Think Tank Demands DOJ Probe Into Trump’s Memecoin

A think tank is urging the US Department of Justice (DOJ) to investigate President Donald Trump's Official Trump (TRUMP) memecoin

A public interest group has urged the U.S. Department of Justice (DOJ) to investigate President Donald Trump’s Official Trump (TRUMP) memecoin, arguing that it could violate federal laws prohibiting officials from soliciting gifts.

In a letter sent on Feb. 5 to the DOJ and the U.S. Office of Government Ethics (OGE), Public Citizen officials questioned whether Trump’s direct promotion of the token constitutes an illegal solicitation.

“A person sending money for a Trump meme is not purchasing a tangible product. Instead, the person receives only a digital receipt (in a blockchain), which is similar to a donor sending a check and receiving digital confirmation that the check was received,” the letter states.

The watchdog group noted that Trump’s memecoin does not represent a tangible product or an investment contract but is instead a mechanism for financial contributions that personally benefit him.

Trump first launched the TRUMP memecoin in mid-January, just days before taking office. The token soared in value by 11,000%, now ranking as the 41st-largest cryptocurrency by market capitalization. However, watchdogs say the project raises ethical and legal concerns.

Public Citizen cited the federal anti-bribery statute, which prohibits officials from soliciting gifts for personal gain. While presidents are allowed to receive gifts, they cannot actively request them. The letter further warns that Trump’s use of the token could set a dangerous precedent, allowing other politicians to monetize their positions in ways that bypass federal oversight.

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Public Citizen also flagged potential violations of the Constitution’s Emoluments Clause, arguing that crypto transactions can be conducted anonymously, which could allow foreign state actors to use the memecoin to financially benefit the U.S. president without disclosure.

“A person sending money for a Trump meme is not purchasing a new tangible product. Instead, the person receives only a digital receipt (in a blockchain), which is similar to a donor sending a check and receiving digital confirmation that the check was received,” the letter adds.

Backlash against Trump’s crypto involvement

The backlash against Trump’s crypto involvement extends beyond legal concerns.

Ethereum co-founder Vitalik Buterin recently warned that political coins could serve as vehicles for unlimited political bribery, though he did not reference TRUMP specifically.

Billionaire investor Mark Cuban 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.

“If meme coins are the way, maybe I'll issue one. With a twist. Same terms as $TRUMP. 20% float. Same release schedule. One difference. All the revenue from the sale of the coins go to the U.S. Treasury. The wallet address will be published so everyone can track it. If you want to gamble, gamble. But at least use it to make a dent in the U.S. Debt. You in?” Cuban said on X.