PANews reported on January 24 that according to CoinDesk, Senator Elizabeth Warren questioned President Trump's Meme coin and asked the U.S. Office of Government Ethics and financial regulators to conduct an in-depth investigation into the ethics and regulatory details of the TRUMP token. Warren is the top Democrat on the Senate Banking Committee, which oversees U.S. financial regulators. She said that these assets, including the first lady Melania Trump's eponymous Meme coin, pose a conflict of interest risk to the president and highlight the most destructive and volatile side of the cryptocurrency space.

"Almost overnight, the net worth of President Trump and his wife has skyrocketed to $58 billion," Warren wrote in the letter. "Anyone, including leaders of hostile nations, can secretly purchase these tokens, raising concerns about unrestricted and untraceable foreign power access to the President of the United States, while President Trump's supporters are left to take the risk of investing in TRUMP and MELANIA. TRUMP and MELANIA pose serious risks to President Trump's ability to govern the country impartially, as well as to investors in these tokens who could fall victim to a 'rug pull' scam orchestrated by the Trump family." The letter was sent to the Treasury Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission — each of which is now led by a new head nominated by Trump. Warren noted that Trump is responsible for appointing the permanent heads of these regulatory agencies, which will make decisions that affect the future of their crypto tokens.

Earlier yesterday , Democratic U.S. House of Representatives Representative Gerald Connolly called for an ethics investigation into Trump's encryption project.