SEC Targeted in Probe of Trump's Memecoin Over Securities Concerns

Democratic Senators Elizabeth Warren and Richard Blumenthal have urged the U.S. Securities and Exchange Commission (SEC) to investigate President Donald Trump's memecoin, which they claim may have breached securities laws.

The senators' letter, sent to SEC Chair Paul Atkins on Monday, cites reports of nearly 1 million crypto wallets losing about $3.81 billion since the token's launch in January 2025.

Trump reportedly made $636 million from his memecoin, which now has a market capitalization of $362 million and ranks 112 among cryptocurrencies.

The senators argue that Trump's involvement in promoting the coin warrants an SEC investigation into whether a fraudulent scheme may be underway, given its sharp depreciation despite public statements from the president.