It's hilarious chutzpah. They're advertising it as a "fungible crypto asset," fit for trading via blockchain and trumpeting how many will be distributed, during what time period, etc. Sounds a hell of a lot like a crypto currency.
@snarlcakes
Yet the ad material also says "Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol "$TRUMP" and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type."
Wonder if we'll be testing more legal waters soon to see if the SEC can go after a sitting President?