Maxine Waters, a member of the US Democratic Party, said that the TRUMP token serves no purpose and is attractive only because of the name Trump and his position as president. Investors who see the TRUMP token as a get-rich-quick scheme are putting money into a dubious project and will be left hanging when Trump insiders sell it. Waters warned that according to the token’s user agreement, its buyers will not be able to file class action lawsuits even if they are defrauded.
“Just days before his inauguration, President Donald Trump launched the TRUMP memecoin, increasing his personal wealth 10-fold from unknown buyers around the world. This meme coin is the worst of all cryptocurrencies,” said Maxine Waters.
She is also concerned about the lack of transparency regarding buyers of the TRUMP token. The Democrat argues that by launching Memcoin, Trump has found a way to circumvent national security and anti-corruption laws so interested parties can anonymously transfer money to him and his inner circle.
Waters suggested that buyers of the token could include large corporations, allied countries showing “respect” for the president, and even Russia and China, which, according to Waters, “could benefit from a Trump presidency.” The congresswoman fears that even those under US sanctions could trade and profit from the TRUMP token because they use unregulated platforms to do so.
The Democrat is outraged that Trump’s actions will further tarnish the crypto industry, which has long fought to be seen on an equal footing with the traditional financial sector. The launch and sale of the TRUMP memecoin is another reason why investors and regulators should exercise extreme caution when it comes to cryptocurrencies, Waters concluded.
In September, Waters harshly criticized World Liberty Financial, a crypto-lending platform launched by Donald Trump’s family. A congresswoman worries that the lack of regulation in decentralized finance (DeFi) poses serious risks for investors.
Source: Bits

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