Trump's TRUMP Token: A Crypto Scam, Pressley Alleges

U.S. Representative Ayanna Pressley has accused former President Trump of launching the TRUMP token as a scam, causing retail investors to suffer significant losses. According to Pressley, Trump promoted the TRUMP token through social media to attract investments, but when insiders cashed out, the coin's value plummeted by about 40%, leaving working-class people to bear the losses.

Pressley also criticized Elon Musk and his Department of Government Efficiency (DOGE) for undermining consumer protection. She stated that the Consumer Financial Protection Bureau (CFPB) has been crippled, leaving consumers defenseless against ongoing cryptocurrency scams. Pressley emphasized the need to reopen the CFPB to carry out its necessary work.

The TRUMP token, launched in early 2023, was promoted by Trump himself as a way to "Make Crypto Great Again." However, the token's value has since plummeted, and many retail investors have lost significant amounts of money. Pressley's accusations come as part of a broader effort to hold former President Trump accountable for his actions during his time in office.

The cryptocurrency market has seen a surge in scams and fraudulent activities in recent years, with many investors losing significant amounts of money. Pressley's accusations highlight the need for stronger regulation and oversight of the cryptocurrency market to protect consumers from fraudulent activities.

The CFPB, established in 2011, is responsible for protecting consumers from financial fraud and abuse. However, the agency has faced criticism in recent years for its lack of enforcement and oversight of the cryptocurrency market. Pressley's call to reopen the CFPB comes as part of a broader effort to strengthen consumer protection in the financial sector.