By associating himself so closely with meme coins, some crypto fans worry that Trump hurts his chances to help the wider crypto industry.

President Donald Trump promised crypto investors he’d usher in an era of legitimacy for an industry that’s long been relegated to the financial wilderness — dismissed by some mainstream investors as an highly speculative bet at best or an elaborate Ponzi scheme at worst.

Industry players are concerned that the success of the president’s meme coin will undermine the credibility they have worked hard to cultivate.