Outside Source
Though Donald Trump launched his memecoin before taking office, he has called on his social media followers to buy it after Jan. 20.
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Consumer advocacy organization Public Citizen has called on US government officials to investigate President Donald Trump’s promotion of his memecoin on social media.
In a Feb. 5 letter to the US Department of Justice Public Integrity Section Chief John Keller and Office of Government Ethics (OGE) Director David Huitema, Public Citizen accused Trump of violating the law by soliciting gifts in his position as US president. The group urged officials to investigate the Official Trump (TRUMP) memecoin and whether foreign state actors may be purchasing the token.
“The President is expressly exempt from the broad restrictions on receiving or accepting gifts from prohibited sources or gifts given because of his official position, and thus may accept gifts from the general public, even from ‘prohibited sources,’ or gifts given because of his official position, as long as the President does not ‘solicit or coerce the offering of gifts from such sources, nor accept a gift in return for an official act,” said a 2012 report from the Congressional Research Service.
Related: Ross Ulbricht-tied crypto wallets lose $12M in memecoin misstep: Arkham
A few days before taking the oath of office on Jan. 20, Trump announced the launch of his memecoin shortly before his wife, Melania, released her own token. Public Citizen alleged that Trump had violated federal laws by continuing to post to his social media platform, Truth Social, as president, calling on his followers to buy the memecoin:
“It appears Trump is not soliciting money in exchange for an investment or tangible product […] but soliciting money in exchange for nothing — that is, asking for a gift that will benefit him personally.”
This article first appeared at Cointelegraph.com News
