Trump’s memecoin has taken off since debuting late Friday night. Not everyone in crypto is thrilled. President-elect Donald Trump and his family are using the final days before he is sworn in as the 47th president to launch a new cryptocurrency product. It isn’t welcome news to everyone in the crypto industry.

"The reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun," Sacks said, speaking on Friday at the so-called crypto ball event, intended to drive support for Trump among the crypto community and demonstrate its value to the incoming administration.

Donald Trump launched $TRUMP cryptocurrency, a meme coin, days before his inauguration. It quickly reached over $32 billion in value.