Congress Asked to Investigate, Peter Schiff Suspects Trump is Involved in Crypto Rug Pulling Scheme!

Jakarta, Pintu News – Bitcoin critic Peter Schiff has urged the United States Congress to investigate what he calls the largest crypto rug pull scheme in history.

The lawsuit comes after a series of controversial posts from President Donald Trump’s Truth Social account, which allegedly fueled a pump and dump scheme.

Schiff demanded transparency regarding who wrote the post, the individuals who had prior knowledge, and the financial transactions associated with the incident.

Check out the full news below!

Call for Congressional Inquiry

Peter Schiff has called for a thorough investigation by Congress into posts that appeared on Donald Trump’s Truth Social account and are alleged to have manipulated the crypto market. According to Schiff, the posts were designed to artificially inflate prices, benefiting people who already knew about them before they were published.

He urged an investigation into the author of the post and the people directly involved in this incident. Schiff also demanded access to emails and text messages from Trump’s staff, family and employees.

The aim is to uncover any coordination behind crypto-related posts on Truth Social. This is important to ensure there is no market manipulation to the detriment of the common investor.

Also read: Bitcoin (BTC) Price Breaks $90,000, Opens Opportunity in CME Futures Market!

Suspicion of Insider Trading

Schiff urged authorities to investigate whether individuals close to Donald Trump financially benefited from crypto market movements. He wants to know who bought digital assets such as Ripple (XRP), Cardano (ADA), Solana (SOL), Bitcoin (BTC), and Ethereum (ETH) before the post was made public.

The investigation aims to determine how much money was invested and the timing of the asset sale. If insider trading is proven, this would be a major financial scandal. Schiff emphasized that actions like this undermine public confidence in crypto markets and should be taken seriously by authorities.

Also read: Tether Appoints New CFO, a Big Step Toward Transparent Financial Audits!

Schiff’s Rejection of Support for Bitcoin Reserves

Recently, Peter Schiff also retracted his comments that were previously considered in favor of Bitcoin’s strategic reserve. He claims that Bitcoin enthusiasts have misinterpreted his statements to manipulate public perception.

Schiff accused Bitcoin promoters of using misleading tactics to inflate the price of BTC. Schiff asserted that his comments have been taken out of context and that he never supported Bitcoin as a reserve asset. He criticized tactics that he considers fraudulent, which are used by Bitcoin advocates to influence the market.

Conclusion

Peter Schiff emphasises the importance of transparency and fairness in crypto markets. By pressing for a congressional investigation, he hopes to bring justice to investors and restore confidence in the integrity of crypto markets. This investigation is expected to uncover the truth behind the alleged rug-pull scheme involving posts on Truth Social.

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Reference

• Peter Schiff Calls for Congress to Investigate Trump’s Crypto Rug Pull. Accessed on March 5, 2025
• Featured Image: Market Insider