- United States
- Mo.
- Letter
Demand Immediate Investigation into Trump’s Crypto Fraud Scheme
To: Sen. Schmitt, Sen. Hawley
From: A verified voter in Kansas City, MO
May 11
I am writing to express my deep alarm and outrage over President Donald Trump’s recent launch and promotion of the $TRUMP cryptocurrency—a venture that reeks of unethical behavior, financial manipulation, and possible fraud.
According to widely reported information, the Trump-owned entities retained 80% of the coin’s supply upon its launch, creating a clear opportunity for market manipulation. Within hours, the coin surged to a $27 billion market capitalization, only to plummet later—leaving over 800,000 investors with losses estimated at $2 billion. Meanwhile, Trump and his affiliates reportedly profited handsomely from trading fees and insider control.
More egregiously, holders of this coin were promised access to exclusive perks such as private dinners with Mr. Trump himself—turning a speculative asset into a de facto pay-for-access scheme. This is not just unethical; it raises serious legal and national security concerns. Allowing a sitting or former President to exploit their influence in such a blatant and unregulated manner undermines public trust, government integrity, and our already fragile financial regulatory system.
The fact that this occurred in the shadow of a second presidential term is not just outrageous—it is dangerous. It signals to Americans and the world that the highest office in the United States can be leveraged for personal financial gain with impunity.
I urge you to take immediate action to:
1. Call for a full congressional investigation into the launch and promotion of the $TRUMP coin.
2. Support or sponsor legislation like the MEME Act that would prohibit federal officials—including Presidents—from engaging in any cryptocurrency ventures while in office.
3. Push for enhanced transparency and regulation around political figures’ financial holdings in digital assets.
This matter is not only about financial misconduct—it is about preserving the ethical foundation of our democracy. I expect you to act decisively.