Elizabeth Warren and Richard Blumenthal, two American Democratic senators, asked the SEC in early August to open an investigation into the TRUMP token, which they suspect constitutes a « rug pull » orchestrated by the sitting president. Nearly one million investors have lost a total of $3.81 billion since the memecoin launched in January 2025, which peaked at nearly $9 billion before dropping 95 %. Donald Trump allegedly pocketed approximately $636 million from this operation. However, a major legal obstacle remains: the SEC ruled in February 2025 that memecoins do not fall under the legal definition of a security, which limits its ability to act.
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