U.S. Democratic senators Elizabeth Warren and Richard Blumenthal have asked the U.S. Securities and Exchange Commission to investigate Trump’s meme coin TRUMP to determine whether it involved fraud or improper gains. According to Odaily, they said in a letter to SEC Chair Paul Atkins that the Trump meme coin project could amount to an illegal scheme and asked regulators to examine whether the token involved illegal deceptive conduct or enabled improper benefit extraction.

According to Odaily, Trump launched his personal meme coin TRUMP a few days before his 2025 inauguration. The token briefly rose after its debut, reaching a market value peak of about $9 billion on January 19, 2025, before later declining.