Two Democratic members of Massachusetts have sent a letter to various regulatory authorities calling Trump and Mrs. Mr Melania Trump to start surveys on recently launched Memcoin.
letterIt was signed by Senator Elizabeth Warren (Democratic Party, Massachusetts, Massachusetts) and House of Representatives Jake Orchinkross (Democratic Party, Massachusetts), and sent to the Government Bureau, the Ministry of Finance, and the Securities Transactions Committee, and the Product Future Trade Bureau. commission.
The letter is asking regulatory authorities how to deal with the “unprecedented concern” brought to the Memcoin released last week.
“We are concerned with the decision that President Trump and Mrs. Mrs. Melania Trump will issue two Memes coins $ trump and $ melania, which can make extraordinary benefits during the term of the President. I will write, “said the members.
At a press conference on Tuesday, after returning to the White House, Trump asked a reporter if he would continue to make a product that would benefit himself, such as Memcoin.
The reporter told the president that the cryptocurrency has earned billions of dollars in the last few days. The president ignored the amount.
This coin became President Trump's first official cryptocurrency. This was announced before the inauguration ceremony, and the value rose immediately.
In the letter, the members pointed out that the release of coins has gained profits to President Trump, and the “hostile country” may have a secret purchase of coins, and the foreign influence of President Trump is untrained. He claimed that there was a possibility of improving.
The Democratic Party also emphasized how cryptocurrencies are known as “pulling rugs.” This means that President Trump and his corporate body can immediately let go of the shares, and the supporters who purchased the shares may be “holding the bag.”
They also asserted that this coin had conflicts of interest, as President Trump was appointed during the launch, because his organization owned 80 % of the coin shares. According to the report, the coins are currently accounted for President Trump's net assets, “89 %,” and is responsible for leading the top federal financial institutions in the country.
Congress said coins, “it will bring a serious risk to President Trump's ability, which governs Japan fairly.”
The Democratic Party requested that the following questions will be requested by February 4, 2025, taking into account the ethics caused by President Trump, the influence of foreign countries, and consumers' concerns.
President Trump's announcement caused criticism from members of the political and cryptocurrency industry.
