Public Citizen Files Complaint Against Trump

U.S. consumer watchdog Public Citizen lodged a complaint with the Department of Justice (DOJ) and Office of Government Ethics (OGE) on Wednesday, urging them to investigate whether Donald Trump violated federal laws prohibiting the President from soliciting gifts related to his official memecoin.

Concerns Over Foreign Influence

Public Citizen expressed concern about cryptocurrency transactions, highlighting the challenge of determining if foreign state actors are “gifting the president by purchasing a Trump meme.” They urged the DOJ and OGE to probe this issue.

Launch of Trump Memecoin

The controversial launch of Trump’s Solana-based memecoin coincided with the premiere Crypto Ball in Washington on the eve of his inauguration on January 20. A trading frenzy pushed the TRUMP token’s valuation to over $75 billion, briefly eclipsing DOGE.

However, after First Lady Melania Trump’s memecoin launch, MELANIA, TRUMP values plummeted by 76% and 88%, respectively, according to The Block’s Prices Page.

Allegations of Gift Solicitation

Public Citizen’s Bartlett Naylor and Dr. Craig Holman noted in their letter that federal law regulates gifts to government officials, stating, “The president may not ‘solicit’ gifts.” They alleged Trump’s promotion of the meme violates this law, citing posts from social media made on January 17, January 20, and January 21.

Clarification on Memecoin Ownership

Although the official memecoin website claims it isn’t sold by Trump, it reveals that 80% is owned by CIC Digital LLC, an affiliate of The Trump Organization. CIC Digital is fully owned by the Donald J. Trump Revocable Trust, with Trump as its sole beneficiary.

The website clarifies that Trump Memes are not intended as investments or securities but as digital blockchain receipts. Public Citizen argued this means Trump is soliciting gifts with no tangible return.

Request for Intervention

If the DOJ and OGE agree that TRUMP constitutes an improper gift solicitation, Public Citizen requested actions such as the termination of the memecoin sale, return of funds, and other potential remedies.

Currently, TRUMP is trading at $18.66 with a market cap of $3.7 billion, according to The Block’s Official Trump Page.

The Block has reached out to the White House, DOJ, and the Trump Meme project for comments, while the OGE declined to comment.