The driving force behind meme coins and why the launch of Donald and Melania Trump meme tokens sparked an outcry.

President Donald Trump’s goodwill in the cryptocurrency industry has taken a hit after he and his wife launched meme coins — a move critics say looks like an unseemly cash grab that undermines an effort to legitimize digital assets.

Awaiting Trump’s return to office, the cryptocurrency industry was thrilled by the president’s promises to provide clear-cut regulatory guidelines that would help the sector grow while easing the volatility it’s become notorious for.