Public Citizen, a consumer advocacy group, has called upon the Department of Justice (DOJ) and the Office of Government Ethics to launch an investigation into President Donald Trump’s promotion of his memecoin ‘TRUMP,’ citing potential violations of federal laws against soliciting gifts.
In a letter addressed to the DOJ’s Public Integrity Section and the OGE, Public Citizen raised concerns that Trump’s endorsement of the “Trump Meme” token may violate 18 U.S.C. § 201, which prohibits government officials from soliciting gifts. While the law allows the president to accept gifts, solicitation, coercion, or acceptance in exchange for official actions is strictly prohibited.
Public Citizen Calls Out Donald Trump’s Promotion of TRUMP Memecoin
Trump took to social media on January 17 and January 21 to encourage his followers to invest in the TRUMP memecoin, branding it as the “only Official Trump Meme.” The token’s website discloses that 80% of the project is owned by CIC Digital LLC, a company associated with the Trump Organization and the Donald J. Trump Revocable Trust.
The letter from Public Citizen emphasized that purchasing a Trump meme does not entail acquiring a physical product. Instead, buyers receive a digital receipt on the blockchain, akin to a donor sending a check and receiving a digital confirmation of receipt.
“A president soliciting funds from the public for personal gain would be an egregious misuse of the presidency,” remarked Bartlett Naylor, a financial services advocate at Public Citizen. “The Department of Justice and Office of Government Ethics have a duty to thoroughly investigate whether Donald Trump’s actions constitute a legal violation and to take appropriate measures to address it.”
Public Citizen also underscored the potential for foreign entities to leverage memecoin purchases as a means to influence Trump financially, raising concerns about potential violations of the Emoluments Clause.