Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following President Trump’s latest move to launch a meme coin.

“On January 17, 2025, just days before his inauguration, President Trump launched the so-called ‘TRUMP MEME’ crypto token ($TRUMP) and reportedly increased his personal wealth 10-fold from unknown buyers around the world. This meme coin represents the worst of crypto and shows why many regulators, advocates, and policymakers have long been worried.

“For one, this meme coin serves no purpose and only has value because of Trump’s name and his position. Investors, who may see this coin as a way to get rich quick, may be overpaying for something of dubious value, and will be left holding the bag when Trump’s insiders sell. Moreover, the coin’s terms and conditions block buyers from bringing class action lawsuits even if they are swindled.

“There is also a troubling lack of transparency around the buyers of this coin. Through his meme coin, 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. Buyers could include large corporations, allied nations who are pressed to show their ‘respect’ for the President, and our adversaries, like Russia and China, which have much to gain from influencing a Trump presidency. Anyone globally, even individuals who have been sanctioned by the U.S. or banned from our capital markets, can now trade and profit off of $TRUMP through various unregulated platforms.

“These actions by President Trump will also further taint the crypto industry, which has long fought for legitimacy and a level playing field with other financial institutions. The launch and sale of this coin is yet another reason why all Americans and policymakers should exercise extreme caution on crypto, and why Congress must be vigilant for when the rug is pulled out from under the Americans invested in this scheme.”

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