Democratic Senators Elizabeth Warren and Richard Blumenthal are urging the SEC to investigate the Official Trump (TRUMP) memecoin. In their letter to the regulator on August 3rd, the senators said President Donald Trump made $636 million in profits from the memecoin alongside early buyers. Over a million investors lost more than $3.81 billion after the coin crashed by 98%, mirroring rug pull patterns. The lawmakers are concerned that the memecoin scheme may constitute an illegal scam. This request comes amid negotiations over the CLARITY Act, with Democrats demanding stronger ethics provisions before backing the bill, which may need more than ten Democratic votes to reach the 60-vote threshold.
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