Trump's Memecoin Under Fire: Public Citizen Calls for DOJ, OGE Investigation

Public Citizen, a non-profit government watchdog group, has called on the U.S. Department of Justice (DOJ) and the Office of Government Ethics (OGE) to investigate former President Donald Trump's promotion of the Official Trump Memecoin (TRUMP). The group alleges that Trump's marketing of the meme may constitute an unlawful solicitation of gifts, violating federal laws that prohibit government officials from soliciting such payments.

The complaint, filed by Public Citizen on February 5, centers on Trump's promotion of TRUMP following its launch in January. The group argues that the meme does not constitute a tangible product or investment opportunity, and that payments received for it are essentially direct financial benefits to Trump. Public Citizen contends that this is akin to a personal donation rather than a traditional purchase, and that the meme is largely owned by CIC Digital LLC, an affiliate of The Trump Organization, which is fully controlled by the Donald J. Trump Revocable Trust.

Public Citizen also raised concerns that foreign entities could be among those purchasing the meme, potentially violating the Constitution's Emoluments Clause, which prohibits federal officials from accepting gifts or payments from foreign governments without congressional approval. The group warned that if such solicitations are allowed to proceed unchecked, they could create a precedent for politicians to solicit funds in ways that circumvent federal ethics laws and campaign finance regulations.

Some crypto analysts and former Trump allies have criticized the initiative. Anthony Scaramucci, former White House communications director, likened it to "Idi Amin-level corruption," while a Washington Post columnist dismissed it as a "sh—coin." Public Citizen urged the DOJ and OGE to determine whether Trump's actions violate federal law and, if so, to recommend appropriate remedies, including halting meme sales and returning funds to buyers.

As of now, the DOJ and OGE have not publicly responded to the complaint. Trump's campaign has also not issued a statement regarding the allegations.