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TRUMP U.S. senators have called on the SEC to launch an investigation into Trump's Meme coin, saying investors lost billions of dollars
U.S. Senators Elizabeth Warren and Richard Blumenthal have written to Securities and Exchange Commission Chairman Paul Atkins asking the agency to investigate President Donald Trump's meme coin. Both senators believe the token may have facilitated fraud or illegal profits at the expense of retail investors.
According to the report cited in the letter, from the launch of the token in January 2025 (a few days before Trump took office) to the end of June 2026, nearly one million investors have accumulated losses on the token. More than $3.8 billion. During the same period, the president and his family reportedly made approximately $636 million through transaction fees and other revenue sources associated with the token.
Warren and Blumenthal pointed out that the wide gap between investor losses and insider gains is enough to justify the agency's formal investigation into the token's structure and marketing methods. They also mentioned allegations that some traders had made profits after the token was issued but before the public could react, raising questions about possible insider trading.
The senators argued that such behavior, and the subsequent 98% drop in the coin's price since its all-time high, could be similar to a "soft rug pull" type of scam. The letter also cited the SEC's previous enforcement actions against similar crypto plans, as well as recent warnings from state regulators such as New York about "high shipment" and "carpet pulling" scams in the commemorative coin field.
The "Official Trump" token soared to more than $70 within hours of issuance, but had dropped to less than $1.50 as of press time. After becoming the top 20 assets and the second largest commemorative coin in market value, the token fell out of the top 100 alternative coins in market value in just a year and a half. At the same time, the team behind the token was accused of being involved in numerous sell-offs during the price decline.
