Crypto
$TRUMP Memecoin Under Fire as Senators Demand SEC Probe
Two U.S. senators have asked the SEC to investigate President Donald Trump's memecoin, $TRUMP, after nearly one million investors reportedly lost over $3.81 billion while Trump-affiliated entities received $636 million.
The request from Senators Elizabeth Warren and Richard Blumenthal comes as Congress debates broader cryptocurrency legislation.
The senators argued that the token may have facilitated fraud or unjust enrichment, citing reports that nearly one million investors lost more than $3.81 billion from the token's debut through June while Trump-affiliated entities received $636 million.