Senators Elizabeth Warren, Adam Schiff and Richard Blumenthal have opened an inquiry into a Trump-linked memecoin conference and Mar-a-Lago gala tied to the TRUMP token, subpoenaing Fight Fight Fight LLC for documents about the April 25, 2026 event and the President’s role. Lawmakers flagged a token-gated access model limited to top holders, extreme concentration of ownership (CIC Digital LLC and Fight Fight Fight LLC controlling ~80% of Trump Cards), a brief TRUMP price spike to $3.08 followed by a collapse, and reports that TRUMP and MELANIA erased roughly $4.3 billion in retail losses while a few early wallets captured about $1.2 billion. The probe raises concerns about market manipulation, conflicts of interest, concentrated insider gains and possible legislative action.

Senators subpoenaed Fight Fight Fight LLC and are investigating the April 25 event and the President’s role; lawmakers cited a token-gated access model for top holders, ownership concentration (~80% controlled by CIC Digital LLC and Fight Fight Fight LLC), a TRUMP price spike to $3.08 then collapse, and reports that TRUMP and MELANIA erased ~$4.3B in retail losses while early wallets captured ~$1.2B — facts that suggest market manipulation risk and potential regulatory response.