As of January 2026, the inquiry into the $TRUMP meme coin by Senator Richard Blumenthal (D-Conn.) remains a preliminary and ongoing investigation.
The primary outcome of the inquiry and related efforts includes:
- Initial Records Demands: In May 2025, as Ranking Member of the Senate's Permanent Subcommittee on Investigations (PSI), Blumenthal demanded records from Fight Fight Fight LLC (the company behind $TRUMP) and World Liberty Financial (WLFI). He requested documentation on ownership, revenue flows, and communications with the White House, citing "unprecedented conflicts of interest".
- Legislative Action: Following the initial inquiry, Blumenthal and Senator Chris Murphy (D-Conn.) introduced the End Crypto Corruption Act of 2025 (S. 1668). This bill seeks to prohibit the President, Vice President, and other high-ranking officials from sponsoring or endorsing specific financial instruments like meme coins.
- Senate Resolution: In mid-May 2025, Blumenthal announced a resolution (S.Res. 245) condemning the financial entanglements of President Trump with the meme coin, particularly after reports that a Chinese-linked tech company intended to purchase $300 million worth of the asset.
- Partisan Stalemates: Because Republicans hold narrow majorities in both the House and Senate as of 2026, the inquiry has largely been a Democratic effort with limited ability to compel cooperation without broader bipartisan support.
- White House Response: The White House dismissed the inquiry, stating that the President's assets are in a trust managed by his children and that "no conflicts of interest" exist.
The inquiry has also highlighted that the coin generated over $320 million in fees for its creators, even as its market value significantly declined for many retail investors.
