25 states sue Trump over new tariffs as SEC investigates alleged 'illegal scam' memecoin

President Trump is currently facing legal challenges on two fronts: 25 states have sued his administration over recently imposed tariffs, and Senator Elizabeth Warren has called for an SEC investigation into a memecoin associated with him. The lawsuits from the Democratic-led states, filed in the U.S. Court of International Trade, allege that the President exceeded his authority by implementing new double-digit tariffs on 60 trading partners last month. These states claim the new levies are a pretext to reinstate tariffs that the Supreme Court had previously declared illegal in February 2026, though the White House maintains they are a legal response to unfair trade practices.

Separately, Senator Elizabeth Warren has intensified her calls for the Securities and Exchange Commission (SEC) to investigate an alleged "illegal scam" memecoin tied to President Trump. Following his 2025 financial disclosures, which indicated over $1.4 billion in earnings from crypto ventures including the "Official Trump (TRUMP)" memecoin, Senator Warren requested he disclose his 2026 crypto earnings by July 23, 2026. She has raised concerns about potential conflicts of interest, foreign influence, and whether the Trump family's financial gains from cryptocurrency could impact ongoing legislative debates on crypto market regulation. Warren also pressed the SEC to examine the Trump family's cryptocurrency company, World Liberty Financial, for potentially misleading investors.