President Donald Trump's new bizarre crypto "memecoins" has led to widespread mockery online over his supporters losing money, as well as general disgust from some cryptocurrency backers who believe it's giving the entire space a bad name.

But there's something potentially more sinister going on here, columnist Catherine Rampell wrote for The Washington Post: a potential new way for foreign entities to buy influence in the Trump administration.

"The Trumps have been trying to get into crypto for a while, and they saw an opportunity to cash in this weekend," wrote Rampell. "Just as Trump sold his MAGA devotees Trump-branded Bibles and sneakers, he has now sold them a Trump memecoin. Of course, if someone pays $60 for a Trump-branded Bible, they may have overpaid, but at least they got a holy book in exchange; if you lose all your savings on Trump’s memecoin, you have nothing to show for it."

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Cryptocurrency, once hailed as a futuristic technology that would revolutionize the exchange of money, is becoming just another kind of investment product like stocks and bonds.

"Unlike stocks, however, memecoins have no cash flow, no fundamental value. There’s no claim to a business’s future profits, nor even the pretense of a business model. There’s no clear use case; no one is pretending $TRUMP will be used in real-world transactions to pay for groceries or a haircut, or to send remittances," wrote Rampell. "Rather, people buy memecoins such as $TRUMP solely because they think someone else might be willing to pay more for them someday. It’s basically a whizbang-sounding Ponzi scheme."

At least, that's how it's currently being used, she noted — but there is one more chilling possibility.

"This memecoin has now become the easiest, most convenient way to do that. The Saudis no longer need to stay at one of Trump’s hotels — or merely pretend to — to line the president’s pockets; they can flash their digital wallet to show how much they’ve boosted his net worth," wrote Rampell. "After all, every dollar they put into propping up the value of Trump’s memecoin will effectively add cash to Trump’s bank account, emoluments clause be damned."

Ultimately, wrote Rampell, when Trump stated in his inaugural address that “for many years, a radical and corrupt establishment has extracted power and wealth from our citizens,” it's possible "his objection was that the old establishment simply wasn’t tech-savvy enough."

Full text of PMO Press Release following National Security Committee (NSC) — the top security body — meeting on Thursday following India’s aggressive measures against the country in the wake of an attack in India-held Kashmir’s Pahalgam.

Prime Minister Muhammad Shehbaz Sharif chaired a meeting of the National Security Committee (NSC), today. The participants discussed the national security environment and the regional situation, particularly in the wake of Pahalgam attack in the Anantnag District of Indian Illegally Occupied Jammu and Kashmir (IIOJK) on 22 April 2025.

Expressing concern over the loss of tourists’ lives, the Committee reviewed the Indian measures announced on 23 April 2025 and termed them unilateral, unjust, politically motivated, extremely irresponsible and devoid of legal merit.

The National Security Committee made the following observations: Kashmir remains an unresolved dispute between Pakistan and India as recognized through multiple UN resolutions. Pakistan continues to support the right of self-determination of the Kashmiri people. The continued Indian state oppression, abrogation of statehood, political and demographic gerrymandering, has persistently led to an organic backlash from the people of IIOJK, which perpetuates cycles of violence. India’s systemic persecution of minorities, particularly Muslims, has become more pervasive. Attempts at forced passage of Waqf Bill is the latest effort to marginalize Muslims across India.

India must resist the temptation to exploit such tragic incidents to its advantage and take full responsibility for its failure to provide security to the people

Pakistan unequivocally condemns terrorism in all its forms and manifestations. As the world’s front-line state against terrorism, Pakistan has suffered immense human and economic losses. Indian attempts to inject volatility in the environment along Pakistan’s Eastern borders is aimed at distracting Pakistan’s counter-terrorism efforts. In the absence of any credible investigation and verifiable evidence, attempts to link the Pahalgam attack with Pakistan are frivolous, devoid of rationality and defeat logic

India’s worn-out narrative of victimhood cannot obfuscate its own culpability in fomenting terrorism on Pakistan’s soil, nor can it distract attention from its systematic and state sponsored oppression and human rights violations in IIOJK.

Contrary to Indian claims, Pakistan has in its custody incontrovertible proof of Indian-sponsored terrorism in Pakistan, including the confession of a serving Indian Navy officer, Commander Kulbhushan Jadhav, who remains a living testament to India’s state-sponsored terrorist activities.

The National Security Committee deplored the implicit threat contained in the Indian statement of 23 April 2025. The international community ought to remain mindful of India’s state sponsored extraterritorial assassinations or attempts on foreign soil. These heinous acts were carried out in blatant violation of international law as recently exposed by Pakistan along-with various other states with undeniable evidence. Pakistan will pursue all those responsible, planners and perpetrators alike and ensure that justice is served. Any threat to Pakistan’s sovereignty and to the security of its people will be met with firm reciprocal measures in all domains.

India should refrain from its reflexive blame game and cynical staged managed exploitation of incidents like Pahalgam to further its narrow political agenda. Such tactics serve only to inflame tensions and obstruct the path to peace and stability in the region.

Extremely irresponsible warmongering Indian state controlled media, fueling volatility in the regional calculus is reprehensive, which requires serious introspection.

The Committee decided the following:

• Pakistan vehemently rejects the Indian announcement to hold the Indus Waters Treaty in abeyance. The Treaty is a binding international agreement brokered by the World Bank and contains no provision for unilateral suspension. Water is a Vital National Interest of Pakistan, a lifeline for its 240 million people and its availability will be safeguarded at all costs. Any attempt to stop or divert the flow of water belonging to Pakistan as per the Indus Waters Treaty, and the usurpation of the rights of lower riparian will be considered as an Act of War and responded with full force across the complete spectrum of National Power.

• Noting the reckless and irresponsible behaviour of India, which disregards international conventions, UN Security Council Resolutions and international obligations at will, Pakistan shall exercise the right to hold all bilateral agreements with India including but not limited to Simla Agreement in abeyance, till India desists from its manifested behaviour of fomenting terrorism inside Pakistan; trans-national killings; and non-adherence to international law and UN Resolutions on Kashmir.

• Pakistan shall close down the Wagah Border Post, with immediate effect. All cross-border transit from India through this route shall be suspended, without exception. Those who have crossed with valid endorsements may return through that route immediately but not later than 30 April 2025.

• Pakistan suspends all visas under SAARC Visa Exemption Scheme (SVES) issued to Indian nationals and deems them cancelled with immediate effect, with the exception of Sikh religious pilgrims. Indian nationals currently in Pakistan under SVES are instructed to exit within 48 hours, less Sikh pilgrims.

• Pakistan declares the Indian Defence, Naval and Air Advisors in Islamabad persona non grata. They are directed to leave Pakistan immediately but not later than 30 April 2025. These posts in the Indian High Commission are deemed annulled. Support staff of these Advisors are also directed to return to India.

• The strength of Indian High Commission in Islamabad will be reduced to 30 diplomats and staff members, with effect from 30 April 2025.

• Pakistan’s airspace will be closed with immediate effect for all Indian owned or Indian operated airlines.

• All trade with India including to and from any third country through Pakistan is suspended forthwith.

The National Security Committee underscored that Pakistan and its Armed Forces remain fully capable and prepared to defend its sovereignty and territorial integrity against any misadventure, as clearly demonstrated by its measured yet resolute response to India’s reckless incursion in February 2019.

In conclusion, India’s belligerent measures have vindicated the Two- Nation Theory as well as the apprehensions of Quaid- E- Azam Muhammad Ali Jinnah, as encapsulated in the 1940 Pakistan Resolution, which continues to echo the sentiments of the complete Pakistani Nation.

The Pakistani Nation remains committed to peace, but will never allow anyone to transgress its sovereignty, security, dignity and their inalienable rights.