US lawmakers questioned the potential conflict of interest in 'Trump coin TRUMP'! White House encryption Tsar: It's just a collectible.

The first White House 'AI and Crypto Assets Tsar' in history, David Sacks, stated that Trump's meme coin can be used as a collectible, just like baseball cards or stamps.

Before President Trump took office, the Trumps each released meme coins 'TRUMP' and 'MELANIA.' David Sacks stated that he does not believe the President's new meme coins pose a conflict of interest. However, members of Congress do believe that Trump's actions do indeed present a conflict of interest.

David Sacks said in an interview with Fox Business on Thursday, "I think Trumpcoin is a collectible," "People buy it because they want to commemorate something. That's just my personal opinion. I'm not a regulator, but my personal opinion is that it's totally feasible."

Democratic senators Elizabeth Warren and Jacob Auchincloss have different views. They argue that these representative coins not only represent conflicts of interest, but also constitute threats of consumer fraud and foreign influence. The two senators expressed the above views in a letter to the U.S. Government Ethics Office, the Securities and Exchange Commission (SEC), the Treasury Department, and the Commodity Futures Trading Commission (CFTC). This letter states:

As the president, Mr. Trump has a responsibility to nominate officials to enforce the laws we have formulated for Crypto Assets companies. This creates an unavoidable conflict of interest as he can profit from the sale of these coins while also determining policies on how to regulate these markets.

TRUMP, MELANIA's DeFi coin poses a significant risk to the fair governance of our country and the investors in these coins, who may become victims of a meticulously planned 'rug pull' scheme by the Trump family.

Despite potential conflicts of interest, TRUMP and MELANIA coin received a large number of retail investments this week, and trading activity is active, especially for the TRUMP coin. Many traders who have never bought small coins based on Solana before buying Trump's meme coin.

Despite the price drop a few days after TRUMP and MELANIA launched, according to CoinGecko data, the trading volume of TRUMP coin has reached 5.64 billion US dollars in the past day.

On December 5th, the Trump administration appointed David Sacks as the AI and Crypto Assets czar to provide guidance on policy and legal frameworks for the AI and Crypto Assets industry in the United States. David Sacks is the founder and partner of the venture capital firm Craft Ventures and has previously served as the COO and Product Director of the payment giant PayPal.

David Sacks will be responsible for the possible establishment of the US digital asset reserve in the future. In an interview on Thursday, he pointed out that the foundation has not yet been set for this, 'We are evaluating the national digital asset reserve. We haven't established it yet, but we will study this issue'.

This article was first published in 'Block Times'.