US President Donald Trump’s recent launch of TRUMP memecoin faces another backlash from Maxine Waters, the top Democrat on the House Financial Services Committee. During the US House Financial Services Committee meeting, the California Representative warned that the TRUMP meme coin poses a potential threat to the national security.
Notably, Donald Trump’s token launch and the cryptocurrency’s rollercoaster ride have significantly sparked widespread attention. Reflecting on the recent memecoin spree, Waters criticized Republican lawmakers for failing to address potential conflicts of interest involving the US President.
California Representative Slams Trump’s TRUMP Memecoin
During an organizational meeting on January 22, Maxine Waters addressed Republicans’ omission of crypto in the oversight plan as “alarming.” Narrating the adverse impacts of the President’s TRUMP meme coin, she called the token “the worst of crypto.” Further, Waters added,
Trump has created a way to circumvent national security and anti-corruption laws, allowing interested parties to anonymously transfer money to him and his inner circle.
Meanwhile, Chairman French Hill elaborated on the committee’s focus on crypto regulations. He promised to bring legal clarity to cryptocurrencies, ensuring the US to lead the global financial landscape.
Market Mayhem: Experts Call for Clarity
Trump’s launch and promotion of the TRUMP meme coin have equally sparked fascination and controversy. Crypto entrepreneur Erik Voorhees described the token as “stupid and embarrassing.” Many including Maxine Waters criticized the Trump family for engaging in the memecoin spree for personal gains.
Driven by the increasing market tensions and TRUMP’s wild ride, experts like John Deaton and Bill Morgan highlighted the need for clear crypto regulations. Many spotted meme coin regulation as the highest priority for the upcoming crypto policies.
Trump Admin Remains Silent on Crypto
Donald Trump’s explicit silence on crypto following his inauguration has fueled concerns over his potential policies. The TRUMP memecoin saga, coupled with the President’s exclusion of crypto terms in his plan, leaves the crypto community worried.
However, experts look ahead for Trump’s next set of executive orders. They believe that the Crypto Council would possibly address concerns including SAB 121 and Bitcoin reserve.
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