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Representative Maxine Waters did not hold back in her comments while discussing Trump's official meme coin, calling it a scam that prevents investors from seeking legal recourse.
California Congresswoman Maxine Waters, the leading Democrat on the House Financial Services Committee, echoed the concerns of many cryptocurrency users and lawmakers, accusing President Donald Trump of compromising legitimate projects in the industry by issuing his own meme coin.
In a statement on January 20, Congresswoman Waters said that the Official Trump token (TRUMP) represents the "worst of cryptocurrencies" and serves as a warning to regulators and politicians to be concerned about the industry's future under the new presidential administration. The California legislator said investors will "be left in the lurch when Trump's insiders sell," claiming this is a tug of war.
"The terms of use for the coin do not allow buyers to file class action lawsuits, even if they have been defrauded," said Congresswoman Waters, adding:
"There is also a troubling lack of transparency surrounding the buyers of this coin. Through his meme coin, Trump has created a way to circumvent national security and anti-corruption laws, allowing interested parties to anonymously transfer money to him and his close associates."
The token was launched on January 17, the same day Trump’s wife Melania introduced her own branded meme coin. It received widespread criticism—even among some staunch supporters—for allegedly trying to profit from the presidency. In the last 24 hours, the coin's price fell by more than 40%, from $67.87 to $38.54 at the time of publication.
🎙️Representative Waters added:
"These actions by President Trump will further tarnish the crypto industry, which has long struggled for legitimacy and a level playing field with other financial institutions."
Actions regarding the inauguration process have nothing to do with cryptocurrency.
While many executives representing major crypto companies stated they would attend events related to Trump’s inauguration, the U.S. president has not discussed digital assets or blockchain since taking office at 12:00 PM Eastern Time. The technology was not mentioned in his inaugural speech on January 20, and—contrary to earlier reports—the administration's list of priorities did not include cryptocurrency.
At the time of publication, Trump had not yet signed a number of executive orders he promised to sign before taking office, including an order that could potentially create a strategic cryptocurrency for Bitcoin.
He also promised to commute the sentence of Silk Road founder Ross Ulbricht, who is currently serving a life sentence.
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I also bought this coin, posting this article and thinking how fun it is in the crypto world))🫣😅