$TRUMP Memecoin Under Fire as Senators Demand SEC Investigation

Senators Elizabeth Warren and Richard Blumenthal have urged the SEC to investigate President Donald Trump's $TRUMP memecoin for potential fraud and unjust enrichment.

The senators claim that nearly 1 million investors collectively lost over $3.81 billion on the coin, which has depreciated by roughly 98 percent from its all-time high, while Trump personally earned approximately $636 million through trading fees.

The SEC is charged with fighting fraud in financial markets, and the senators argue that the agency must exercise its investigative authority to detect any illegal fraud or unjust enrichment facilitated by the coin.