While Republicans are celebrating the inauguration of Donald Trump as the 47th President of the US, at least one Democrat is ignoring the festive atmosphere in the nation’s capital to lambast the new President. Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, issued a statement on the Trump meme coin, labeling it the “worst of crypto.”
As most people know, President Trump is firmly pro-crypto. The $TRUMP crypto, described as a “piece of history,” is now valued at over $8 billion in market cap.
Representative Waters slammed the Trump crypto:
“On January 17, 2025, just days before his inauguration, President Trump launched the so-called ‘TRUMP MEME’ crypto token ($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.”
Waters went on to say the Trump coin serves no purpose with “dubious value,” predicting that purchasers will be “left holding the bag.”
“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,” declared Waters.
Waters previously was the Chair of House Financial Services, and once the Republicans took over the Committee, she remained as ranking member. During her tenure, Waters was unabashedly anti-crypto, blocking attempts to create a regulatory regime for digital assets. One must wonder if she now regrets this decision.
