Elizabeth Warren Calls for Probe into TRUMP Meme Coin Launch
The launch of the TRUMP meme coin has generated significant controversy. Massachusetts Senator Elizabeth Warren has called for an investigation into the legality and ethical implications of the tokens associated with Donald and Melania Trump.
- Warren expressed concerns about the potential for the Trumps to profit from their presidency through these meme coins.
- The TRUMP coin launched on January 20, quickly becoming the third-largest meme coin, reaching a market cap of $11 billion before falling over 50% to under $34.
- Crypto analyst Johnny believes the TRUMP coin is bottoming out and has invested in it, anticipating a price rebound.
Warren criticized the financial benefit to Trump and raised alarms about foreign entities potentially influencing U.S. politics through crypto acquisitions. She noted that the Trump Organization holds 80% of the TRUMP coin, leaving individual investors exposed to market volatility.
David Sacks, in response, characterized the TRUMP coin as a collectible rather than a conflict of interest, while Representative Maxine Waters also criticized the coin as representing the negative aspects of cryptocurrency.