$TRUMP Memecoin Under Fire as Warren and Blumenthal Urge SEC Investigation

Democratic U.S. Senators Elizabeth Warren and Richard Blumenthal have written to SEC Chairman Paul Atkins, urging him to investigate the $TRUMP memecoin.

The lawmakers argue that the agency has a duty to look into the estimated $3.8 billion in losses from nearly a million investors, which they claim raises questions about how President Donald Trump made his cryptocurrency fortune.

The senators point out that Trump's recent financial disclosure indicated he'd made $636 million off the token and suggest this may be due to 'potentially fraudulent enrichment schemes with implications for market integrity and stability.'

The request comes as negotiators are awaiting the White House's response to a revised version of the Digital Asset Market Clarity Act, which aims to ban senior government officials from direct involvement in crypto projects.