Former President Trump and First Lady Melania's launch of meme coins worth billions has prompted federal scrutiny over ethics concerns and regulatory compliance.

The letter to federal regulators warns the TRUMP meme coin opens up covert foreign influence, urging regulators to answer the call.

Ivanka Trump said Thursday a meme coin bearing her name is “fake” and likely poses risks to investors, as other tokens named after and promoted by her father, President Donald Trump, and First Lady Melania Trump dropped in value days after they went viral.

The digital tokens have already generated billions of dollars on paper for the Trump family. Meme coins are a subset of cryptocurrencies tied to internet meme culture. Two senior congressional Democrats have asked multiple regulators to look into the propriety of meme coins issued by President Donald Trump and first lady Melania Trump.

Our Vicky Ge Huang takes a closer look at President Trump's controversial cryptocurrency. Some key takeaways: It’s relatively easy to create a meme coin, like $TRUMP, $MELANIA or the longer-standing Dogecoin.

Two new data points suggest that President Trump's meme coin attracted lots of new people to cryptocurrency — and while plenty made money, it's not clear how much profit is left to be had. Why it matters: Trump's coin instantly created tens of billions of dollars in new paper wealth for him,

Ivanka Trump posted on X on Thursday that a meme coin with her name on it isn’t real, following the prior launch of $TRUMP and $MELANIA tokens.