$TRUMP Memecoin Faces SEC Probe Amid Concerns Over Trump's Crypto Income

Two US senators, Elizabeth Warren and Richard Blumenthal, have called on the Securities and Exchange Commission (SEC) to investigate the $TRUMP memecoin for potential fraud and unlawful financial enrichment.

The request follows disclosures showing about $636 million in Trump-related crypto income, while the token has lost most of its value since launch. The senators worry that the project 'may constitute an illegal scam.'

The $TRUMP token debuted on the Solana blockchain in the days leading up to Trump's January 2025 inauguration and briefly reached a market capitalization near $9 billion.

However, its price later plunged sharply, leaving many investors with significant losses. Analysts estimate that nearly one million people lost money overall, with combined losses totaling about $3.8 billion through the end of June.