- Public Citizen filed a complaint on US President’s TRUMP memecoin.
- Trump promoted his memecoin after he took office as the 47th President on Jan 20.
Consumer advocacy organization Public Citizen filed a legal complaint against the US President over his TRUMP memecoin. It called for a Federal investigation on Trump’s promotion of his memecoins through his social media accounts.
Public Citizen is a government, corporate, and consumer watchdog non-profit organisation founded in 1971. It recently filed a complaint to the Department of Justice and the US Office of Government Ethics, accusing Donald Trump of violating laws regarding President solicitation of gifts.
The US federal laws impose stringent rules when it comes to government official payments. It allows the US President to receive gifts but not solicitation of gifts. The Public Citizen raised concerns regarding this issue as the US President promoted his TRUMP memecoin several times before and after taking office on Jan 20.
Public Citizen Accused Donald Trump of Violating Federal Laws
The Public Citizen complaint explained why they are calling for an investigation on Trump memecoin in detail. It detailed how the Trump memecoin official website explained that around 80% of the tokens are owned by CIC Digital LLC, which is an affiliate of The Trump Organization. And, Donald J Trump is the only owner of CIC Digital.
Furthermore, the Public Citizen did its research and carefully gathered all the facts to foster its case. It also outlined how the TRUMP memecoin website answered that it is the only Official Trump meme, by President Donald J. Trump. Furthermore, the complaint also said Trump could receive money from foreign state actors in the way of purchasing the memecoin.
The filed compliant Says,
“It appears Trump is not soliciting money in exchange for an investment or tangible product such as Bible, sport shoes, or a guitar, but soliciting money in exchange for nothing – that is, asking for a gift that will benefit him personally.”
The complaint requested the OGE and DoJ to investigate the TRUMP memecoin. In case, it finds impermissible gift solicitation, it recommends termination of the TRUMP memecoin sale, return of funds, among other actions. This could either lead to the termination of the memecoin or further support memecoins launched by officials.
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