Donald Trump and his wife Melania’s new memecoins ignited criticism from crypto executives who were expecting the digital-asset sector to be treated seriously by the Republican’s incoming US administration.

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

A digital token debuted by President-elect Donald Trump has rattled the cryptocurrency market, attracting billions of dollars of trading volume while stoking concerns about conflicts of interest.

Meme coins are a strange and highly volatile corner of the crypto industry that often start as a joke with no real value but can surge in price if enough people are willing to buy

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.