The imminent unlocking of Trump-themed memokines could add a new layer to the ongoing debate about US law during “Crypto Week” as Republicans gathered behind three digital asset bills this week.
According to multiple sources, the $90 million official Trump (Trump) token is scheduled to be unlocked this week, allowing holders to sell Memecoin, which was launched in January ahead of Trump’s second-year inauguration.
Unlocking will increase Memecoin’s distribution supply by 45%, marking one of the most significant increases as 200 million tokens are available at the launch on January 17th.
Unlocking the token follows Republicans losing their procedural vote, regulating payment stability, regulating central banks’ bar exploration and advancing the bill to establish a crypto market structure. Trump allegedly persuaded members of his party’s opposition to change the vote when the matter returned to the House floor on Wednesday.
The Memecoin project said at launch, 1 billion tokens will be slowly unlocked over three years. Nansen.AI data reverted to $10.09 at publication after Trump’s prices surged from $9.40 on Wednesday to $10.31.
Related: Trump promotes Memocoin as sentiment gauge as $520 million unlock approaches
Congress will vote for three crypto bills
On Wednesday, the majority of Congress voted to reconsider the bill’s package, including the US stability act or guidelines and establishment of a crypto market structure bill called the Genius Act, the Anti-CBDC Surveillance Act, and the Clarity Act.
The vote on the resolution failed in the House on Tuesday, but reportedly Trump reportedly revived in response to pressure on many of the 13 Republicans who voted for Nay.
Trump fired from many members of Congress for his crypto venture, including dinners for Memocoin and top holders, and dinners for stocks in Liberty Financial around the world, claiming his policy is intended as a payment to cryptocurrency executives and businesses that supported the 2024 campaign.
“$Trump’s Memecoin doesn’t serve its purpose,” the office of California representative Maxine Waters said on Sunday. “It’s only worth it because of Trump’s name and public profile. It’s just about extracting money from investors and selling access to the White House.”
House waters and other Democrats have proposed amendments specifically to address what is called “crypto corruption,” promoted by Trump and members of Congress. At the time of publication it was unclear whether there was sufficient support to pass any of the clauses.
magazine: Trump’s crypto ventures cause conflicts of interest, insider trading questions
