CNBC: Democratic lawmakers ask regulators to look into Donald and Melania Trump meme coins

Two senior congressional Democrats have asked multiple regulators to look into the propriety of meme coins issued by President Donald Trump and first lady Melania Trump.

Sen. Elizabeth Warren and Rep. Jake Auchincloss, both of Massachusetts, raised issues regarding the first couple using their respective offices for enrichment, along with the potential for "rug-pull" scams similar to what has happened with the other such tokens, as well as possible conflicts of interest.

"We write with deep concern about the decision by President Trump and First Lady Melania Trump to launch two meme coins, $TRUMP and $MELANIA, that allow them to earn extraordinary profits off his Presidency," the pair said in a letter obtained by CNBC.com.

"These coins do not create new faster, cheaper, and safer payments rails. These coins do not help people borrow more affordably. They do not improve the financial system in any way for consumers," they added.

The digital tokens have already generated billions of dollars on paper for the Trump family.

...

Read the full article here.

• Print
• Email
• Tweet