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.

The new president's $TRUMP coin won't surprise those who understand him but will likely vex some powerful people, SkyBridge's Anthony Scaramucci said.

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