President Donald Trump’s goodwill in the cryptocurrency industry has taken a hit after he and his wife launched meme coins — a move critics say looks like an unseemly cash grab that undermines an effort to legitimize digital assets.

Trump and Melania-themed digital tokens minted billions on paper for the first family while raising conflict-of-interest and foreign-influence concerns.

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