Senators seek SEC probe of President Trump's memecoin as crypto bill enters into a pivotal week
Quick TakeThe senators accused President Donald Trump of being involved in a “rug pull” and called on the agency to determine whether securities laws had been violated.The letter comes as the White House is mulling the latest compromise to address Trumps crypto forays as a way to move forward with potentially passing broad crypto legislation into law. Democratic Sens. Elizabeth Warren and Richard Blumenthal are calling on the U.S. Securities and Exchange Commission to investigate President Donald Trumps memecoin. In a letter sent Monday to SEC Chair Paul Atkins, the senators pointed to reports that nearly 1 million crypto wallets have lost money since the launch of Trumps memecoin (TRUMP) in January 2025, with combined losses totaling about $3.81 billion. They accused Trump of being involved in a “rug pull” and called on the agency to determine whether securities laws had been violated. “Given sharp depreciation in the coin‘s value—despite the hype coming directly from the President’s own public statements—the SEC must investigate whether a fraudulent scheme may be underway, and prevent further extraction of enormous value from the hundreds of thousands of investors who put their faith in Trumps coin,” they said. The letter comes as the White House is mulling the latest









