President Donald Trump promised crypto investors he’d usher in an era of legitimacy for an industry that’s long been relegated to the financial wilderness — dismissed by some mainstream investors as an highly speculative bet at best or an elaborate Ponzi scheme at worst.

As Trump becomes the 47th president, his entry into the cryptocurrency space through meme tokens marks an unprecedented intersection of power and digital assets.

Industry players worry the success of the president’s meme coin will undermine the credibility they have worked hard to cultivate.

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.

After skyrocketing over the weekend, the the TRUMP and MELANIA meme coins came crashing a day after President Donald Trump took office.

The filing comes on the first business day after last Friday's launch of the Trump crypto coin, which quickly grew into a notional value in the billions of dollars.

President Donald Trump and First Lady Melania Trump have both have issued crypto meme coins that could earn them billions of dollars. The move is raising ethics concerns as the president promotes the cryptocurrency industry while experts say he's in a position to make determinations about it.

As Trump is sworn back into office on Monday, $TRUMP topped the market cap, bringing along optimism for the cryptocurrency industry.