Sen. Elizabeth Warren calls foul on President Donald Trump’s meme coin, pushing the U.S. government’s Office of Ethics and Financial Regulatory Agencies to dig into ethical and regulatory details about the $Trump token. Masu.
Warren, the top Democrat on the Senate Banking Committee, which oversees U.S. financial regulators, said assets including First Lady Melania Trump’s own meme coin of the same name pose a conflict of interest risk to the president and are among the most destructive. We say emphasize the volatile corners. of the crypto sector.
“Almost overnight, President Trump and his wife’s net worth soared to $58 billion,” Warren wrote along with Representative Jake Auchincloss, a Massachusetts Democrat who serves on the House Energy Committee. “Anyone, including leaders of hostile countries, can covertly purchase these coins and increase unchecked, untraceable foreign influence over the President of the United States. $Melania.”
Trump’s token, which was launched on Friday ahead of this week’s inauguration and his company holds about 80% of the coins in circulation, rose rapidly from about $3 last week to almost $37 on Thursday. I did. The lawmaker opened up the possibility for Trump to “reap extraordinary benefits from his presidency.”
The letter was sent to the Treasury Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission. Warren and Auchincloss raised the point that Trump is in charge of appointing the permanent heads of these regulatory bodies that will make decisions that affect the future of his crypto tokens.
None of the three federal agencies immediately responded to CoinSc’s request for comment on the letter or whether they are reviewing tokens in other capacities.
“$Trump and $Melania pose a significant risk to President Trump’s ability to govern our nation fairly, to investors in these coins who may become victims of the rug President Trump has overseen.” ” Warren’s letter concluded.
The lawmaker joins other Democrats who have similarly raised concerns about Trump issuing these assets just before taking office. Rep. Gerry Connolly, the top Democrat on the House Oversight Committee, one day called for an investigation into a letter sent to the committee’s Republican chairman during Trump’s new term, and also called for an investigation into the global free finance and Tron blockchain. I brought up my relationship with founder Justin Sun. Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, also shared her alarm about Trump’s coin.
Read more: House Dem Warns About Corruption in Trump’s Crypto Business Moves