Senator Chris Murphy (D-CT) made headlines on April 9 when he accused President Donald Trump of using his personal cryptocurrency, $TRUMP, to operate a covert bribery scheme. According to Murphy, Trump has been accepting undisclosed funds from CEOs and foreign oligarchs in exchange for favors through his crypto coin scam.
In a tweet, Murphy called this operation “the biggest scandal in the history of the Presidency.” However, some users expressed skepticism about the allegations, pointing out that all transactions involving $TRUMP are recorded on the blockchain, raising questions about the secrecy of such transactions.
The controversy surrounding Trump’s use of $TRUMP adds fuel to the ongoing discussions about digital asset regulation and oversight of political finance. Murphy has been vocal in his criticism of the $TRUMP meme coin since its launch in January, alongside MELANIA, a matching cryptocurrency introduced by Trump and his wife.
According to CoinGecko, $TRUMP reached a peak value of $72.62 on January 19, with a market cap of $14.58 billion. However, the coin has since experienced a decline, dropping over 13% in the past week. Murphy’s accusations against Trump came on the heels of the President’s decision to pause recent tariffs for 90 days, leading to market uncertainty and a decline in stocks.
Trump’s announcement on Truth Social that it was a “GREAT TIME TO BUY” before the market opened raised concerns about possible insider trading, prompting calls for a congressional investigation from Senator Adam Schiff (D-CA). Despite the public backlash and online debate, no formal investigation into the TRUMP coin has been initiated as of yet.
As the debate over Trump’s use of $TRUMP continues, questions about transaction visibility, market manipulation, and political finance ethics remain at the forefront of discussions in the cryptocurrency and political spheres. Stay tuned for updates on this developing story.