Democratic Lawmakers Call for Probe Into $TRUMP and $MELANIA Meme Coins Over Consumer Risks and Foreign Influence

Jan 24, 2025, 02:12 PM

Democratic lawmakers, including Senator Elizabeth Warren and Representative Jake Auchincloss, have urged federal regulators to investigate the launch of meme cryptocurrency coins associated with President Donald Trump and First Lady Melania Trump, named $TRUMP and $MELANIA. The lawmakers expressed concerns over potential conflicts of interest, consumer risks such as scams, and the possibility of foreign influence through the purchase of these tokens. The investigation request was sent to the Office of Government Ethics, the Department of the Treasury, the Securities and Exchange Commission, and the Commodity Futures Trading Commission. The lawmakers highlighted that these meme coins could allow the Trumps to profit significantly from the presidency, raising ethical questions about the use of public office for personal gain.