$TRUMP Coin Under Fire: Senators Demand SEC Investigation

US Senators Elizabeth Warren and Richard Blumenthal have called on the Securities and Exchange Commission (SEC) to investigate President Trump's meme coin, which they believe could be a 'rug pull' scheme.

The $TRUMP coin was launched just before Trump's inauguration in 2025 and reached its peak value of around $9 billion on January 19, 2025. However, it has since declined significantly, losing 97% of its value to less than $400 million, according to a report from Senator Blumenthal.

Trump made approximately $636 million from the coin's sale, which is now valued at less than half its peak price. The senators are concerned that this could be a case of investors being misled and losing their investments in a 'rug pull' scheme.

The SEC had previously clarified its guidance on meme coins, stating that they are not securities under federally protected laws. However, the senators argue that this specific case warrants investigation due to its significant decline in value.