By Matt Egan, CNN New York (CNN) — Days before his inauguration in 2025, president-elect Donald Trump did something unusual: He launched a memecoin. That memecoin briefly exploded in value – and then crashed in an epic selloff that left nearly a million investors facing losses.
Sens. Elizabeth Warren (D-Mass.) and Richard Blumenthal (D-Conn.) sent a letter to the Securities and Exchange Commission (SEC) demanding an investigation into President Trump’s meme coin that they worried could be a “rug pull.