Donald Trump, the U.S. President-elect stirred the crypto world by launching his meme coin, TRUMP, just days before his inauguration. While the coin has captured public attention, its legal and tax implications could lead to significant challenges for both Trump and investors.

A detailed thread by Fintax reflects on key concerns arising from the launch of TRUMP. A key question is whether TRUMP qualifies as a security under U.S. law. According to the Securities and Exchange Commission (SEC), cryptocurrencies issued through initial coin offerings (ICOs) are typically considered securities if they meet the criteria outlined in the Howey Test: an investment of money, an expectation of profit, a common enterprise, and reliance on the efforts of others.

Although Trump’s team has explicitly stated on the TRUMP website that the coin is “not a security” and has not promised future profits, the SEC has yet to issue specific guidance on memecoins. If TRUMP begins exhibiting characteristics of a security, it could fall under the SEC’s regulatory scrutiny.

The tax challenges associated with TRUMP are another pressing concern. According to the IRS, any profits from crypto investments are subject to capital gains tax. Trump’s team holds 80% of TRUMP’s supply, which will be unlocked in batches over the next three years.

Unlocking tokens itself isn’t a taxable event under U.S. tax law, as taxes are triggered only when assets are sold or traded. However, when TRUMP is sold or converted into other assets, capital gains taxes will apply based on the difference between the sale price and the acquisition cost. With TRUMP’s volatile price swings, determining its cost basis and calculating capital gains could become a logistical nightmare for tax compliance.

The launch of TRUMP also raises ethical questions about its use in political fundraising, as its potential to bypass traditional donation regulations could invite regulatory and public scrutiny. Moreover, if TRUMP’s value were to crash, Trump’s political reputation could suffer, fueling accusations of financial mismanagement or corruption.

The legal, tax, and ethical challenges surrounding the coin highlight the importance of scrutiny. While TRUMP has successfully amplified interest in meme coins, its long-term viability will depend on how it navigates these legal and compliance hurdles.

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