Public Citizen accuses Trump of soliciting gifts with memecoin
Public Citizen, a consumer advocacy organisation, has formally requested U.S. government officials investigate President Donald Trump for allegedly soliciting gifts through the promotion of his memecoin, TRUMP, on social media.
In a letter addressed to the US Department of Justice Public Integrity Section Chief John Keller and Office of Government Ethics (OGE) Director David Huitema, the organisation argues that Trump's actions violate federal laws prohibiting the solicitation of gifts in his official capacity as president.
The controversy stems from Trump's continued promotion of the TRUMP memecoin on his social media platform, Truth Social, even after taking office.
Public Citizen claims that Trump is "soliciting money in exchange for nothing," essentially asking for gifts that will personally benefit him.
They also urged officials to investigate the Official Trump (CRYPTO:TRUMP) memecoin and whether foreign state actors may be purchasing the token.
The launch of the TRUMP memecoin occurred just days before Trump's inauguration, with his wife, Melania, also releasing her own token shortly thereafter.
The coins quickly gained traction, with TRUMP's market capitalisation soaring to over $15 billion within 48 hours, though it has since decreased to roughly $3.7 billion.
Entities behind Trump's crypto coin have accumulated nearly $100 million in trading fees in less than two weeks.
Critics, including industry insiders, have raised concerns about the ethics and potential conflicts of interest surrounding Trump's involvement with the memecoin.
Some argue that it opens a channel for foreign entities to potentially influence the president.
"Now anyone in the world can essentially deposit money into the bank account of the President of the USA with a couple clicks," remarked Anthony Scaramucci, Trump’s former White House communications director.
While the Justice Department and OGE are led by Trump appointees, it remains unclear what action, if any, will be taken.
A recent Supreme Court decision grants the president presumptive immunity from prosecution for official acts, which could complicate any potential legal challenges.
However, Trump could face repercussions if the memecoin promotion was considered an unofficial act while in office.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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