The Democratic leader of the U.S. House Financial Services Committee, California Rep. Maxine Waters, echoed the concerns of many cryptocurrency users and lawmakers who have accused Trump of harming legitimate projects in the cryptocurrency industry with the launch of Meme. Waters said in a Jan. 20 statement that Official Trump (TRUMP) represents "the worst of Crypto" and provides a case for regulators and policymakers to worry about the future of the cryptocurrency industry under the new president's administration. Investors will "foot the bill" after TRUMP insiders dump the tokens, it said, in what has been accused of a "rug pull." He added: "Even if buyers are cheated, the terms and conditions of the token prohibit them from filing class action lawsuits." He added: "There is also a worrying lack of transparency among buyers of this cryptocurrency. With his Meme coin, Trump has created a way to circumvent national security and anti-corruption laws by allowing parties to anonymously transfer funds to him and his inner circle."