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3471YouTuber and crypto critic Coffeezilla is getting a good laugh at the chaos unfolding in the memecoin world.
After the SEC clarified that non-utility memecoins aren’t considered securities, it didn’t take long for someone to throw a wrench in the system, and that someone was President Donald Trump.
The move has sparked confusion, criticism, and plenty of jokes in the crypto community.
“Extremely funny to see the SEC change its rules on memecoins to carve out non-utility memecoins as non-securities, making the President’s coin fully legal,” Coffeezilla posted on X.
“Only to have $TRUMP coin offer utility with a Presidential dinner for top holders.”
The confusion stems from how quickly the situation evolved.
The SEC’s clarification seemed like it would simplify the crypto space, but instead, the $TRUMP coin’s sudden addition of utility has complicated things even further, raising serious questions about how the rules are applied.
$TRUMP Coin’s Big Offer: Dinner with the President
$TRUMP coin announced that the top 220 holders would get to attend a black-tie optional dinner with Trump at his private club in Washington, D.C., on May 22.
The top 25 holders are also promised a VIP reception, plus a White House tour the next day.
The event is being marketed heavily on the coin’s official site, complete with a public leaderboard showing top holders by username.
The announcement sent the token soaring 56% in just 24 hours, pushing its total market value to $2.7 billion.
Traders flooded in, driven by a mix of FOMO and political excitement, creating a textbook overbought setup according to market watchers.
According to blockchain analytics firm Chainalysis, Trump and his allies made nearly $900,000 in trading fees within two days of the dinner news breaking.
Critics argue that it’s a clear attempt to monetize presidential access, something that has rarely, if ever, been seen at this level.
Sen. Chris Murphy (D-CT) strongly criticized the move, calling the sale “the most brazenly corrupt thing a President has ever done. Not close.”
Trump’s Control Over the $TRUMP Supply
About 80% of the $TRUMP token supply is controlled by Trump-affiliated wallets, and since its January launch, insiders have earned over $324 million in trading fees.
The project’s website reveals that most of the token supply remains locked under a three-year vesting schedule to avoid sudden mass sell-offs.
While lockups like this are supposed to protect everyday investors, critics remain skeptical.
Delaney Marsco, ethics director at the Campaign Legal Center, told NBC News that while not technically illegal, the situation “has the appearance of a pay-to-play” and “violates decades of norms” that every modern president has typically adhered to.
Adding to the concerns, Democratic Sens. Adam Schiff of California and Elizabeth Warren of Massachusetts are urging the U.S. Office of Government Ethics to investigate whether the dinner promotion constitutes “pay to play” corruption.
Coffeezilla Also Weighs In on $HAWK Coin Collapse
Meanwhile, Coffeezilla didn’t stop at just roasting $TRUMP coin.
He also called out the SEC for dropping its investigation into Haliey Welch’s $HAWK meme coin—which collapsed 95% within hours of launching—with no penalties. “Crime is legal,” he posted on X, summing up the frustration felt across the crypto community.
Welch, who went viral as the “Hawk Tuah” girl in 2024, has since said she’s finished with crypto. Instead, she is turning her attention to her “Talk Tuah” podcast and an upcoming documentary project.
Coffeezilla revealed that her legal team invited him for a “friendly” long-form conversation about crypto, but he declined, citing a lack of transparency regarding the $HAWK launch.
Reactions online have been mixed. Some argue that Welch didn’t technically break any laws, while others believe the SEC’s decision reflects a troubling gap in consumer protections.
The fallout has only deepened cynicism about the crypto market’s oversight.
Absurd Times for Memecoins and Regulation
As memecoins continue to blur the lines between internet culture, finance, and politics, Coffeezilla’s commentary captures the absurdity of the current moment.
“‘Hold enough memecoin—meet the President’ is a wild state of affairs,” he wrote.
With the SEC’s recent moves and the explosive growth of politically themed tokens like $TRUMP, the memecoin space is undoubtedly entering uncharted territory.
Whether it results in serious reform or even more chaotic moments remains to be seen, but for now, the wild ride continues—and Coffeezilla is there to document every twist and turn.
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