Crypto
SEC Asked to Probe TRUMP Coin Over Alleged Rug Pull Scheme
US Senators Elizabeth Warren and Richard Blumenthal have asked the SEC to investigate President Donald Trump's memecoin, citing nearly $3.81 billion in losses for investors.
The senators claim that the token's price decline may warrant a review under federal securities laws, and accused the president of participating in a 'rug pull' where promoters allegedly benefit while other holders are left with steep losses.
In a letter to SEC Chair Paul Atkins, Warren and Blumenthal pointed out that Trump had an active interest in encouraging supporters to trade the token, and that he earned $636 million from the project.