Renowned economist Peter Schiff has sparked controversy with his call for a Congressional investigation into President Donald Trump, accusing potential market manipulation in the wake of Trump's announcement of a US Crypto Strategic Reserve.

Schiff has alleged that Trump orchestrated a "pump-and-dump" scheme within the cryptocurrency market dynamics following the President's reveal of plans to establish a US Crypto Strategic Reserve that would reportedly feature XRP, Solana, Cardano, Bitcoin, Ethereum, and various other digital currencies.

The initial surge in the prices of these coins post-announcement was met with skepticism by Schiff, who claims that it was not a genuine policy move but a carefully calculated maneuver to benefit insiders who had prior knowledge of the unfolding events.

In a series of pointed demands, Schiff has called for a thorough investigation into the events leading up to Trump's announcement, emphasizing the need to scrutinize crypto purchases before the news broke, potential profiteering by privileged investors, and any insider communications that may shed light on the alleged manipulative activities.

One focal point of Schiff's allegations was a social media post by Eric Trump, the President's son, lauding the strategic timing of the announcement in a manner that Schiff deemed tantamount to admission of fraudulent activity.

While Schiff's critique extended to the inclusion of XRP in the reserve, industry experts at large have also questioned the selection of altcoins within the Crypto Strategic Reserve, advocating for Bitcoin to be the primary anchor of any government-backed digital asset reserve.

As speculation abounds regarding potential additions to the reserve in the future, with assets like Chainlink, Ondo, and Litecoin being posited as top contenders, the controversy surrounding Trump's crypto strategy continues to capture attention and raise concerns within the financial community.