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.

President Trump is facing backlash after he and first lady Melania Trump launched two cryptocurrency tokens just days before his inauguration. While the move sparked predictable criticism

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