Senator Elizabeth Warren Wants TRUMP Coins Investigated
Senator Elizabeth Warren recently requested the government ethics office and US financial regulators look into the moral and legal issues surrounding Donald and Melania Trump’s cryptocurrency holdings.
Warren expressed “our profound concern regarding President Trump and First Lady Melania Trump’s decision to introduce two meme-coins, TRUMP and MELANIA, that enable them to profit extraordinarily from his Presidency.”
The meme coin “has massively enriched Trump personally, enabled a mechanism for the crypto industry to funnel cash to him, and created a volatile financial asset that allows anyone in the world to financially speculate on Trump’s political fortunes,” according to Warren, a prominent Democrat on the Senate Banking Committee who is well-known for her skepticism about cryptocurrency.
The possibility of unchecked and untraceable foreign influence over the US president is also raised by her assertion that “leaders of hostile nations” can secretly purchase these meme coins.
Trump made a surprise move by launching the Official Trump (TRUMP) meme coin. 20. A day after launch, it reached an all-time high of over $73, valued at $14 billion. Since then, it has fallen 57 percent to trade at about $34.
Warren and Representative Jake Auchincloss want the regulatory leaders to want legal definitions and regulatory authority over meme coins, measures to monitor and control illicit or foreign purchases, ethical guidelines that apply to the Trumps’ token holdings, and safeguards for individual investors. The top Democrat on the US House Financial Services Committee, Representative Maxine Waters, stated Trump’s meme-coin was a horrible concept. Lawyers anticipate Trump family members will result in a deluge of lawsuits.

