Public Citizen, a prominent U.S. consumer advocacy organization, has formally requested a federal investigation into President Donald Trump’s promotion of a cryptocurrency meme coin, alleging possible violations of laws governing gift solicitation and financial disclosures.
The complaint, filed on Wednesday with both the Department of Justice (DOJ) and the U.S. Office of Government Ethics (OGE), calls for immediate scrutiny of Trump’s involvement with the cryptocurrency known as $TRUMP. Public Citizen argues that the promotion of this meme coin could constitute an illegal solicitation of gifts, potentially violating ethics rules that regulate financial conduct of public officials and candidates.
Meme coins are a type of cryptocurrency typically based on internet trends, humor, or social media phenomena. Unlike traditional cryptocurrencies such as Bitcoin or Ethereum, meme coins often derive their value from online hype rather than utility. The $TRUMP token, which features branding related to the former president, has seen a surge in attention following Trump’s recent endorsements of digital assets.
In its complaint, Public Citizen alleges that Trump’s promotion of $TRUMP could be considered a covert financial transaction benefiting his political campaign or personal wealth. The organization has urged federal agencies to investigate whether the former president’s actions violated existing financial ethics laws. Furthermore, Public Citizen has called for an end to the sale of the cryptocurrency pending an official review.
Lisa Gilbert, Executive Vice President of Public Citizen, stated that transparency and ethical governance should be upheld, particularly when political figures engage with volatile financial markets such as cryptocurrency. “No individual, not even a former president, should be allowed to exploit financial loopholes for personal or political gain,” she said.
Trump, who has been vocal about cryptocurrency in recent months, has not officially responded to the allegations. However, his recent endorsements of various digital assets have sparked concerns about regulatory oversight and political figures’ involvement in speculative financial markets.
Legal experts suggest that if the DOJ and OGE determine Trump’s actions to be unlawful, it could result in significant legal consequences, including fines or restrictions on future financial dealings. Additionally, the controversy highlights the broader need for regulatory clarity on political figures’ involvement in cryptocurrency markets.
As federal agencies review the complaint, the case could set a precedent for how cryptocurrency endorsements by high-profile political figures are regulated in the future. The outcome will likely influence ongoing discussions on crypto governance and ethical conduct in political finance.
