Democratic lawmaker says TRUMP coin represents the ‘worst of crypto’
Representative Maxine Waters did not mince words discussing Trump’s official memecoin, calling it a rug-pull scheme that left investors unable to seek legal action.
California Representative Maxine Waters, the top Democrat on the US House Financial Services Committee, echoed concerns from many crypto users and lawmakers accusing President Donald Trump of compromising legitimate projects in the industry by releasing his own memecoin.
In a Jan. 20 statement, Rep. Waters said the Official Trump (TRUMP) token represented the “worst of crypto” and provided an example for regulators and policymakers to be concerned about the future of the industry under the new presidential administration. The California lawmaker said investors would be “left holding the bag when Trump’s insiders sell,” alleging a rug pull.
“The coin’s terms and conditions block buyers from bringing class-action lawsuits even if they are swindled,” said Rep. Waters, adding:
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Author: Turner Wright
