Memecoins have long traded in crypto markets, with Dogecoin perhaps the best-known example. Launched as a joke, the crypto has exploded in popularity over the years, with its price often riding on the whims of its backers — the best known of which is Elon Musk.

Congresswoman Maxine Waters, the ranking Democrat on House Financial Services Committee, called Trump memecoin project a worst of crypto.

The token launch is a big positive for crypto builders in the U.S. following the Biden administration crackdown on digital assets, the report said.