Economist Peter Schiff has called for a Congressional investigation into U.S. President Donald Trump’s two Truth Social posts, which he claims “helped pull off the biggest crypto rug pull of all time.” Schiff, who suggested that Trump was not the author of the controversial posts, accused the U.S. leader of orchestrating a “pump and dump scheme.”

In a post on the social media platform X, Schiff, a cryptocurrency critic, urged the Congressional probe to investigate insider trading claims.

“Who knew about the first post in advance, and when were they first informed of the wording of the post and the timing of its release? How much money did those with advance notice spend buying XRP, ADA, SOL, BTC, and ETH, and if they sold, what was the exact timing of those sales and the proceeds received?” Schiff asked.

As reported by several media outlets, including Bitcoin.com News, some critics have raised concerns about Trump’s Truth Social announcements on March 2. Many were particularly focused on the first post, which identified only XRP, ADA, and SOL as digital assets to be included in the crypto reserve stockpile. Although a subsequent post clarified that BTC and ETH were also included, the initial post had already boosted the first three digital assets.

In fact, the post fueled a rally that saw ADA surge by over 60% in just one hour which prompting some to raise insider trading allegations. Some social media users have pointed to Charles Hoskinson’s posts on X a few days before Trump’s crypto reserve “announcement” as evidence supporting insider trading claims. In one such post, Hoskinson told his followers that he would miss ETH Denver because he had to go “to Florida for a thing.”

Critics speculate that the “thing” which Hoskinson could not detail was, in fact, a meeting with the Trump team. Since Trump’s announcement, Hoskinson, who has also defended the inclusion of XRP, has sought to justify ADA’s inclusion and pushed back against critics who have attacked the move.

Meanwhile, Schiff suggested that the probe into the U.S. president’s two Truth Social posts should also examine communications between any members of his staff, their family, or friends. He added that Trump’s campaign donors and employees at Truth Social should also be investigated.

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