Senators Urge SEC to Investigate Trump Meme Coin

Senators Elizabeth Warren and Richard Blumenthal requested that the Securities and Exchange Commission investigate whether Donald Trump launched the $TRUMP meme coin as a scam. In a letter to SEC Chairman Paul Atkins on August 4, 2026, the senators suggested the venture may have been a "rug pull" and questioned if early traders used inside information to profit.

Trump launched the coin in 2025 before his second inauguration, earning $636 million at its peak. Since then, the asset has lost 97% of its value, causing an estimated $3.8 billion loss for nearly one million investors. Warren and Blumenthal argued that this asymmetry raises questions about potentially fraudulent enrichment schemes that threaten market integrity.

President Trump denied any wrongdoing, stating there was "nothing illegal" regarding his crypto ventures. White House spokesperson Anna Kelly dismissed the allegations as a false narrative, asserting that neither the president nor his family has engaged in conflicts of interest.