Peter Schiff Calls For Congress To Investigate Trump’s Crypto Rug Pull
Highlights
- Peter Schiff calls for a congressional probe into Trump’s alleged crypto pump and dump, citing potential insider trading.
- Schiff demands access to emails and texts from Trump’s team to investigate coordination behind the Truth Social crypto posts.
- US SEC Commissioner Hester Pierce unveils a 15-member Crypto Task Force to develop regulatory guidelines for the crypto industry.
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.
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
