Trump's Crypto Drops 4.7% Amid SEC Scrutiny, Regulatory Changes

Official Trump's latest price was $7.87, down 4.707% in the last 24 hours. The cryptocurrency has been a subject of significant attention due to its association with Donald Trump. The regulatory changes implemented by the new SEC leadership under Trump have raised concerns among government watchdog agencies. The Government Accountability Office announced plans to investigate the U.S. Securities and Exchange Commission, focusing on changes made by the SEC’s politically appointed leadership. These changes include reported plans to cut staff and restrict the agency’s ability to initiate investigations independently. Since Trump’s appointed leadership took power, the SEC has seen hundreds of resignations from staffers, with the agency offering lucrative severance packages to those who resign voluntarily.

One of the primary concerns surrounding Trump’s crypto ventures is the potential for corruption and misuse of power. House member Maxine Waters has accused Trump of using his influence to promote both his Official Trump and his World Liberty Financial firm to enrich himself. Waters claimed that Trump made $2 billion from his various crypto ventures, at the expense of ordinary investors. Together with Senator Elizabeth Warren, Waters also raised concerns over the potential for foreign-owned crypto firms to trade their crypto for influence on U.S. politics. For instance, they referenced Tron Founder Justin Sun’s entry into WLFI as an advisor, after a $30 million investment. This has led to speculation about the true intentions behind Trump’s crypto ventures and the potential for conflicts of interest.

Trump has been vocal about his stance on tariffs and regulatory changes, often taking to social media to clarify his positions. On Saturday, White House senior adviser Stephen Miller stated that products imported from China are still subject to a 20% levy. Trump doubled down on Sunday, writing in a Truth Social post that “there was no tariff ‘exemption’ announced on Friday.” He added that semiconductor tariffs would be moved to a different “bucket” and that he would clarify everything on Monday. When asked about it this morning, Trump told reporters that he is a very flexible person and does not change his mind but is flexible, and you have to be. He added that “there’ll be many things coming up” and he “[doesn’t] want to hurt anybody.”

The regulatory changes and Trump’s crypto ventures have attracted the attention of several watchdog agencies, with concerns about the potential for corruption and misuse of power. The GAO’s investigation into the SEC’s changes is expected to shed more light on the situation. Meanwhile, Trump’s crypto empire continues to be a subject of debate and scrutiny, with many questioning the true intentions behind his ventures and the potential for conflicts of interest. As the situation develops, it remains to be seen how these regulatory changes and Trump’s crypto ventures will impact the broader cryptocurrency market and the U.S. political landscape.