Trump Sues New York Times for $15B, Citing Harm to Solana Meme Coin Project
Donald Trump escalates his legal battles against major media outlets with a $15 billion defamation lawsuit, while his meme coin ETF proposal faces regulatory hurdles amid steep token losses.
President Donald Trump filed a $15 billion defamation lawsuit in Florida state court against The New York Times, naming the company, multiple reporters, and Penguin Random House. The suit alleges defamatory reporting and a book publication caused reputational damage and billions in losses, including to Trump Media’s stock. Trump accused the Times of election interference and cited its endorsement of Kamala Harris in 2024 as an illegal campaign contribution. The case follows previous lawsuits against The Wall Street Journal, ABC News, and CBS. In parallel, Canary Capital filed to launch a U.S. spot ETF tied to Trump’s meme coin, TRUMP, though analysts doubt SEC approval due to lack of a futures market. The token trades at $8.59, down 88% from its January peak of $73.43, with volumes collapsing from $36 billion to $300 million. Despite the decline, Trump and his family have earned over $620 million from digital assets, which now represent 9% of his $6 billion fortune.
- Meme Coin: A cryptocurrency created as a meme or joke, often experiencing high volatility driven by online trends and community sentiment.
- Exchange-Traded Fund (ETF): An investment fund traded on stock exchanges, holding assets such as stocks or, in this case, cryptocurrencies.
- Spot ETF: An ETF that directly holds the underlying asset, such as Bitcoin or a meme coin, rather than derivatives like futures contracts.