Key Points:
- Senator Elizabeth Warren has urged federal authorities to investigate whether President Donald Trump’s new cryptocurrency project, the $TRUMP token, is breaching ethical or regulatory norms.
- Warren, along with Representative Jake Auchincloss, submitted a request to the U.S. Office of Government Ethics and other regulatory bodies for a thorough review.
Senator Elizabeth Warren is calling foul on President Donald Trump’s meme coin, pressing for the U.S. Office of Government Ethics and financial regulatory agencies to delve into the ethical implications surrounding the $TRUMP token.
Warren, who serves as the leading Democrat on the Senate Banking Committee that oversees U.S. financial regulators, voiced concerns about potential conflicts of interest caused by the token and the associated assets, which including the First Lady’s own similar coin.
“Nearly overnight, President Trump and his wife’s net worth skyrocketed to $58 billion,” Warren wrote in a letter co-signed with Auchincloss. “Anyone, including the leaders of hostile nations, can covertly buy these coins, raising the specter of uninhibited and untraceable foreign influence over the President of the United States, all while President Trump’s supporters are left to shoulder the risk of investing in $TRUMP and $MELANIA.”
Launched just before his inauguration, Trump’s coin escalated from about $3 to nearly $37 quickly. Warren and Auchincloss have raised alarm over Trump potentially profiting substantially from these assets.
The request has been forwarded to several federal agencies, including the Treasury Department and the SEC, without immediate responses regarding their review of the tokens.
“$TRUMP and $MELANIA present grave risks to President Trump’s ability to impartially govern our nation — and to investors in these coins, who may be made victims of a rug pull scheme orchestrated by the Trump family,” Warren’s letter concluded.
The implications of Trump’s coin have garnered attention, resonating with fellow Democrats who have similarly raised alarms regarding the issuance of these assets just ahead of his swearing-in. Specific concern has been highlighted by Representative Gerry Connolly regarding connections to World Liberty Financial and its ties to Justin Sun of the Tron blockchain.
