Sens. Elizabeth Warren, D-Mass., and Richard Blumenthal, D-Conn., on Tuesday asked the Securities and Exchange Commission to investigate whether President Donald Trump's meme coin is a scam. File Photo by Bonnie Cash/UPI | License Photo
Aug. 4 (UPI) -- Sens. Elizabeth Warren and Richard Blumenthal on Tuesday called on Wall Street's top cop to investigate whether President Donald Trump's meme coin is a scam.
The president launched his $TRUMP coin days before his second inauguration in 2025, and made a total of $636 million when it peaked at $9 billion.
But the coin has since lost 97% of its value, down to $364 million as of Tuesday -- a total loss of $3.8 billion for nearly a million ordinary investors, The New York Times reported.
Warren, D-Mass., and Blumenthal, D-Conn., asked the Securities and Exchange Commission to investigate the venture.
