Democratic Senator Elizabeth Warren is calling for a full investigation into cryptocurrencies recently launched by Donald Trump and Melania Trump, citing major concerns about ethics and potential conflicts of interest.
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Warren takes on Trump family tokens
Launch of TRUMP and MELANIA memecoins raises concerns in the American political sphere. The Democratic Senator Elizabeth Warrenparticularly concerned, called on financial regulators concerning these cryptos of the Trump family, pointing to major ethical and national security risks.
In a letter dated January 22 sent to the regulatory authorities and the government ethics office, the senator expresses her concerns:
Warren alert in particular about the risk of “leaders of hostile nations ” could train these tokens anonymously, creating a covert channel of influence over a potential future president.
The timing of this launch, on the eve of the presidential inauguration, only amplified these concerns. The TRUMP token experienced a spectacular rise, reaching $73 with a capitalization of $14.5 billion, before dropping 57% to settle at around $32. The MELANIA token, launched on January 19, followed a similar trajectory, peaking at $13 before falling back to $2.60.
Increasing criticism from influential figures
Criticism of presidential memes is on the rise in the political and financial spheres. The representative Maxine Waters doesn’t hesitate to call Trump memecoin “the worst crypto ever”, joined by influential figures like Cathy Wood, CEO of ARK Investwho refuses to invest in these tokens, judged to be of no real use.
Faced with these concerns, Warren and representative Jake Auchincloss have set a February 4 deadline for clarification on several critical points: ethical rules applicable to assets Trump the control of foreign transactions, the legal framework for memecoins and the protection of retail investors.
This debate is part of a rapidly changing American crypto landscape, marked in particular by the strategic appointment of Cynthia Lummis, known for her pro-crypto stance, to head the Senate crypto subcommittee.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
