#MEMEAct
Meanwhile, Democratic Senator Richard Blumenthal, a senior member of the Permanent Subcommittee on Investigations (PSI), said in a statement on May 6 that the committee is launching a preliminary investigation into the Official Trump token (TRUMP), the platform backed by Trump World Liberty Financial (WLFI) and other affiliated commercial companies.
As part of the investigation, the PSI sent letters to the company behind the Trump coin, Fight Fight Fight, and to WLFI, requesting records and communications between the companies and the Trump organization.
With his cryptocurrency plans, Trump is putting a "for sale" sign in front of the White House. Therefore, as a senior member of the Permanent Subcommittee on Investigations, I am initiating an investigation into this blatant corruption whose scope and scale are staggering.
At the same time, Senator Blumenthal indicates that the subcommittee is seeking answers about the measures that companies have taken to address potential conflicts of interest.
The main points of interest highlighted by the PSI include the fees that the president is receiving from the TRUMP token and the nearly 50% increase in its value, from $9.40 to $13.65, following the announcement on the TRUMP coin website on April 23, inviting the top 220 token holders to a gala dinner at the White House.
Shortly after its launch on January 18, the TRUMP coin reached its all-time high of $73.43, according to CoinGecko. However, it has since lost 85% of its value and is trading at $11.13.
