Elizabeth Warren and Richard Blumenthal are calling for the Securities and Exchange Commission to investigate Trump’s memecoin “to detect any illegal fraud or unjust enrichment that the coin may have facilitated.” “We are concerned that President Trump’s memecoin scheme may constitute an illegal scam,” Warren and Blumenthal wrote on Monday to SEC Chair Paul Atkins in a letter shared first with CNN. The rug pull debateSpecifically, the Senate Democrats expressed concern that the memecoin effort could be a “rug pull.” Warren and Blumenthal suggested in their letter that the Trump memecoin could be a “soft rug pull,” one where the support is pulled more gradually. Warren and Blumenthal argue Trump’s memecoin is one of those cases to evaluate.