This is a form of "honest graft":

From the Robert Malone substack:

The $TRUMP memecoin — a financial asset that didn't exist on Friday afternoon — now accounts for about 89% of Donald Trump's net worth.

Why it matters: The coin (technically a token that's issued on the Solana blockchain) has massively enriched Trump personally, enabled a mechanism for the crypto industry to funnel cash to him, and created a volatile financial asset that allows anyone in the world to financially speculate on Trump's political fortunes.

After another massive overnight rally, as of Sunday morning Trump's crypto holdings were worth as much as $58 billion on paper, enough -- with his other assets -- to make him one of the world's 25 richest people.

Where it stands: While the Biden administration broadly took the view that memecoins like $TRUMP are securities subject to SEC regulation, the incoming Trump administration has pledged to be much more crypto-friendly and to regulate such coins with a light or nonexistent touch.

For the record: The coin's official website, GetTrumpMemes.com, urges visitors to buy coins with either dollars or crypto in order to "Celebrate Our Win & Have Fun!"

The coin is "not intended to be... an investment opportunity," per the site, which says that it "has nothing to do with any political campaign or any political office."

That hasn't stopped investors from making millions by speculating on the price of the coin, which was launched while Trump was reportedly hosting a "Crypto Ball" in Washington.

By the numbers: Some 200 million of the 1 billion total coins have already been released and are being actively traded. The rest, which are owned by Trump-controlled entities, will be able to be sold at various points over the next three years, starting in April.

On average, Trump's companies will be able to sell some 24 million coins per month into the market, which at current prices (which keep moving), would amount to an income of $1.73 billion per month, or $20.7 billion per year. (Although no one has a clue what the value of the coin will even be this afternoon, let alone three years from now.)

Not to be outdone, Melania Trump launched her own coin MELANIA Sunday night, almost immediately achieving a market capitalization north of $5 billion.

Flashback: During the first Trump administration, there were worries that individuals were able to enrich the president by staying at his hotel in Washington.

Since then, Trump has listed a meme stock where he controls more than 50% of the shares — and, now, has a meme coin that's even less tethered to reality.

Both of them represent a much more direct way of funneling money to Trump than staying at his hotel did.

Between the lines: The emoluments clause of the Constitution, written in 1787, hardly envisaged a world where a president could conjure billions of dollars of wealth out of nowhere just by endorsing a meme.

In the present day, it's impossible to track who's going to be buying this coin over the next three years and thereby directing their money directly at Trump.

Given the Supreme Court's expansive view of presidential immunity, there's a good chance that any such action will be deemed lawful.

The bottom line: Trump has just delivered a masterclass in the ability of a president to turn power into wealth.

All of this reminds me that, despite all that I may know or think I understand, there are layers and layers of issues and undercurrents at play here that are way above my pay grade.