Peter Schiff Calls For Congress To Investigate Trump’s Crypto Rug Pull

Bitcoin critic Peter Schiff has urged Congress to launch an investigation into what he describes as the largest crypto rug pull in history. Schiff’s demand follows controversial posts from President Donald Trump’s Truth Social account, which allegedly contributed to a pump and dump scheme.

Schiff is calling for transparency regarding the authorship of these posts, the individuals who had prior knowledge of them, and the financial transactions linked to the incident.

Bitcoin Critic Peter Schiff Blasts Trump Over Alleged Crypto Pump and Dump 

Peter Schiff has raised concerns about the recent surge in cryptocurrency prices following two posts from President Donald Trump’s Truth Social account. Schiff claims the posts were strategically timed to manipulate the market, benefiting individuals who had advance knowledge of their release. He has called for a full congressional investigation to determine who was involved.

The economist has specifically questioned the authorship of the Truth Social posts. Peter Schiff believes certain individuals may have used insider knowledge to invest in cryptos such as XRP, Cardano (ADA), Solana (SOL), Bitcoin (BTC), and Ethereum (ETH) before selling at inflated prices. He urged lawmakers to trace financial transactions linked to the alleged scheme.

More so, the Bitcoin critic is demanding access to emails and text messages from Trump’s staff, family, and employees. He aims to investigate any coordination behind the crypto-related posts on Truth Social. 

Peter Schiff added, 

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

Schiff Questions Insider Trading

Schiff has urged authorities to examine whether individuals close to Donald Trump benefited financially from the crypto market movements. He is calling for an investigation into who purchased digital assets before the posts were made public.

The Bitcoin critic wants investigators to determine how much money was invested by those with prior knowledge of the posts and the exact timing of any subsequent sales. Schiff claims that if insider trading occurred, it would constitute a major financial scandal.

The Bitcoin critic said,

“We also need all emails or text messages that involve any members of the President’s staff, his or their family or friends, his campaign donors, or Truth Social employees, that relate to either of the two Sunday Truth Social posts.”

Bitcoin Critic Rejects Support for BTC Reserve

Meanwhile, Peter Schiff recently distanced himself from previous comments that appeared to support a strategic Bitcoin reserve. He now claims that Bitcoin enthusiasts misrepresented his statements to manipulate public perception.

The economist has accused Bitcoin promoters of spreading false information to inflate BTC prices. Schiff insists that his remarks were taken out of context and that he never endorsed Bitcoin as a reserve asset. He has criticized what he calls “fraudulent tactics” used by Bitcoin supporters to influence the market.

Despite Peter Schiff’s allegations, the Donald Trump administration has continued to push its crypto agenda. In a recent CoinGape report, US SEC Commissioner Hester Pierce confirmed the members of the newly formed Crypto Task Force, signaling a shift in regulatory approach. The 15-member team includes staff from various SEC divisions, focusing on developing clear guidelines for the crypto industry.