President Donald Trump's new memecoin, TRUMP, has attracted attention not just for its price swings but also for possible violations of federal laws.
Promotion and Legal Issues
Public Citizen, a consumer watchdog group, has filed a complaint with the Department of Justice and the Office of Government Ethics. They are concerned that Trump's promotion of the memecoin may violate laws regarding gift solicitation for government officials. The official website claims that Trump does not sell or give away the memecoin, though 80% is owned by CIC Digital LLC, controlled by the Donald J. Trump Revocable Trust.
Calls for Investigation
Public Citizen has requested an investigation by the DOJ and OGE into whether the promotion of TRUMP memecoin violates U.S. laws. If the claim holds merit, they demand that sales of the token cease and any funds received be returned. The investigation could impact Trump's ties to digital assets and the future intersection of politics and digital finance.
TRUMP Memecoin Value Fluctuations
Launched during the Crypto Ball in Washington, the TRUMP memecoin surged to over $75 billion, surpassing Dogecoin. However, after the launch of MELANIA memecoin, its value plummeted by 76%. It is currently priced at $17.27 with a market cap of $3.4 billion.
The complaint against TRUMP memecoin could play a significant role in shaping the future relationship between politics and digital finance in the U.S.
