Trump's Memecoin Venture Faces Calls for SEC Probe Amid Billion-Dollar Losses

Two Democratic senators have called for an investigation into President Donald Trump's memecoin venture after it crashed, resulting in billions of dollars in losses for nearly a million investors. Sen. Elizabeth Warren and Sen. Richard Blumenthal urged the Securities and Exchange Commission to probe the president's crypto venture, which they believe may constitute an illegal scam.

The $TRUMP memecoin surged to a staggering $27 billion market cap when it was launched just days before Trump's second inauguration but plummeted 94 percent to just $4.86 per coin after a year. As of Tuesday, it was valued at only $1.46.

Nick Pinto, a Trump voter who invested about half a million in the $TRUMP coin, has now lost about half of his investment. He described the event held by the president as 'a legal scam' and said the food was bad and he wasn't given any drinks other than water or Trump's wine.

The White House referred the Daily Beast to the Trump Organization, which did not immediately respond to a request for comment. The president's first year back in the White House was his most lucrative one yet: he took in $2.4 billion in 2025, the bulk of which came from cryptocurrency.