Senators Warren and Blumenthal urge SEC to investigate TRUMP memecoin on Solana

Two US senators are asking the SEC to take a hard look at the $TRUMP memecoin, a Solana-based token explicitly linked to former President Donald Trump, after its value cratered roughly 97-98% from its peak. Senators Elizabeth Warren and Richard Blumenthal sent a formal letter to SEC Chair Paul Atkins requesting an investigation into what they described as a potential rug pull that left nearly 1 million holders nursing an estimated $3.8 billion in collective losses. While memecoins imploding is practically a daily occurrence in crypto, this one has a former US president allegedly earning around $636 million from the token, drawn from financial disclosures. What the senators are alleging Warren and Blumenthal characterized the $TRUMP token’s trajectory as resembling a “pump-and-dump” scheme, going so far as to label it a potential “illegal scam.” The core argument is straightforward: insiders enriched themselves while retail investors, many of whom bought in based on the token’s association with Trump, got obliterated. Nearly 1 million individual holders watched their investments evaporate, with aggregate losses landing somewhere around $3.8 billion. The senators’ letter also fits in...