"The reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun," Sacks said, speaking on Friday at the so-called crypto ball event, intended to drive support for Trump among the crypto community and demonstrate its value to the incoming administration.

President-elect Donald Trump promised a crypto-friendly administration. Days before taking office a second time, he began selling a new cryptocurrency. Named $TRUMP, the project is a meme coin, a type of crypto whose value is based largely on the popularity of internet memes.

Donald Trump and his wife Melania’s new memecoins ignited criticism from crypto executives who were expecting the digital-asset sector to be treated seriously by the Republican’s incoming US administration.