Public Citizen urges DOJ probe into Official TRUMP token for legal violations
PC slams Trump over memecoin
The Washington-based nonprofit consumer advocacy group Public Citizen has urged the U.S. Department of Justice (DOJ) and the Office of Government Ethics to investigate the launch of the Official TRUMP token for potential legal violations.
In its statement, Public Citizen suggested that the meme coin may violate federal laws regulating gifts to public officials.
The group emphasized that the TRUMP website explicitly states that the tokens are not intended for investment or backing of any kind but rather serve as a "digital receipt." This phrasing resembles a request for money in exchange for nothing, which could be interpreted as a personal gift to the president.
The U.S. Constitution prohibits public officials from accepting anything of value from foreign governments. However, due to the anonymous nature of cryptocurrency exchanges, it is difficult to determine whether foreign entities are indirectly gifting assets to the president by purchasing the meme coin.
A harmless meme or a political corruption tool?
The involvement of high-profile figures like President Donald Trump in launching cryptocurrencies raises concerns about potential misuse of such platforms for personal gain or political influence at the highest levels. A possible DOJ investigation could have significant consequences for the future of political cryptocurrencies.
Public Citizen is not alone in its criticism of Trump’s meme coin. Last month, Ethereum founder Vitalik Buterin condemned political tokens as “a vehicle for unlimited political bribery”, although he did not refer to any specific coin.
As we wrote, Donald Trump’s meme coin ($TRUMP), which captured the attention of the entire crypto community, experienced a sharp rise followed by an equally dramatic crash within weeks of its launch.
