges he believes the Impoundment Control Act is unconstitutional, because presidents historically could spend less than what Congress had approved prior to the Impoundment Control Act, and that Trump campaigned on that position.

Democrats aren’t the only ones worried about Vought’s views on the Impoundment Control Act. Senate Budget Committee chair Sen. Lindsey Graham, R-S.C., said he also shared some concerns and would disclose them at a markup hearing for Vought’s nomination. 

Vought also faced questioning on his views regarding abortion, given his connection as an author of Project 2025, a political initiative The Heritage Foundation released in 2023 that called for policy changes, including instituting a national ban on abortion medication. 

Other proposals included in Project 2025 include eliminating the Department of Education, cutting DEI programs, and reducing funding for Medicare and Medicaid. 

‘You have said that you don’t believe in exceptions for rape, for incest, or the life of the mother,’ said Democratic Sen. Patty Murray of Washington. ‘Is that your position?’

‘Senator, my views are not important. I’m here on behalf of the president,’ Vought said. 

Trump has repeatedly stated that he backs abortion in certain instances, and stated that ‘powerful exceptions’ for abortion would remain in place under his administration.

Meanwhile, Sen. Bernie Sanders, I-Vt., pressed Vought on whether healthcare is a ‘human right.’ Sanders has previously introduced legislation called the Medicare for All Act that would establish a federal, national health insurance program. 

‘Do you think we should join every other major country on Earth and say, ‘You know what? Whether you’re poor, you’re rich, you’re young, you’re old, healthcare is a human right,’’ Sanders said. ‘We have the richest country in the history of the world. Do you think we should do what every other major country on Earth does?’

Vought declined to disclose specifics, but said that he believed it’s critical to provide ‘legitimate, evidence-based outcomes for people within the healthcare system, and to make sure that we tailor all of the dollars that are spent toward that.’ 

After serving as director of the Office of Management and Budget under the first Trump administration, Vought founded the Center for Renewing America in 2021. The organization claims its mission is to ‘renew a consensus of America as a nation under God,’ according to its website. Vought also served as the vice president of Heritage Action for America. 

Meanwhile, Senate Minority Leader Chuck Schumer, D-N.Y. said his meeting with Vought only exacerbated his concerns about the nomination. 

‘I walked out of the meeting even more deeply troubled,’ Schumer said on the Senate floor on Wednesday. ‘Of all the extremists President Trump could have picked for OMB, he picked the godfather of the ultra-right.’

Vought has repeatedly told lawmakers that he would uphold the law and that his personal views aren’t important — carrying out Trump’s vision is what matters. 

The OMB is responsible for developing and executing the president’s budget, as well as overseeing and coordinating legislative proposals and priorities aligned with the executive branch. 

The Associated Press contributed to this report.

This post appeared first on FOX NEWS

Buckle up. 

President Donald Trump is back in the White House and moving at warp speed.

In his inauguration address, the new president vowed that things across the country would ‘change starting today, and it will change very quickly.’

And moments later, White House deputy chief of staff Taylor Budowich took to social media to tease, ‘Now, comes SHOCK AND AWE.’

They weren’t kidding.

Trump signed an avalanche of executive orders and actions in his first eight hours in office, which not only fulfilled major campaign trail promises, but also allowed the returning president to flex his executive muscles as well as settle some longstanding grievances.

The president immediately cracked down on immigration, moved towards a trade war with top allies and adversaries, reversed many policies implemented by former President Biden, including scrapping much of the previous administration’s federal diversity actions and energy and climate provisions.

He also sparked a major controversy by pardoning or commuting the sentences of roughly 1,500 supporters who took part in the Jan. 6, 2021 attack on the U.S. Capitol in an unsuccessful attempt to upend congressional certification of Biden’s 2020 election victory. Among those whose sentences were commuted included some who violently assaulted police officers on one of America’s darkest days.

Trump also fired some top government officials, made a high-profile half-trillion dollar tech investment announcement, held unscripted and wide-ranging, informal, and impromptu news conferences during his first two days back at the White House, and even renamed the Gulf of Mexico the Gulf of America.

‘I think it’s brilliant how they’ve been handling it, to immediately meet the moment with action. It’s exactly what he needs to do and its exactly what the people voted for,’ veteran Republican strategist Kristin Davison told Fox News.

‘Americans vote for decisive, fast action, and true leadership. And Trump understands that more than anyone. I think he and his team knew how important it was out the gate to show that they heard what the people wanted and are answering with leadership,’ Davison argued.

Longtime Republican consultant Alex Castellanos agreed

‘He’s flooding the zone. He’s making a case for action. He’s demonstrating action. He is rallying a wave of American support for a massive transformation of government,’ Castellanos, a veteran of numerous GOP presidential campaigns, told Fox News. 

Seasoned Democratic strategist Joe Caiazzo didn’t dispute Trump’s frenetic actions.

‘The pace of this shouldn’t be surprising to anyone. Trump made it abundantly clear he was going to act quickly, he was going to act boldly, and he was going to do exactly what he told voters he would do,’ Caiazzo said.

But he argued that ‘the things he is doing is going to directly negatively impact working families from coast to coast. It’s also a signal he has no respect for the rule of law.’ 

Asked if Trump’s actions were what Americans voted for this past autumn, Caiazzo replied ‘of course not. What Americans voted for was cheaper groceries. What Donald Trump is going to give us is a litany of policies that work to deteriorate our institutions, that work to enrich the wealthy and solidify his standing among the oligarchy in this country.’

There’s another reason for Trump’s fast pace – even though he’s the new president, he’s also a term-limited and lame-duck president. And by Labor Day, much of the political world will start looking ahead to the 2026 midterm elections.

‘This is his second term. He’s got to move quickly,’ Davison emphasized.

Trump’s show of force in the opening days of his second administration is also in contrast to eight years ago, when he first entered the White House.

The president and his team are much more seasoned the second time around, and the supporting cast is intensely loyal to Trump.

‘In the past administration, there would be logjams and bottlenecks because there were people who didn’t agree with him,’ a senior White House source told Fox News. ‘Now we have a whole infrastructure and staff that’s built around him, in support of him. When he says something, it’s getting done. It’s testament to him and the team that he built.’

Credit is also being given to White House chief of staff Susie Wiles, who, as co-campaign manager of Trump’s 2024 presidential bid, kept the trains on the tracks.

‘What Susie has done is look at the totality of Trump and found the best players and put them in the best positions to support the president. Trump is surrounded by Trump people who’ve all proven themselves over the years not just to be loyal but ultra-competent operators,’ added the adviser, who asked for anonymity to speak more freely.

This post appeared first on FOX NEWS

Bank of America CEO Brian Moynihan said Tuesday that the U.S. banking industry will embrace cryptocurrencies for payments if regulators allow it.

The head of the second largest U.S. bank by assets was asked by CNBC’s Andrew Ross Sorkin about how the industry’s approach to crypto could change given President Donald Trump’s enthusiasm for digital currencies.

“If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,” Moynihan said in an interview at the World Economic Forum in Davos, Switzerland.

American banks have largely avoided letting customers use crypto for retail transactions, although their institutional trading and wealth management arms have participated in markets for bitcoin ETFs. Leaders in the industry, including JPMorgan Chase CEO Jamie Dimon, have lambasted bitcoin as a currency for criminals and fraudsters.

“If you go down the street here and you go in and buy lunch, right, if you can pay with Visa, Mastercard, a debit card, Apple Pay, etc, this would just be another form of payment,” Moynihan explained. “We have hundreds of patents on blockchain already, we know how to enter the field.”

The veteran Bank of America CEO didn’t address the idea of cryptocurrencies like bitcoin as an investment or store of value, saying it is “really a separate question.”

This post appeared first on NBC NEWS

Shares of Netflix soared more than 13% Tuesday after the company posted fourth-quarter results that beat on the top and bottom lines.

The company surpassed 300 million paid memberships during the quarter, adding a record 19 million subscribers. Netflix said the growth was driven by its content slate, improved product and typical fourth-quarter seasonality.

The company also shared that including “extra member accounts,” its global audience is estimated to be exceed 700 million.

Here’s how Netflix performed for its most recent quarter, ended Dec. 31, compared with Wall Street estimates:

Earnings per share: $4.27 vs. $4.20, according to LSEG

Revenue: $10.25 billion vs. $10.11 billion, according to LSEG

Paid memberships: 301.63 million vs. 290.9 million, according to StreetAccount

Net income for the period was $1.87 billion, or $4.27 per share, up from $938 million, or $2.11 per share, during the same quarter a year earlier.

Revenue in the fourth quarter jumped 16% year-over-year, reaching $10.25 billion, higher than the $10.11 billion Wall Street had predicted.

For the full year 2025, Netflix raised its revenue expectations to a range of $43.5 billion to $44.5 billion, around $500 million higher than its previous forecast to reflects improved business fundamentals and the expected carryover benefit of its stronger-than-expected fourth quarter performance.

The fourth quarter was the last for which Netflix will report quarterly paid subscriber counts, as previously announced. Instead, it will start reporting a bi-annual “engagement report” alongside its second- and fourth-quarter releases.

The streamer on Tuesday touted the success of its fourth-quarter slate, which included the release of season 2 of the hit series “Squid Game” as well as live sporting events like the record-breaking Jake Paul and Mike Tyson boxing match and National Football League games on Christmas Day.

This year, the company said it plans to improve its core business with more series and films, enhance its product experience and continue to grow its ads business. Netflix is expected to delve further into the live event space and games, as well.

The company also has the return of “Strangers Things” and “Wednesday,” two of its biggest hits, ahead for 2025. Additionally, the streamer will release a collection of new films from top directors and actors including Daniel Craig and Rian Johnson’s third “Knives Out” film, a Russo Brothers project called “The Electric State” starring Millie Bobby Brown, “Happy Gilmore 2” with Adam Sandler and a new take on Frankenstein from Guillermo del Toro.

“We’re fortunate that we don’t have distractions like managing declining linear networks and, with our focus and continued investment, we have good and improving product/market fit around the world,” the company said in its earnings report Tuesday.

Netflix also announced it would raise prices on some streaming tiers between $1 and $2 per month.

Netflix’s cheaper, ad-supported tiers accounted for more than 55% of sign-ups in countries where the option is offered, the company said. Netflix also noted that memberships on its ad-supported plans grew around 30% quarter-over-quarter.

“We’re on track to reach sufficient scale for ads members in all of our ads countries in 2025,” the company said. “A top priority in 2025 is to improve our offering for advertisers so that we can substantially grow our advertising.”

This post appeared first on NBC NEWS

Goldman Sachs is rolling out a generative AI assistant to its bankers, traders and asset managers, the first stage in the evolution of a program that will eventually take on the traits of a seasoned Goldman employee, according to Chief Information Officer Marco Argenti.

The bank has released a program called GS AI assistant to about 10,000 employees so far, with the goal that all the company’s knowledge workers will have it this year, Argenti told CNBC in an exclusive interview. It will initially help with tasks including summarizing or proofreading emails or translating code from one language to another.

“Think about all the tasks that you might want to complete with regards to a variety of use cases for all those professions that can be now at your fingertips,” Argenti said. The Goldman assistant is a “very simple interface that allows you to have access to the latest and greatest models.”

Goldman’s move means that, along with JPMorgan Chase and Morgan Stanley, the world’s top three investment banks have aggressively released generative AI tools to their workforce, a remarkable development since ChatGPT went viral about two years ago.

Wall Street has embraced generative artificial intelligence faster than any other disruptive technology in recent years, experts say, because of how adept large language models are in replicating aspects of human cognition.

Today it can respond to queries, write emails and summarize lengthy documents, but expectations are high that future versions will exhibit so-called agentic abilities, meaning they can perform multistep tasks with little human intervention.

In speaking with CNBC about his vision for artificial intelligence at the firm, Argenti — who joined from Amazon in 2019 — repeatedly likened the AI program to a new employee that will absorb Goldman culture over the coming years.

Initially, the tool will mostly produce answers based on Goldman data that has been fed into AI models from OpenAI’s ChatGPT, Google’s Gemini and Meta’s Llama, depending on the task, said Argenti. The bank is also looking at models from companies including Anthropic, Mistral and Cohere, he added.

“The AI assistant becomes really like talking to another GS employee,” Argenti said.

“As we progress, the second step is when you’re starting to have this agentic behavior, that is, ‘I’m completing a task on behalf of a Goldman employee, and I need to take a set of steps,’” he said. “That’s where the model is going to start to do things like a Goldman employee, not only say things like a Goldman employee.”

This helps explain why companies have forbid employees from using ChatGPT for work, instead moving to create their own platforms to tap the technology. It allows firms to not only keep their information secure, but to also craft AI platforms that increasingly resemble the best examples of their own workforce.

“For the AI to have a very specific identity that reflects the tenets, the values, the knowledge and the way of thinking of the firm is extremely important,” Argenti said.

In practice, that means that just as an experienced Goldman employee would know to double-check their work with multiple data sources or use a specific algorithm for a calculation, the AI will absorb those lessons, he said.

But Argenti says he is most excited by the prospect of what comes later, in perhaps three to five years, as AI models increasingly blur the lines between human and machine thinking.

This stage of AI at Goldman would have the model “actually reason more and become more like the way a Goldman employee would think,” he said.

So instead of being handed a run book, which is tech industry parlance for a set of step-by-step instructions for completing tasks or responding to incidents, the AI would be able to generate detailed plans “in the way that an experienced Goldman employee would do,” Argenti said.

The prospects of that future — and the fact that Wall Street’s workers are helping train a technology that may make some roles obsolete, while augmenting other jobs and creating new roles altogether — may send a fresh wave of anxiety through employee ranks.

Like at Goldman, other major investment banks are on target to give generative AI tools to their entire workforces in the coming months.

More than 200,000 JPMorgan employees currently have access to in-house generative AI tools, according to a person with knowledge of that bank who declined to be identified speaking about internal matters. Roughly 40,000 Morgan Stanley employees had access to it as of late last year, the bank said in October.

Finance and technology are seen as among the industries where employees are most prone to upheaval because of generative AI, allowing companies to potentially generate billions of dollars in additional profits. Meta CEO Mark Zuckerberg told podcaster Joe Rogan earlier this month that its AI will be capable of writing code as well as mid-level software engineers this year.

Global investment banks may shed as many as 200,000 jobs in the next three to five years as the companies implement AI, according to a report from Bloomberg’s research arm. The report, based on a survey of tech executives at major banks, said that support and operations roles known as the back and middle office were most at risk.

At Goldman, however, the official stance is that AI will empower employees to do more, not necessarily result in the need for fewer humans.

“The importance of having a phenomenal human workforce is actually going to be amplified,” Argenti said.

“In my opinion, it always boils down to people,” he said. “People are going to make a difference, because people are going to be the ones that actually evolve the AI, educate the AI, empower the AI, and then take action.”

This post appeared first on NBC NEWS

The Walt Disney Company’s box office domination continued over the holiday weekend.

“Moana 2” topped $1 billion during the Martin Luther King Jr. Day weekend, becoming the studio’s third 2024 release to reach the coveted benchmark after Marvel Studios’ “Deadpool and Wolverine” and Pixar’s “Inside Out 2.” No other Hollywood studio had a film cross $1 billion last year.

“Moana 2” snared $442.8 million at the domestic box office and $567.1 million in international markets, the company posted over the weekend. It is the fourth film from the Walt Disney Animation arm to surpass $1 billion in ticket sales alongside “Frozen,” “Frozen II” and “Zootopia.”

This feat is another feather in the cap for Disney, which had struggled in the years after the pandemic to gain tractions with its animated releases. Much of the company’s difficulties stemmed, in part, from decisions to debut a handful of animated features directly on its streaming service Disney+. This trained parents to look for new content at home even after theatrical closures ended and films returned to cinemas.

“Inside Out 2” not only marked a return to form for Disney, but it helped jumpstart the overall domestic box office in June. It snared more than $650 million domestically and became the first film since Warner Bros′ “Barbie” to top $1 billion at the global box office.

It also marked the first time a Pixar or Walt Disney Animation film generated more than $480 million at the global box office since 2019. “Inside Out 2″ ultimately became the highest-grossing film of 2024.

“Deadpool and Wolverine,” “Inside Out 2″ and “Moana 2,” along with a handful of other theatrical releases, helped Disney reach more than $2.2 billion at the domestic box office last year, accounting for about 25% of the industry’s total haul, according to data from Comscore.

With “Moana 2” crossing the billion-dollar mark, Disney now has 32 billion-dollar movies — including three films it acquired when it bought Fox in 2019, according to the company. For context, there have only been 56 films that have topped $1 billion at the global box office, meaning Disney is responsible for nearly 60% of the highest-grossing films in cinematic history.

This post appeared first on NBC NEWS

JPMorgan Chase CEO Jamie Dimon said Wednesday that the looming tariffs that President Donald Trump is expected to slap on U.S. trading partners could be viewed positively.

Despite fears that the duties could spark a global trade war and reignite inflation domestically, the head of the largest U.S. bank by assets said they could protect American interests and bring trading partners back to the table for better deals for the country, if used correctly.

“If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it,” Dimon told CNBC’s Andrew Ross Sorkin during an interview at the World Economic Forum in Davos. “National security trumps a little bit more inflation.”

Since taking office Monday, Trump has been saber-rattling on tariffs, threatening Monday to impose levies on Mexico and Canada, then expanding the scope Tuesday to China and the European Union. The president told reporters that the E.U. is treating the U.S. “very, very badly” due to its large annual trade surplus. The U.S. last year ran a $214 billion deficit with the E.U. through November 2024.

Among the considerations are a 10% tariff on China and 25% on Canada and Mexico as the U.S. looks forward to a review on the tri-party agreement Trump negotiated during his first term. The U.S.-Mexico-Canada Trade Agreement is up for review in July 2026.

Dimon did not get into the details of Trump’s plans, but said it depends on how the duties are implemented. Trump has indicated the tariffs could take effect Feb. 1.

“I look at tariffs, they’re an economic tool, That’s it,” Dimon said. “They’re an economic weapon, depending on how you use it, why you use it, stuff like that. Tariffs are inflationary and not inflationary.”

Trump leveled broad-based tariffs during his first term, during which inflation ran below 2.5% each year. Despite the looming tariff threat, the U.S. dollar has drifted lower this week.

“Tariffs can change the dollar, but the most important thing is growth,” Dimon said.

Dimon wasn’t the only Wall Street CEO to speak of tariffs in a positive light.

Goldman Sachs CEO David Solomon, also speaking to CNBC from Davos, said business leaders have been preparing for shifts in policy, including on trade issues.

“I think it turns into a rebalancing of certain trade agreements over time. I think that rebalancing can be constructive for U.S. growth if it’s handled right,” Solomon said. “The question is, how quickly, how thoughtfully. Some of this is negotiating tactics for things over than simply trade.”

“Used appropriately, it can be constructive,” he added. “This is going to unfold over the course of the year, and we have to watch it closely.”

This post appeared first on NBC NEWS

The creation of billions of dollars of digital wealth for the Trump Organization started with a social media post Friday. 

At 9:44 p.m. ET, the then-president-elect announced the creation of a new digital token: $TRUMP.    

“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” Donald Trump’s X account posted. “Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to http://gettrumpmemes.com — Have Fun!”

The announcement came with little fanfare. But what would ensue in the coming days — including wild price swings and Melania Trump’s own digital token — would roil the crypto community, including some Trump supporters, just as he was set to return to the Oval Office.

The $TRUMP and $MELANIA tokens, as they’re referred to on social media, belong to the crypto category known as memecoins — digital assets that use blockchain technology similar to bitcoin. 

Because there is no asset like underlying cash flows backing memecoins like $TRUMP and $MELANIA, anyone who owns them will only make money if they sell them at a higher price than at which they bought them. 

That includes the coin creators — and Trump and his family — themselves. 

Though long a part of the crypto universe, memecoins have in recent months enjoyed a resurgence after Trump emerged victorious in November and promised to embrace blockchain technology and crypto markets. 

In the case of $TRUMP and $MELANIA, the coins were launched on Solana, a blockchain that collects fees to process transactions and is known for faster throughput, meaning it is less prone to seizing up when transaction volumes are high. It is not clear who knew about their launch before it occurred aside from the coins’ developers and the Trump Organization. 

The slew of recent memecoin launches have triggered fresh skepticism and warnings about scams due to the freewheeling nature of memecoins. Because they are not formal investment vehicles, they are almost entirely unregulated, and anybody can start one under any name at any time, often for free. Platforms like CoinMarketCap that track digital tokens showed dozens of duplicate TRUMP coins. 

Bloomberg News summarized memecoin sales as “the crystallization of ‘greater fool’ investing, of an asset that’s only worth what someone else is willing to pay for it at a given moment in time.”

“I’m not sure people quite grasp how much of the crypto world is reacting to the Trump memecoin launches,” Molly White, a software engineer and cryptocurrency chronicler, posted on X alongside screenshots from reactions that ranged from frustration to anger.

White later told NBC News that the launch of the coins seemed to dash hopes from some that Trump would help further legitimize the crypto industry.

“There’s now a fear that people who are not super familiar with this industry will see it as a cash grab and not see all the good uses of crypto that exist,” she said. “They worry this will give crypto a bad name.”

Part of that frustration centered on Trump’s recent emergence as a champion for all things crypto. During his 2024 presidential campaign, Trump made clear his support for crypto, speaking at the annual Bitcoin Conference and pledging to consider creating a “strategic bitcoin reserve” that would see the U.S. purchase billions’ worth of the cryptocurrency in a bid to encourage price support and adoption. Trump has also launched a line of NFTs, and his family launched a crypto banking platform last year. 

And Trump’s memecoin looked poised to be a major success, at least at first. The price of $TRUMP took off almost immediately, and by Saturday morning a single coin was trading at $75 — a 650% rise, at least, from its Friday launch price. Crypto enthusiasts who track transactions — many blockchains, including the one used by $TRUMP, are public-facing — reported some holders who had bought in early holding millions of dollars’ worth of the token. 

A Trump transition team spokesperson did not immediately respond to a request for comment. 

The $TRUMP surge suddenly reversed when another coin came on the scene — from Trump’s own spouse.

On Sunday afternoon, Melania Trump’s X account posted that her $MELANIA memecoin was live. Donald Trump’s X account reposted that message.

The price of $TRUMP immediately plunged upon $MELANIA’s appearance, with some suggesting demand for one would eat into interest in the other.

“$MELANIA coin is being viewed as a competitor against $TRUMP coin,” market commentary group The Kobeissi Letter wrote on X. “This has resulted in a sharp drop in demand for $TRUMP.”  

Later Sunday, a $BARRON coin also started to trade, further adding to the market concerns. However, $BARRON’s connection, if any, to Trump’s youngest son, Barron, or the Trump family was not clear. No official Trump social media accounts have posted about it.

As the price of $TRUMP began falling, backlash ensued. 

“Dear @realDonaldTrump : Please fire whoever recommended going forward with the Melania launch today,” Ryan Selkis, a longtime crypto advocate and political conservative, wrote on X on Sunday as the price of $TRUMP began to fall. “1. They don’t know what they’re doing. 2. They cost you a lot of $ and goodwill. 3. They don’t have your interests in mind.”

By Tuesday, the price of $TRUMP had not recovered from the decline. Still, shortly after Trump’s swearing-in, the combined holdings among the Trump- and Melania-related corporations that launched the coins were worth tens of billions, at least on paper, according to crypto news website CoinDesk — and possibly worth more. 

Because all holders’ wallets, including those of Trump and the coin’s creators, are visible on the blockchain, any transactions they’re involved in will be closely watched. And a large sell-off from those wallets would likely trigger a major price fall, according to Ari Redbord, head of legal and government affairs at TRM Labs, a firm that monitors crypto projects.

But Redbord said Trump’s celebrity adds a factor that’s worth watching.

“Obviously Trump, because of who he is, elevates a memecoin launch like nothing we’ve ever seen before,” he said. 

Trump has released a voluntary ethics document designed to limit private financial interests from shaping his official policy agenda.  

But the president’s involvement in the crypto project also raises questions over potential use by illicit actors or foreign governments, Redbord said. 

Consumers need to realize that there are “far fewer” protections with memecoins than traditional stocks, he said.

“It’s highly volatile,’ Redbord added, saying ‘consumers really need to understand what they’re investing in, because you’re going to lose big and you could potentially win big.”

Mark Cuban, a technology investor and ardent Trump critic who has also been involved in crypto, warned on X that the Trumps’ direct foray into the industry would usher in a new era of fraudulent activity, with unsavvy investors the victims.

“Hello every scam targeted at everyone and anyone who has no clue about crypto,” Cuban said on X on Monday about the coins. “Good bye whatever hope the crypto industry had of legitimizing itself.”

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“Ooh, that’s a big one,” Donald Trump said Monday as he signed an executive order – one of dozens during his first hours as president – to withdraw the United States from the World Health Organization.

What lies behind the move, and what could the impact be? WHO, the United Nations health agency that helps protect the health and security of the world’s people, receives about a fifth of its budget from the US.

Trump has blasted WHO as “corrupt” and accused it of ripping America off, and millions of Americans who voted for him are increasingly skeptical of the value of such international structures. But experts have warned that the withdrawal of WHO’s most influential member could harm global health.

In a statement Tuesday, the organization said it regretted the US decision, noting that it had, “over the past 7 years implemented the largest set of reforms in its history, to transform our accountability, cost-effectiveness, and impact in countries.”

The US withdrawal is the “most momentous” of all the executive orders signed Monday, said Lawrence Gostin, a public health law professor at Georgetown University, warning it “could be sowing the seeds for the next pandemic.”

Here’s how Trump’s decision could affect WHO and global health more widely.

What does WHO do?

WHO is one of several global institutions that emerged from the wreckage of World War II. After the world was torn apart by nationalism and conflict, countries agreed to sacrifice some aspects of their sovereignty for the common good.

The agency was founded in 1948 in an attempt to protect the world’s health. Its constitution, signed by all UN members at the time, warned that “unequal development” in the health systems of different countries was a “common danger.” The organization’s objective is “the attainment by all peoples of the highest possible level of health.”

Thomas Parran, then the US surgeon general, said WHO was more than a health agency, but a “powerful instrument forged for peace” that would “contribute to the harmony of human relations.”

Today, the agency works in more than 150 locations around the world, leads efforts to expand universal health coverage and directs the international response to health emergencies, from yellow fever to cholera and Ebola.

The agency has, however, been criticized for being inefficient, opaque, overly reliant on private donors and hamstrung by political concerns.

What has it achieved?

WHO’s most notable achievement was the eradication of smallpox, which marked a rare instance of cooperation between the US and the Soviet Union during the Cold War.

In 1967, the organization set the ambitious target of wiping out the disease in a decade. The last known case was in Somalia in 1977. By 1980, WHO could declare smallpox eradicated – the only infectious disease to achieve this distinction.

Because the organization is so large, its effects are often “diffuse,” said Francois Balloux, director of the Genetics Institute at University College London (UCL). He pointed to the near-universal upward trend in life expectancy since WHO’s founding as an achievement for which the agency also deserves credit.

More recently, it has led responses to disease outbreaks like Ebola in West Africa, which killed at least 11,000 of the more than 28,000 people infected from 2014-2016. Working with local authorities, WHO conducted research on the safety of a newly developed vaccine – which achieved near-perfect efficacy and helped stem the spread of the disease.

Why does Trump want to withdraw?

Trump first tried to exit WHO during his first term in 2020, accusing the organization of “severely mismanaging and covering up” the spread of Covid-19.

Trump has long said he believes the coronavirus originated in a laboratory in Wuhan, China, which Beijing has sought to obscure. Notably, WHO has shared some of Trump’s concerns and in December – five years since the first case of Covid-19 was detected – called for China to be more transparent to help the world understand how the pandemic began.

During his latest election campaign, Trump was more brazen, calling the organization “nothing more than a corrupt globalist scam” which “disgracefully covered the tracks of the Chinese Communist Party.”

By focusing on the origins of Covid-19, Trump has understated the role that WHO – spearheaded by the US – played in combating the virus once it began to spread, experts say.

Alan Bernstein, director of the Global Health initiative at the University of Oxford, said WHO was crucial in convincing China to release the genetic sequence early in 2020, which was the basis of the vaccines developed in the US.

There is also a financial aspect to Trump’s animosity. The president has previously said that the US contributes around $500 million a year to WHO, compared to China’s $40 million, despite its far larger population.

As he signed Monday’s executive order, Trump was asked whether, as president during Covid-19, he appreciated the importance of agencies like WHO.

“I do, but not when you’re being ripped off like we are,” he replied.

This worldview misses the benefits of cooperation, said Devi Sridhar, chair of global public health at the University of Edinburgh, Scotland.

What happens next?

It takes a year to withdraw fully from the agency – which is why Joe Biden was able to halt the US exit four years ago, in one of the first acts of his presidency.

But there are signs that the departure could be swifter this time. Monday’s executive order called on the secretary of state and director of the Office of Management and Budget to pause funding “with all practicable speed.”

Perhaps anticipating Trump’s exit, WHO launched a request earlier this month for $1.5 billion in funding to address 42 ongoing health emergencies. The organization declined to make that connection on a call with reporters on Friday, just days before Trump took office.

Tedros said Tuesday that he “regrets” Trump’s decision, stressing that the US also gains from the agency to which it contributes.

“For over seven decades, WHO and the USA have saved countless lives and protected Americans and all people from health threats. Together, we ended smallpox, and together we have brought polio to the brink of eradication. American institutions have contributed to and benefited from membership in WHO,” Tedros said.

Balloux, of UCL, said the decision could delay the eradication of polio and hamper efforts to combat tuberculosis and HIV.

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