Legal Watchdog Seeks Investigation into Trump’s Promotion of Controversial TRUMP Token
Public Citizens, a group of nonprofit regulators in the United Statesa federal investigation into the cryptocurrency promoted by President Donald Trump has been formally requested. The complaint submitted to the Department of Justice (DOJ) and the Office of Government Ethics (OGE) claims that Trump may have violated federal law and prohibited the public from soliciting gifts.
Trump’s tokens are owned primarily by CIC Digital LLC, a branch of the Trump Organization (80%), thus raising concerns as it helps promote untraceable foreign payments. Citizens argue that Trump’s participation in promoting tenders that may constitute an illegal gift, which is prohibited under 18USC §201 and federal regulations (5CFR §2635).
The complaint drew attention from Trump’s tweets promoting meme tokens, noting: “My new official Trump meme is here! Get $Trump now.” The Public Citizen Law Team noted , Although the president can accept gifts, he is forbidden to solicit their personal interests from them. They said Trump’s tweets and subsequent promotions through his Truth Social Platform, through a digital receipt requesting funding that does not offer tangible products.
The token was reportedly not intended as an investment opportunity, but experts criticized it for lack of intrinsic value. “So, a person who sends money for Trump memes is not buying tangible products. Instead, the person receives only digital receipts (in the blockchain), which is similar to the donor sending a check and receiving it. The number of checks is confirmed,” they wrote.
Given the global nature of cryptocurrencies and the difficulty of tracking transactions, the complaints have also raised concerns about potential foreign impacts. Citizens are calling for an investigation to ensure Trump’s actions do not violate the Constitution’s Emer’s clause, which restricts government officials from accepting gifts from foreign entities.
The nonprofit urges the Justice Department and OGE to assess whether Trump’s promotion of Trump’s token constitutes an illegal tender and take appropriate action if necessary.
