Odaily News California Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, echoed the concerns of many cryptocurrency users and lawmakers who have accused Trump of undermining legitimate projects in the cryptocurrency industry by launching the meme coin.
Waters said in a statement on January 20 that Official Trump (TRUMP) represents "the worst side of Crypto" and provides regulators and policymakers with a case to worry about the future of the cryptocurrency industry under the new presidential administration. It said that after TRUMP insiders sold tokens, investors would "pay for it", which was accused of "rug pull".
He also stated: "Even if buyers are defrauded, the terms and conditions of the tokens prohibit them from filing class action lawsuits." He added: "There is also a lack of transparency about the buyers of this cryptocurrency, which is worrying. Through his Meme Coin, Trump has created a way to circumvent national security and anti-corruption laws by allowing relevant parties to anonymously transfer funds to him and his inner circle." (Cointelegraph)