Think Tank Urges DOJ Probe Into TRUMP Meme Coin Over Possible Anti-Bribery Violations

A progressive think tank, Public Citizen, has called on the U.S. Department of Justice (DOJ) to investigate the legality of the TRUMP meme coin launched by President Donald Trump. The nonprofit consumer advocacy group raised concerns about potential violations of federal laws regulating gifts to government officials and the Constitution's Emoluments Clause.

The TRUMP meme coin, launched in mid-January, quickly secured its position as the 41st-largest digital asset by market capitalization. Public Citizen officials questioned whether Trump's direct promotion of the token constitutes an illegal solicitation. They highlighted that the TRUMP website clearly states that the memecoins are not meant to be an investment opportunity or security of any kind, but rather a digital receipt. This, they argue, is similar to asking for money in return for nothing, which could be interpreted as a personal gift to the President.

Moreover, the Constitution (Article 1, Section 9) forbids accepting money or anything of value from any "king, prince, or foreign state." Given the nature of cryptocurrency exchanges, it is difficult to ascertain whether foreign entities are gifting the President by buying the memecoin. This raises concerns about potential violations of the Emoluments Clause.

Public Citizen's skepticism is not solitary. Last month, Ethereum ETH/USD founder Vitalik Buterin denounced political coins as "vehicles for unlimited political bribery," although he did not mention any specific token. Billionaire investor Mark Cuban also mocked the TRUMP token, suggesting that all proceeds from its sales should be directed to the U.S. Treasury to help reduce the national debt.

The concerns raised by Public Citizen underscore the complex legal and ethical issues surrounding political cryptocurrencies. The involvement of high-profile individuals such as President Trump further complicates matters, as it raises questions about the potential for misuse of such platforms for personal gain or influence. The outcome of the DOJ's investigation could have significant implications for the future of political cryptocurrencies.

In conclusion, the TRUMP meme coin's launch and promotion have raised serious concerns about potential violations of federal laws and the Constitution's Emoluments Clause. Public Citizen's call for a DOJ investigation highlights the need for careful consideration of the legal and ethical implications of political cryptocurrencies. As the TRUMP meme coin evolves, these risks and benefits could change, impacting the U.S. economy and political landscape.