Public Citizen Calls for Probe into Trump’s Meme Coin
A new formal complaint has been filed by the government watchdog group, Public Citizen, urging the Department of Justice and the Office of Government Ethics to investigate President Donald Trump’s promotion of a meme coin.
The complaint questions whether Trump’s actions violated federal laws by promoting his “Official Trump meme coin” and encouraging donations from his supporters via social media platforms.
The group specifically points to posts on X (formerly Twitter) and Truth Social, where Trump promoted the coin shortly after his inauguration. Public Citizen contends that this could represent a violation of laws that prevent the president from soliciting gifts for personal gain. They argue that by encouraging monetary contributions with no tangible product in return, Trump may have breached ethics laws, with concerns that such funds could directly benefit him.
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A key issue raised is the decentralized and anonymous nature of crypto transactions, which could allow foreign actors to potentially purchase the meme coin. Public Citizen highlights the risk of national security violations, citing the U.S. Constitution’s ban on presidents accepting foreign money or valuable items. The complaint also follows previous calls for federal scrutiny of the TRUMP and MELANIA meme coins, with senators and government officials expressing concerns over possible financial conflicts.
Despite Trump’s denials of involvement in the coin’s creation, a surge in interest from new investors and rising token sales have sparked even more questions. Recent analysis also indicates that a small number of wallets control a large portion of the coin’s circulation, suggesting possible price manipulation. Alongside these ethical concerns, experts warn that the meme coin could have significant legal and tax implications, especially if found to be in violation of federal laws.
Public Citizen has called for immediate action if the investigation uncovers legal breaches, potentially including the cessation of coin sales and financial penalties.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
