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U.S. nonprofit watchdog group Public Citizen has filed a formal request for a federal investigation into President Donald Trump's promotion of the cryptocurrency known as #TRUMP tokens. The complaint has been filed with the Department of Justice and the website.
- American nonprofit watchdog group Public Citizen has filed a formal request for a federal investigation into President Donald Trump's promotion of the cryptocurrency known as TRUMP tokens. The complaint, sent to the Department of Justice (DOJ) and the Office of Government Ethics (OGE), alleges that President Trump may have violated a federal law that prohibits soliciting gifts from the public.
TRUMP tokens are owned by an affiliate of the Trump Organization, CIC Digital LLC TRUMP tokens are largely (80%) owned by CIC Digital LLC, which has raised concerns because it could facilitate untraceable foreign payments. Public Citizen argues that Trump's involvement in promoting memes with the tokens may constitute illegal solicitation of gifts, prohibited by 18 U. S. C. § 201 and federal regulations (5 C. S. C. ). §
The complaint calls attention to Trump's January 2024 tweet promoting the token meme! Public Citizen's lawyers note that the president can accept a gift, but he is prohibited from soliciting it for personal gain. They say President Trump's tweet and subsequent ads on the Truth Social platform cross that line by requesting funds for digital checks that offer no specific products.
tokens are allegedly not for investment purposes, but experts say they have no intrinsic value. They criticize them as having no intrinsic value. Thus, those who send money for Trump memes are not buying a tangible commodity. Instead, they are simply receiving a digital check (on the blockchain), which is similar to when a donor sends a check and receives a digital confirmation that the check has been received, they write.