Congresswoman Maxine Waters, a Democrat and the Ranking Member of the House Financial Services Committee, has criticized president Trump's latest venture—the launch of a cryptocurrency called the "TRUMP MEME" token, introduced on January 17, just days before his reinstatement to the Oval Office.

According to Waters, the token represents "the worst aspects" of the cryptocurrency industry. "This meme coin serves no purpose and only has value because of Trump’s name and his position," Waters said, warning that speculative investors may be drawn in by promises of quick wealth, only to suffer financial losses when insiders liquidate their holdings.

Waters also raised concerns about transparency, claiming the token could enable anonymous money transfers to President Trump and his associates, pointing to potential risks of foreign influence.

In her statement, Waters expressed broader worries about the impact of $TRUMP on the cryptocurrency industry, which has struggled to gain mainstream legitimacy. "These actions further taint the crypto industry, which has long fought for a level playing field with other financial institutions," Waters noted.

The terms and conditions of (TRUMP) have also drawn criticism for preventing investors from pursuing class-action lawsuits in cases of alleged misconduct. Waters warned policymakers to exercise extreme caution in overseeing cryptocurrencies and emphasized the importance of protecting Americans from potential financial harm.

The launch of (TRUMP) comes at a contentious time for the cryptocurrency sector, with regulatory scrutiny increasing amid concerns about fraud, volatility, and systemic risks. The token’s rollout has reignited debates over the role of digital assets in financial systems and their intersection with politics.