Democrat Senator Elizabeth Warren, a long-time crypto critic, is reportedly calling on the U.S. Office of Government Ethics and financial regulatory agencies to investigate the ethical and regulatory implications of the $TRUMP token.
Warren, who also serves on the Senate Banking Committee, argues that assets like First Lady Melania Trump’s $MELANIA meme coin pose significant conflict-of-interest risks for the president and represent one of the most dangerous and volatile aspects of the crypto sector.
In a letter co-written with Representative Jake Auchincloss, Warren urged the Treasury Department, Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) to take action. The letter noted that Trump and his wife’s net worth had skyrocketed to $58 billion almost overnight. “This raises concerns about foreign influence, as anyone — including leaders of hostile nations — can secretly buy these coins. Meanwhile, Trump’s supporters bear the financial risk of investing in $TRUMP and $MELANIA,” the letter stated.
Warren further warned that the $TRUMP and $MELANIA tokens present “grave risks to President Trump’s ability to impartially govern our nation — and to investors in these coins, who may fall victim to a rug-pull scheme orchestrated by the Trump family.”
Trump’s token, launched shortly before his inauguration, surged in value from around $3 last week to $33.25, and has reached a market cap of $6.44 billion.
Democrat Senator Elizabeth Warren isn’t the only one criticizing Trump’s actions. Democrat Representative Sean Casten on the House Financial Services Committee, accused Trump of prioritizing personal gain over ethical governance.
Representative Gerry Connolly , another Democrat from the House Oversight Committee also called for an investigation. In a letter to the committee’s Republican chairman, sent just one day into Trump’s new term, Connolly raised concerns about World Liberty Financial and its links to Tron blockchain founder Justin Sun.
Also Read: Fake Token $BARRON Launched Amid $TRUMP and $MELANIA Buzz