Senators demand SEC probe into Trump memecoin after $3.8B losses by investors.

Two U.S. senators have called on the SEC to investigate the Trump memecoin following reports that nearly one million investors lost $3.81 billion while Trump-affiliated entities gained $636 million. The token, which fell about 98% from its peak, has raised concerns about possible fraud and unjust enrichment. This request comes amid ongoing congressional debates over broader cryptocurrency regulations, with senators emphasizing the need to protect investors from risky, speculative tokens like memecoins. The SEC's investigation could influence future regulatory approaches to politically connected cryptocurrencies.