“Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’,” a disclaimer on the $TRUMP coin website reads. “And are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”

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.