Public Citizen, a consumer advocacy group, has urged the Department of Justice (DOJ) and the Office of Government Ethics to investigate President Donald Trump’s promotion of his memecoin ‘TRUMP’ for allegedly violating federal laws against soliciting gifts.
In the open letter, the advocacy group addressed the DOJ’s Public Integrity Section and the OGE, arguing that Trump’s promotion of the so-called “Trump Meme” token could breach 18 U.S.C. § 201, which prohibits government officials from ‘soliciting gifts’. While federal law allows the president to receive gifts, the guideline still explicitly prohibits solicitation, coercion, or acceptance in exchange for official acts.
Public Citizen Targets Donald Trump’s Presidency via TRUMP Memecoin
Trump, through his social media posts on January 17 and January 21, encouraged followers to purchase the TRUMP memecoin, describing it as the “only Official Trump Meme.” The website promoting the token reveals that 80% of the project is owned by CIC Digital LLC, an entity linked to the Trump Organization and Donald J. Trump Revocable Trust.
The letter reads: “Accordingly, a person sending money for a Trump meme is not purchasing a tangible product. Instead, the person receives only a digital receipt (in a blockchain), which is similar to a donor sending a check and receiving digital confirmation that the check was received.”
“A president soliciting money from the general public for his personal enrichment would be a reprehensible abuse of the presidency,” said Bartlett Naylor, a financial services advocate at Public Citizen. “The Department of Justice and Office of Government Ethics owe it to the American people to thoroughly investigate whether Donald Trump’s solicitation is in violation of the law, and, if it is, take appropriate action to stop it.”
Public Citizen also highlighted the scenario for foreign entities to use memecoin purchases as a way to financially influence Trump. According to the entity, his project is a big red flag under the Emoluments Clause.
Read the full article here
