US Senator Demands SEC Investigation into Trump Meme Coin TRUMP for Fraud and Improper Profit Risks

Odaily News: U.S. Democratic Senators Elizabeth Warren and Richard Blumenthal have asked the U.S. Securities and Exchange Commission (SEC) to investigate President Trump's Meme coin TRUMP to determine whether the project involves fraud or improper profit-taking. In a letter to SEC Chairman Paul Atkins, the two senators stated that the Trump Meme coin project "may constitute an illegal scheme" and requested that regulators investigate whether the token involves "unlawful fraudulent conduct or facilitates improper gains." According to reports, Trump launched his personal Meme coin TRUMP just days before his inauguration in 2025. The token saw a price surge shortly after its launch, reaching a peak market cap of approximately $9 billion on January 19, 2025, before subsequently declining.