Coinspeaker
TRUMP Meme Coin Launch to Be Probed? Elizabeth Warren Cites Conflict of Interest
The TRUMP
TRUMP
$30.19
24h volatility:
13.7%
Market cap:
$6.05 B
Vol. 24h:
$3.46 B
meme coin launch last weekend has stirred major discussions as the altcoin faced massive volatility recently. Anti-crypto Massachusetts Senator Elizabeth Warren has asked US financial regulators along with the government ethics office to probe the legality and ethical concerns with the launch of Donald and Melania Trump’s crypto tokens.
In a letter on January 22, Warren wrote:
“We write with deep concern about the decision by President Trump and First Lady Melania Trump to launch two meme coins, TRUMP and MELANIA, that allow them to earn extraordinary profits off his Presidency.”
Two days before Donald Trump took office on January 20, the US President launched his TRUMP meme coin on the Solana blockchain triggering a massive market frenzy. In less than three days, TRUMP emerged as the third-largest meme coin after Dogecoin
DOGE
$0.35
24h volatility:
0.8%
Market cap:
$51.70 B
Vol. 24h:
$2.05 B
and Shiba Inu
SHIB
$0.000020
24h volatility:
1.3%
Market cap:
$11.71 B
Vol. 24h:
$295.72 M
, with its market cap soaring to $11 billion at one point. However, since the top of $75, the TRUMP price has corrected by more than 50% and is currently trading under $34.
However, popular crypto analyst Johnny believes that the TRUMP coin is forming a bottom. Johnny, has entered a new position in the TRUMP meme coin, citing recent price movements. The trader noted that the coin had swept the FUD (fear, uncertainty, and doubt) lows and reclaimed market levels. He expects the TRUMP price to bounce back strongly moving ahead.
Source: Johnny
TRUMP Meme Coin Benefits the President, Says Senator Warren
Democrat Elizabeth Warren has been one of the influential figures within the Senate Banking Committee and is popular for her involvement in Operation Choke Point 2.0. She added:
“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.”
She further alleged that “leaders of hostile nations” could secretly acquire TRUMP and MELANIA
MELANIA
$2.47
24h volatility:
11.4%
Market cap:
$370.55 M
Vol. 24h:
$155.99 M
meme coins, potentially enabling unregulated and untraceable foreign influence over the President of the United States.
Senator Warren also stated that the Trump Organization, controlled by the Trump family and its affiliates holds a massive 80% of the TRUMP meme coin. This leaves the other 20% of investors “to bear the cost of coin’s price volatility”.
David Sacks Denies Conflict of Interest with Meme Coin Launch
The senator expressed concerns about potential conflicts of interest, noting that as president, Trump would appoint leaders to agencies responsible for regulating the crypto sector, potentially compromising impartial governance.
However, in an interview with Fox Business, crypto czar David Sacks addressed this matter. Sacks stated that he views Trump Coin as a collectible, similar to a baseball card, and does not see it as a potential conflict of interest for the President.
However, Senator Warren is not alone in her criticism of the TRUMP meme coin launch. Representative Maxine Waters, the leading Democrat on the US House Financial Services Committee, described the Trump meme coin on January 20 as embodying “the worst of crypto”.
TRUMP Meme Coin Launch to Be Probed? Elizabeth Warren Cites Conflict of Interest
