Trump's Meme Coin Under Fire: Non-Profit Demands Sale End, Refund

The US Non-Profit Organization Files Complaint About Trump Meme Coin, Demands End of Sale and Fund Refund

A US-based non-profit organization has filed a complaint against a cryptocurrency known as the TRUMP token, alleging that its promotion by former President Donald Trump may have violated federal laws. The complaint, submitted to the Department of Justice (DOJ) and the Office of Government Ethics (OGE), claims that Trump's involvement in the promotion of the meme token could constitute an unlawful gift solicitation.

The TRUMP token, primarily owned by CIC Digital LLC, an affiliate of the Trump Organization, has raised concerns due to its potential to facilitate untraceable foreign payments. Public Citizen, the non-profit watchdog group, argues that Trump's involvement in the promotion of the meme token could violate 18 U.S.C. § 201 and federal regulations (5 C.F.R. § 2635).

The complaint brought to attention a January 2024 tweet by Trump promoting the meme token, stating, "My NEW Official Trump Meme is HERE! Get YOUR $TRUMP NOW." Public Citizen's legal team points out that although the president can accept gifts, he is prohibited from soliciting them for personal gain. They said that Trump's tweet, and subsequent promotion through his Truth Social platform, crosses this line by requesting funds for a digital receipt that does not offer a tangible product.

The token is reportedly not intended as an investment opportunity, yet experts have criticized it as lacking intrinsic value. Public Citizen is calling for an investigation to ensure that Trump's actions do not violate the Emoluments Clause of the Constitution, which restricts government officials from accepting gifts from foreign entities.

The nonprofit urges the DOJ and OGE to assess whether Trump's promotion of the TRUMP token constitutes an illegal solicitation and to take appropriate action if necessary.

Meanwhile, a law firm has sued the Solana memecoin creation platform Pump.fun, demanding the platform remove tokens using its intellectual property. US law firm Burwick Law has issued a cease and desist letter to Pump.fun, demanding the "immediate removal" of Dog Shit Going NoWhere (DOGSHIT2) and other tokens that have "impersonated our firms" through the unlicensed use of intellectual property.

Burwick Law confirmed that Pump.f