U.S. Senators Elizabeth Warren and Jake Auchincloss are questioning the SEC’s recent exclusion of meme coins from federal regulations. They raise concerns about consumer harm due to scams like ‘pump-and-dump’ and ‘rug-pull,’ highlighting how these tactics have resulted in significant financial losses.

Lawmakers argue the SEC’s deregulation of crypto is detrimental to average investors and seek detailed answers about the regulatory framework, especially regarding the classification of meme coins. They emphasize the importance of consumer protections and request a response by March 28.