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TRUMP Democratic senators ask SEC to investigate Trump memin
Democratic Senators Elizabeth Warren (@SenWarren) and Richard Blumenthal (@SenBlumenthal) have formally written to U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins (@SECPaulSAtkins) requesting an investigation into "$TRUMP" memin, pointing out that the token may involve illegal fraud or improper profit. The letter was sent on Monday and said the token may be an "illegal scam."
Loss of US$3.8 billion and gain of US$636 million
The market value of the "$TRUMP" coin once reached approximately US$9 billion on January 19, 2025 (the day before Trump took office), of which 80% of the supply was held by Trump Group related parties. Since then, the currency's market value has dropped to less than US$400 million, down 97% from its peak. As of the end of June, nearly 1 million people had lost money due to the currency, with cumulative losses reaching US$3.8 billion, according to crypto analytics firm Nansen. At the same time, the president's own financial disclosures showed he made personal profits of approximately $636 million from the token.
Warren and Blumenthal raised the possibility of "soft carpet pumping"-in which developers gradually withdraw price support rather than abandoning the project in one go, allowing retail investors to slowly absorb losses. Ali Redbold, a former federal prosecutor and U.S. Treasury official who now works at the TRM Laboratory, told reporters that the token was not a typical "carpet pumping" scam, but added that "this does not mean there is no problem with the way it operates," and pointed out how price support is gradually weakening in a token held by a small number of people.
The SEC issued guidance in February 2025, stating that cryptocurrencies are not securities. However, the agency also stated that the guidance does not apply to products labeled as "memin" simply to circumvent securities laws, and emphasized that each token will be evaluated on a case-by-case basis. Warren and Blumenthal believe that the "$TRUMP" coin is one of the cases that needs to be evaluated. Neither the White House nor the SEC directly responded to the letter.
The Clarity Act is pending
This letter comes as Washington's encryption legislation enters a critical stage. As of late July 2026, the Digital Asset Markets Clarification Act has been passed by a committee of the House and Senate, but it has not yet entered the full house for a vote, has not proposed a motion to end debate, and has not been included on the agenda. Senate Majority Leader John Thun told reporters he did not expect the bill to reach a full house vote before the summer recess around August 7.
The Senate needs 60 votes to pass a procedural closed-of-debate motion, which means that if all Republicans support the bill, Democrats will also have to vote for it to make up the difference. One of the most watched provisions in the latest draft is the ethics clause, which would prohibit senior federal administration officials, including the president and vice president, from sponsoring or issuing digital assets until at least early 2029. The clause is critical to garnering enough Democratic support, and Warren and Blumenthal's letter further increased the pressure-multiple Democrats refused to support the bill unless it resolved conflicts of interest related to the president's cryptocurrency holdings.
