Peter Schiff Accuses Donald Trump of ‘Largest Crypto Scam’

Peter Schiff, president of Euro Pacific Capital and a noted bitcoin critic, has called on Congress to investigate U.S. President Donald Trump’s actions in the cryptocurrency sector.

Donald Trump, the first crypto President, just helped pull off the biggest crypto rug pull of all time. A Congressional investigation is now warranted to find out the following regarding this pump and dump scheme.

Who authored the two Sunday afternoon posts on the President’s…

— Peter Schiff (@PeterSchiff) March 3, 2025

The expert’s statement followed reports of a potential inclusion of SOL, XRP, and ADA in the U.S. crypto reserve alongside bitcoin and Ethereum.

According to Schiff, the politician’s posts on the Truth Social platform could have been part of a Pump & Dump scheme. He called it the “largest crypto scam in history” and added that the authorship of the posts requires verification.

The expert demanded to find out how much money was invested by insiders in cryptocurrencies XRP, ADA, SOL, BTC, and ETH and what profits they gained from subsequent sales.

Schiff also suggested examining the communications of Trump’s team members and those involved in preparing the posts. In his view, access to insider information might have been used for illegal profit.

Other industry representatives joined the discussion. SkyBridge Capital head Anthony Scaramucci supported Schiff, noting that such actions harm the industry.

Peter is right about this. This hurts and doesn’t help the industry. https://t.co/fqR7HQEy9y

— Anthony Scaramucci (@Scaramucci) March 3, 2025

Politician Aaron Day proposed investigating the financial activities of “crypto czar” David Sacks and his family.

Also, investigate David Sacks crypto holdings (and his immediate family).

This reeks of cronyism, if not outright fraud. Taxpayer theft shouldn’t be used to purchase ANY digital assets. pic.twitter.com/Hq0zIxE08t

— Aaron Day (@AaronRDay) March 3, 2025

“This reeks of cronyism, if not outright fraud. Taxpayer theft shouldn’t be used to purchase any digital assets,” he stated.

On March 3, Sacks confirmed that he sold all his cryptocurrencies before the new U.S. administration took office.

Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration. https://t.co/dN6nuGQUtu

— David Sacks (@DavidSacks) March 3, 2025

Back in January, Trump’s cryptocurrency initiatives caught the attention of Congress, and in February, Public Citizen urged the U.S. Department of Justice and Office of Government Ethics to investigate TRUMP for potential violations of federal corruption laws.