U.S. lawmakers are intensifying scrutiny of the Trump-linked TRUMP after concerns over conflicts of interest, volatility, and a token-gated political event tied to Mar-a-Lago. Senators Elizabeth Warren, Adam Schiff, and Richard Blumenthal launched an inquiry requesting details about the April 25 conference and whether insiders could financially benefit.

The investigation focuses on a token-gated access model where only the top 297 TRUMP holders can attend, with premium access for the top 29 wallets. Lawmakers flagged ownership concentration, noting entities behind the token reportedly control a large share and earn trading-related revenue, raising concerns about incentives and market fairness.

Price action added to scrutiny after the TRUMP token briefly surged to $3.08 following the event announcement before sharply dropping, highlighting fragile speculative demand. Senators also cited reports estimating roughly $4.3 billion in retail losses across TRUMP and MELANIA tokens, while early wallets captured significant gains, underscoring imbalance between insiders and retail participants.