Schiff Calls for Trump Crypto Probe

Prominent Bitcoin critic Peter Schiff is demanding a Congressional investigation into what he alleges is the largest cryptocurrency rug pull in history. Schiff's call follows controversial posts on President Donald Trump's Truth Social account, which he claims were part of a pump-and-dump scheme.

Alleged Trump Crypto Pump and Dump

Schiff points to a recent surge in cryptocurrency prices following two posts from Trump's Truth Social account. He asserts these posts were deliberately timed to manipulate the market, benefiting those with prior knowledge. He specifically names XRP, Cardano (ADA), Solana (SOL), Bitcoin (BTC), and Ethereum (ETH) as potentially affected assets.

Schiff's investigation demands include:

• Transparency regarding the authorship of the Truth Social posts.
• Identification of individuals with prior knowledge of the posts.
• A thorough tracing of financial transactions linked to the alleged scheme.
• Access to emails and text messages from Trump’s staff, family, and employees related to the posts.

Schiff stated, "Donald Trump, the first crypto President, just helped pull off the biggest crypto rug pull of all time. A Congressional investigation is now warranted."

Insider Trading Allegations

Schiff is urging authorities to investigate whether individuals close to Donald Trump profited financially from the market movements. He wants investigators to determine the amount invested by those with insider knowledge, the timing of sales, and the overall financial impact. He claims that if proven, this would represent a significant financial scandal.

He further requested, "We need all emails or text messages involving any members of the President’s staff, his or their family or friends, his campaign donors, or Truth Social employees, that relate to the Truth Social posts."

Schiff's Shifting Stance on Bitcoin

Separately, Schiff distanced himself from earlier comments seemingly supportive of a Bitcoin reserve. He claims Bitcoin enthusiasts misrepresented his statements to inflate BTC prices, accusing them of fraudulent tactics. He maintains he never endorsed Bitcoin as a reserve asset.

Despite Schiff's allegations, the Trump administration continues its crypto efforts. SEC Commissioner Hester Pierce recently confirmed the members of the new Crypto Task Force, signaling a potential shift in regulatory approach.

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