Peter Schiff Calls for Congress to Investigate Trump’s Role in Crypto Market Manipulation

• Peter Schiff wants Congress to investigate claims of crypto market manipulation linked to Trump’s social media posts.
• Schiff believes some investors used insider knowledge to buy and sell cryptocurrencies at higher prices for profit.
• The SEC has formed a Crypto Task Force to create clear rules as Trump’s administration pushes its crypto agenda.

Bitcoin critic Peter Schiff has urged Congress to investigate what he calls the largest crypto rug pull in history. His demand follows controversial posts from President Donald Trump’s Truth Social account, which allegedly influenced a sudden surge in cryptocurrency prices. Peter Schiff claims the posts were strategically timed to benefit individuals with prior knowledge.

The economist has raised concerns about who authored the posts, who had advance access to them, and the financial transactions linked to the incident. He says that some investors took advantage of insider knowledge to buy and sell digital assets, like XRP, Cardano (ADA), Solana (SOL), Bitcoin (BTC), and Ethereum (ETH), at inflated prices. Schiff has asked lawmakers to track these transactions to determine the extent of the scheme.

Financial Transactions Under Scrutiny 

Peter Schiff has called for an in-depth review of financial records tied to the suspected manipulation. He wants authorities to analyze emails and text messages from Trump’s staff, family members, and Truth Social employees. His focus is on identifying potential coordination behind the crypto-related posts.

The Bitcoin critic believes those close to Trump may have financially benefited from the price surge. He insists investigators should uncover how much money was invested before the posts and the exact timing of sales. If insider trading occurred, he argues it would be one of the biggest financial scandals in cryptocurrency history.

Schiff Rejects Claims of Supporting Bitcoin 

Recently, Schiff distanced himself from previous statements that some interpreted as support for a strategic Bitcoin reserve . He now asserts that his remarks were misrepresented by Bitcoin supporters to manipulate public opinion. According to Schiff, Bitcoin promoters used misleading tactics to inflate prices.

Despite Schiff’s allegations, Trump’s administration continues to advance its cryptocurrency agenda. A Crypto Task Force by the US Securities and Exchange Commission (SEC) that includes staff from different SEC divisions and aims to establish clear regulatory guidelines for the crypto industry will be formed.