US Senators Elizabeth Warren and Richard Blumenthal have sent a letter to SEC Chair Paul Atkins urging an investigation into President Donald Trump’s meme coin. Reports show that nearly one million investors collectively lost over $3.8 billion between the token’s launch in January 2025 and the end of June 2026. During the same period, Trump and his family reportedly earned around $636 million through trading fees and other revenue streams connected to the token. The senators argue that the asymmetry between investor losses and insider gains warrants a formal SEC probe, describing the situation as a potential soft rug pull. The TRUMP token peaked above $70 shortly after launch before falling below $1.50, representing a 98% decline from its all-time high.
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