Lawmaker Attacks Trump’s Meme Coin, Musk’s DOGE

For Ayanna Pressley, the elimination of the Consumer Financial Protection Bureau (CFPB) is a ticking time bomb for crypto fraud. She alleges that Elon Musk, under the guise of DOGE-driven budget cuts, dismantled the agency, terminated its workforce, and effectively shut down one of the government’s most successful financial watchdogs—an agency that had already recovered over $21 million in stolen assets.

Testifying before the House Financial Services Committee, Pressley made a passionate plea to reinstate the CFPB, warning that its absence leaves investors unprotected and vulnerable. To drive the point home, she shared stories of victims—people who had their money stolen and now have no avenue for recourse.

Like the college student whose digital wallet was drained and they don’t know who to turn to for help. Or the elder who lost everything when responding to text messages from a number that was pretending to be their grandchild in order to set up a crypto-access account. These stories and many more are the heartbreaking reality of crypto-scams. And I believe we all – government and industry – should do everything we can to stop them,

Pressley remarks.

Ahead of the hearings, Congresswoman Ayanna Pressley appeared at a rally demanding the reinstatement of the CFPB, standing alongside Senator Elizabeth Warren, a leading critic of cryptocurrency. Supported by several Democratic lawmakers, the event sought to highlight the risks posed by deregulation in the financial sector.

Trump’s Meme Coin Under Scrutiny

Pressley didn’t stop there—she also called out Trump’s meme coin, which he launched right before becoming president. According to her, he pushed the token hard on social media, attracting investors—only for the price to drop by 40% not long after.

Despite the token’s official status, Trump now acts as if he had nothing to do with it, raising serious questions about conflicts of interest.

So let’s be clear: on one hand, Donald Trump will steal from people through a crypto-scam. On the other hand, the hardworking staff at CFPB will fight to get people their money back,

Pressley stated during the committee’s hearings.

Regulation vs Innovation: The Never-Ending Debate

Fans of Trump, DOGE, and Elon Musk say government reform is essential for making the system more efficient. They argue that too much regulation holds back innovation, and that the free market is better at keeping fraud in check than government watchdogs. Elon Musk himself has repeatedly pointed to bureaucracy as the real enabler of financial fraud.

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On the other side, regulators and crypto industry figures call for a balanced regulatory framework—one that protects consumers while allowing innovation to thrive. They seek transparency without stifling restrictions.

So far, the rift between strict oversight advocates and free-market defenders has led to little resolution—only reinforcing the complexity of America’s evolving financial system.