Elizabeth Warren Joins Calls to Investigate Trump Over Crypto Tokens
Senator Elizabeth Warren called for an investigation into the ethical and legal issues surrounding the memecoins TRUMP and MELANIA issued by Donald and Melania Trump , accusing them of profiting from the presidency.
Senator Warren , a well-known crypto skeptic, accused the memecoins TRUMP and MELANIA of enriching Trump, creating a mechanism for transferring money from the crypto industry, and posing a risk of political speculation. She warned of the risk of hostile nations secretly buying memecoin, leading to uncontrolled foreign influence over the US President.
Trump previously launched the memecoin TRUMP before his inauguration on January 20, peaking at over $73 with a market cap of $14.5 billion but falling 57% to $32. Melania – Trump’s wife also launched the memecoin MELANIA on January 19 , peaking at $13 before falling to around $2.5.
Warren said the Trump Organization, controlled by the Trump family and its affiliates, holds 80% of the TRUMP memecoin , leaving the remaining 20% of investors “ to bear the cost of the coin’s price volatility .”
Senator Warren expressed concerns about conflicts of interest, arguing that Trump, as president, could influence the appointment of the head of the cryptocurrency regulator.
The letter was sent to the heads of US financial and ethics agencies, including David Huitema , Mark Uyeda , David Lebryk and Caroline Pham .