The TRUMP token made headlines again after U.S. President Donald Trump took to Truth Social and declared it "the greatest of them all." The bold proclamation immediately sent ripples across the crypto market, with the memecoin spiking by 12% during Asian trading hours, according to CoinGecko. Trading volumes surged as the token climbed from $10.93 to a high of $12.25, before cooling slightly to $11.91 — still up around 9% for the day.

Trump’s post not only sparked enthusiasm among his supporters but also re-energized crypto investors who had been watching the token's volatile ride since its January debut. Despite facing a dramatic 75% crash earlier this year, the $TRUMP token has consistently made headlines thanks to its direct association with the President. Monday's rally officially made it the best-performing digital asset of the Asia trading session, beating out other notable tokens like Ethena, Bonk, and Mantle.

However, the political fallout from this memecoin phenomenon continues to build. House Democrats, led by Rep. Sam Liccardo, have introduced the MEME Act — a piece of legislation aimed at preventing elected officials and their families from profiting off meme-based crypto assets. The act directly references the $TRUMP token and warns of potential misuse, including insider trading and foreign manipulation. In a statement, Rep. Liccardo criticized the Trump family for what he described as "exploiting the public through meme coins," and stressed that the MEME Act's restrictions would also cover assets like Truth Social stock.

Amid the growing scrutiny, the Securities and Exchange Commission clarified that memecoins like $TRUMP do not qualify as securities and are therefore outside of its regulatory oversight. This statement offers some breathing room for meme coin developers and investors, but it also underscores the legal gray area in which these assets exist.

With the 2024 U.S. elections on the horizon and Trump's influence on both political and crypto circles still going strong, the $TRUMP token is likely to remain in the spotlight. Whether it’s a flash-in-the-pan rally or a longer-term trend, one thing is clear — a single post from the President can still move markets in a big way.