US Congressman Accuses TRUMP Token of Being a Scam, Musk and DOGE Team Undermining Consumer Protection

BlockBeats News, February 16, according to News.bitcoin, U.S. Representative Ayanna Pressley accused former President Trump of launching the TRUMP token as a scam during a House Financial Services Committee hearing, causing retail investors to suffer losses. "Earlier this year, Trump launched his own cryptocurrency meme token TRUMP and promoted it through social media to attract investments. However, when insiders cashed out to take profits, the coin's value quickly plummeted by about 40%, causing working-class people to bear the losses. This was a scam."

Ayanna emphasized that consumers are defenseless against the ongoing cryptocurrency scams because Musk's Department of Government Efficiency (DOGE) has crippled the Consumer Financial Protection Bureau (CFPB). She stated: "The CFPB is under attack. Musk and his so-called 'DOGE Fraternity' have ousted employees, locked the doors, and brought all activity to a standstill. We must reopen this critical agency to carry out its necessary work."