Euro Pacific Capital president and well-known Bitcoin critic Peter Schiff has called on the U.S. Congress to investigate Donald Trump’s activities in the cryptocurrency sector.
His statement followed reports suggesting that SOL, XRP, and ADA might be included in the U.S. crypto reserve alongside Bitcoin and Ethereum.
Schiff speculated that Trump’s posts on the Truth Social platform could have been part of a Pump & Dump scheme. According to him, this is the biggest crypto fraud in history, and the authorship of these posts requires thorough verification.
The expert also urged an investigation into who among insiders had invested in XRP, ADA, SOL, BTC, and ETH ahead of time and how much profit they made from subsequent sales.
Furthermore, Schiff suggested reviewing communications between Trump’s team members and those involved in the publication process to determine whether insider information was exploited for financial gain.
The controversy sparked a wider discussion within the crypto industry. SkyBridge Capital CEO Anthony Scaramucci supported Schiff’s concerns, stating that such manipulative actions harm the entire sector.
Politician Aaron Day also proposed investigating the financial activities of so-called “crypto king” David Sacks and his family.
“This reeks of cronyism, if not outright fraud. Taxpayer money should not be used to purchase digital assets,” he said.
On March 3, Sacks confirmed that he had sold all his cryptocurrency holdings before the new U.S. administration took office.
Notably, in January, Congress began scrutinizing the ethics of Trump’s cryptocurrency initiatives, and in February, Public Citizen urged the U.S. Department of Justice and the Office of Government Ethics to launch an investigation into TRUMP for possible violations of federal anti-corruption laws.
