Days before his inauguration, President Donald Trump unveiled his own cryptocurrency called $TRUMP. The move raised eyebrows among experts in the field as it may entail a conflict of interest or undermine the adoption of the emerging technology.

The token started to bounce back after SEC acting Chair Mark Uyeda unveiled a new team tasked with “developing a comprehensive and clear regulatory framework for crypto assets.”

Crypto analysts report 6,800 fraudulent tokens and 91 fake dApps since $TRUMP made its $72 billion debut, as reported by Crypto News. The coin, which President Trump admitted himself that he “didn’t know much about,” was launched to great success, achieving a market cap of $72 billion 48 hours before its launch.

President Donald Trump launched his own cryptocurrency on Jan. 17, just a few days before the fascist leader took office for a second time. And while the memecoin, known as $TRUMP, is clearly a way for the president to profit from the presidency,