The The Profitable Art of Dumb Meme Coins: Nicholas Anthony on Trump's $636M Gain & His Fans' $3.8B Loss

“Just because I think something is dumb doesn’t mean I think it should be illegal.” — Nicholas Anthony on meme coins   Earlier this month, Elizabeth Warren called for an SEC investigation of Donald Trump’s meme coin. Is the Pope Catholic? No surprise there. More revealing are other critics of the “presidential” token which netted our Grifter-in-Chief $636 million last year. Take, for example, Nicholas Anthony [https://www.cato.org/people/nicholas-anthony], an expert on crypto at the Cato Institute and author of Digital Currency or Digital Control? [https://www.cato.org/people/nicholas-anthony] It’s news when an unashamed libertarian from Washington’s own temple of free markets calls the president’s crypto adventure “completely unnecessary.” Maybe the Pope isn’t Catholic. Or maybe Elizabeth Warren should join the Cato Institute.   Anthony’s verdict is withering because, under his libertarian shell, he’s a crypto bro. The meme coin “has been a problem for everyone but Trump,” he argues, because it has held up legislation, invited investigations, and weaponized ethics concerns about crypto.   “We have no one to blame except Trump…” Anthony concludes bleakly. “He knew better than to do it, but he saw the opportunity and ran with it.”   When I accused Anthony of sounding like Elizabeth Warren, he was more amused than offended. Unlike the Warren crowd, however, he doesn’t want to ban crypto. “Just because I think something is dumb,” he says, “doesn’t mean I think it should be illegal.” So while Trump-style meme coins are a natural habitat for what he calls “rug pulls,” that shouldn’t be an excuse for lawmakers to pull the rug from the entire industry. Crypto can still revolutionize finance, Anthony believes. It can democratize centralized banking. It can make money fairer. Just don’t confuse that with a Melania meme coin.   Five Takeaways   •       A Hard No from Cato. The week’s most surprising critic of Trump’s meme coin isn’t a Democrat — it’s a Cato libertarian. Anthony’s verdict: “completely unnecessary,” legally gray but ethically indefensible, and “a problem for everyone but Trump” — stalling the crypto legislation the industry actually wants, inviting investigations, and handing opponents a weapon. The explanation is pure self-interest: the first-term Trump attacked crypto as competition to the dollar and pushed policies hostile to the space; the second-term convert was swayed by industry lobbying and campaign money, the opportunity for personal enrichment, and crypto’s libertarian-conservative DNA. “We have no one to blame except for Trump… He knew better than to do it, but he saw the opportunity and ran with it.” •       Dumb, But Not Illegal. The libertarian line in one sentence: “Just because I think something is dumb doesn’t mean I think it should be illegal.” Meme coins are “a trading card of sorts” — their value is the person behind them, held up only as long as people stay amused — and a natural habitat for rug pulls, where insiders manufacture interest and vanish with the proceeds. Anthony opposes bans; he demands disclosure, and insists fraud be prosecuted whether it’s snake oil from a cart or a token from a president. Hence the kicker: a Warren-style investigation of the sitting president is “perfectly reasonable,” and “if it turns out he was doing something behind the scenes, then I think he should be prosecuted for it.” From what he’s seen, the fans knew what they were buying — but the line between brilliantly marketed and fraudulently sold is exactly what investigations exist to draw. •       The Dollar Launders Better. Isn’t crypto the ideal vehicle for laundering money? “Not so much. The US dollar is definitely the ideal vehicle” — and remains the currency of choice for criminals worldwide. The numbers: rou