Odaily News Earlier this year, Trump's cryptocurrency $Trump sparked a speculative frenzy in a short period of time, but what worries government regulators is that while the Trump family is making profits, Trump is quickly pushing to end the regulatory crackdown on cryptocurrencies by multiple government agencies. Corey Frayer, a former cryptocurrency consultant to the U.S. Securities and Exchange Commission (SEC), said: "President Trump is engaging in cryptocurrency schemes that harm investors while appointing financial regulators that will weaken victim protections and that may protect him and his family from law enforcement actions."
The launch of the $Trump meme coin is the first time that the Trump family has directly promoted new cryptocurrency tokens to ordinary investors. These products that received large purchases in the early stage and were quickly sold off have aroused the vigilance of New York regulators. The agency called these operations "pump-and-dump schemes" and warned that they could cause investors who bought in later to suffer huge losses. There is no evidence that Trump or his affiliates artificially pushed up the price of $Trump or engaged in insider trading. (New York Times)