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

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.

President Donald Trump and First Lady Melania Trump have both have issued crypto meme coins that could earn them billions of dollars. The move is raising ethics concerns as the president promotes the cryptocurrency industry while experts say he's in a position to make determinations about it.