Senators Tell SEC: Investigate $TRUMP Coin Before It Becomes a Historical Artifact 🗽

Senators Elizabeth Warren and Richard Blumenthal are pressing the Securities and Exchange Commission to investigate the TRUMP meme coin for fraud, according to a CNN report cited by multiple outlets. In a letter to SEC Chair Paul Atkins, the Democratic lawmakers said the token "may constitute an illegal scam" and called for the agency to detect any "illegal fraud or unjust enrichment" tied to the asset.

The request comes as the TRUMP coin trades more than 90% below its all-time high. A Nansen report cited in coverage noted that nearly 1 million wallets that purchased the meme coin are sitting on losses tied to the token's decline. Warren and Blumenthal framed their appeal as the latest effort by Senate Democrats to scrutinize the president's crypto ventures.

The letter lands while an ethics provision in the CLARITY Act remains under negotiation, with Democrats pushing to curb presidential involvement in the crypto sector. The senators did not announce a formal SEC timeframe in their correspondence, and Atkins's office has not publicly responded to the request.

The TRUMP coin launched earlier this year ahead of President Donald Trump's January inauguration and at one point reached a market capitalization reported at multiple billions of dollars before retreating sharply. The token is associated with the Trump-affiliated World Liberty Financial platform and its broader digital asset lineup, which has drawn ongoing questions from congressional Democrats.

Neither the SEC nor representatives for the TRUMP coin's issuers have issued an on-the-record response to the senators' allegations of fraud as of publication.