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Peter Schiff Calls for Congressional Investigation into Trump’s Alleged Crypto Rug Pull
Peter Schiff, a well-known critic of Bitcoin, has called on Congress to investigate what he terms as the largest cryptocurrency rug pull in history. His demand follows controversial posts from President Donald Trump’s Truth Social account, which Schiff alleges contributed to a pump-and-dump scheme that manipulated the crypto market.
Schiff Demands Transparency Regarding the Truth Social Posts
Schiff is pressing for full transparency about the origins of these posts, the individuals who were aware of them beforehand, and the financial transactions related to the incident. He is urging Congress to investigate the authorship of the Truth Social posts and whether the posts were strategically timed to influence the cryptocurrency market.
Allegations of Market Manipulation and Insider Knowledge
Schiff has expressed particular concern over the timing of the Truth Social posts, claiming they were deliberately crafted to influence cryptocurrency prices, benefiting those with insider knowledge. He has asked for a thorough investigation into the financial transactions tied to this alleged market manipulation. Schiff pointed to assets such as XRP, Cardano (ADA), Solana (SOL), Bitcoin (BTC), and Ethereum (ETH), suggesting that individuals invested in these assets before the posts were made public and sold them at inflated prices.
Call for Investigation into Financial Transactions and Coordination
Schiff is demanding access to emails and text messages from Trump’s staff, family, and associates to uncover any potential coordination behind these crypto-related messages on Truth Social. He stated, “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 Raises Concerns Over Potential Insider Trading
Schiff has also raised concerns about potential insider trading, urging authorities to investigate whether those close to Trump financially benefited from the cryptocurrency price movements. He is calling for an inquiry into who purchased digital assets before the posts were released and to track the timing and scale of any sales following the price increases. Schiff believes that if insider trading is confirmed, it would lead to a major financial scandal.
Bitcoin Critic Denies Support for Bitcoin Reserve
The Bitcoin critic has distanced himself from previous comments that appeared to support the creation of a strategic Bitcoin reserve. He claims that Bitcoin supporters misrepresented his stance in order to manipulate public perception and inflate Bitcoin prices. Schiff has accused Bitcoin enthusiasts of spreading false information and criticized the “fraudulent tactics” used to promote Bitcoin as a reserve asset.
Trump Administration Continues Push for Crypto Agenda
Despite Schiff’s allegations, the Trump administration continues to push its cryptocurrency agenda. In a recent report, SEC Commissioner Hester Pierce confirmed the formation of a new Crypto Task Force, signaling a shift in regulatory strategy. This 15-member team, which includes staff from various SEC divisions, aims to develop clear guidelines for the cryptocurrency industry.
