Summary
- As the crypto Clarity Act languishes under a high-stakes countdown, Democratic U.S. Senators Elizabeth Warren and Richard Blumenthal urged the Securities and Exchange Commission to investigate President Donald Trump’s memecoin.
- Though the SEC has washed its hands of memecoin oversight, the lawmakers argued the agency has a duty to look into the billions in losses from $TRUMP investors.
Senator Elizabeth Warren is pushing for the U.S. Securities and Exchange Commission to investigate President Donald Trump’s memecoin in a request coinciding with the crypto market structure bill’s debate over ethical constraints on government officials’ digital assets ties.
Warren, along with fellow Democratic Senator Richard Blumenthal, made the request to Trump’s appointed SEC chairman, Paul Atkins, to probe the estimated $3.8 billion in losses from almost a million investors in $TRUMP. The president’s recent financial disclosure indicated he’d made $636 million off the token, the lawmakers pointed out.
“While all cryptocurrency trading involves risk, such a stark asymmetry raises questions about how the president made his cryptocurrency fortune, including through potentially fraudulent enrichment schemes with implications for market integrity and stability — not to mention the financial well-being of nearly a million American investors,” the lawmakers argued in the letter to Atkins dated Monday.
