Trump Organization Token Draws Rebuke From Government Watchdogs

The token drew immediate rebuke from government watchdogs, who called it the president-elect's latest breach of ethical norms and a way to profit from his place on the world stage.

Former President Donald Trump is now hawking his own digital tokens, the latest in a series of ventures by him and his family that have raised concerns about conflicts of interest.

The tokens, which are being sold on a website that features an image of Trump wearing sunglasses on a beach, are part of a broader trend among conservative figures who have embraced cryptocurrencies as a way to raise money and reach their supporters.

But a memecoin, which is usually unlinked to any underlying business and thus highly speculative for investors and potentially wildly lucrative for founders, pushes the boundaries further, said Danielle Brian, executive director of the nonpartisan Project on Government Oversight.

The token drew immediate rebuke from government watchdogs on Thursday, who called it the president-elect’s latest breach of ethical norms and a way to profit from his place on the world stage.

“Any effort the Trump Organization was making to demonstrate they were concerned about potential conflicts, specifically where it comes to foreign governments — this seems to entirely undermine,” Brian said.

Other groups that raised concerns include the nonprofit Campaign Legal Center and Citizens for Responsible Ethics in Washington, which unsuccessfully sued Trump in his first term for violating Constitutional prohibitions on foreign gifts and compensation.

“The clear difference with crypto is how quickly you can have a windfall,” said Kedric Payne, general counsel at the Campaign Legal Center.