Democratic senators urge SEC to investigate President Trump's failing memecoin

Two Democratic senators have formally asked the Securities and Exchange Commission to look into President Donald Trump's $TRUMP memecoin, citing its rapid rise to a $27 billion market value and subsequent 94 percent plunge. In a letter to SEC Chairman Paul Atkins, Senators Elizabeth Warren and Richard Blumenthal warned that the token could involve illegal fraud or unjust enrichment, urging enforcement even against politically connected figures.

The cryptocurrency, launched shortly before Trump’s second inauguration, now trades at roughly $1.46 after falling from $75 per coin. Investors, such as Trump supporter Nick Pinto, report losing half of their holdings and label the venture a “legal scam.” The White House, through spokesperson Anna Kelly, defended the president’s financial arrangements as being handled by independent third-party institutions with no conflicts of interest. The Trump Organization has not responded to requests for comment.