Former CFTC Chairman Talks About Official Trump (TRUMP) Token!

Former US Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad strongly criticized the launch of the Official Trump (TRUMP) token by the Trump Organization before the presidential inauguration as 'clearly wrong'.

During his tenure as CFTC chairman between 2014 and 2017, Massad expressed concerns about the potential conflicts of interest that such tokens could cause and their broader impact on the cryptocurrency sector.

Massad, who currently serves as a research associate at the Harvard Kennedy School of Government and an assistant professor at Georgetown Law School, recently stated in an interview that he did not confirm this situation. Massad argued that the Trump Organization took advantage of the timing of the inauguration to make financial gains and potentially opened the door for domestic and foreign institutions to purchase tokens in order to gain favor with the new administration.

Massad said, "I think it is clearly wrong to remove these" and added: "The Trump Organization took advantage of the President's upcoming inauguration to make money. In addition, they did it in a way that could create more conflicts of interest, because domestic or foreign companies or foreign governments can now buy these memecoins to get into the administration's favor."

Massad also criticized this move for undermining efforts to create a responsible regulatory framework for cryptocurrency. 'The stated purpose of the Administrative Order is to support the responsible development of digital assets on the blockchain. I can't think of a more contradictory action to this purpose than issuing these memecoins right when starting the mission,' he added.

During his tenure at CFTC, Massad played a significant role in the classification of Bitcoin and Ethereum as commodities. In considering this decision, he explained that the legal definition of a commodity extends beyond traditional goods such as wheat, cotton, and corn. The recognition of Bitcoin as a commodity was based on its role in financial markets and its use in derivative contracts.