Senator Elizabeth Warren and Representative Jake Auchincloss have sent inquiries to federal agencies about potential ethical breaches by President Donald Trump over meme coin launches.
Concern Over TRUMP, MELANIA
In a letter dated January 22, lawmakers expressed concerns over TRUMP and MELANIA meme coins. According to them, cryptocurrencies allowed President to gain 'extraordinary profits' using his position. They noted Trump's family business and affiliates hold 80% of the TRUMP supply, significantly boosting his net worth. They also raised concerns about foreign influence that could arise from these coin purchases.
Questions for Regulators
Warren and Auchincloss posed numerous questions to government agencies regarding potential conflicts of interest and threats posed by meme coins. They inquired whether the President could benefit from crypto sales while appointing regulatory figures.
Next Steps
The final letter was directed to the U.S. Office of Government Ethics, the Treasury Department, the SEC, and the CFTC. Lawmakers expect all questions to be answered by February 4 regarding threats posed by meme coins and agency preparedness to respond.
The situation with the Trump family's meme coins remains under close scrutiny by lawmakers who seek to identify potential ethical and regulatory violations by the President and his associates.
