$TRUMP Memecoin Faces Legal Oversight

The new memecoin of President Donald Trump, TRUMP, has attracted attention not only because of its price volatility. Public Citizen, a consumer advocacy group, has filed a complaint with the Department of Justice (DOJ) and the Office of Government Ethics (OGE) regarding this digital currency. This group raises concerns that promoting President Trump's token could violate federal laws on soliciting gifts. With the ability to conceal the reliable source of cryptocurrency transactions, questions are also raised about the potential influence of foreign countries. Call for, Gifts and Federal Law Public Citizen's complaint revolves around federal laws regulating government officials, such as the president, not receiving gifts. These laws prohibit soliciting gifts, although there are some exceptions. Public Citizen argues that when President Trump promotes the TRUMP memecoin on social media, he solicits gifts, violating the law. Although the official website states that Trump does not sell or gift memecoin. However, it shows that CIC Digital LLC, a part of the Trump Organization, owns 80% of the memecoin. Note that CIC Digital is fully controlled by the Donald J. Trump Revocable Trust, making the president the sole beneficiary. The anonymous nature of cryptocurrency transactions raises larger questions. Public Citizen is concerned that foreign governments may use the TRUMP memecoin as a way to gift the president. Because these transactions are difficult to track, they may pave the way for foreign intervention in US politics, so they call for an investigation to be opened. Call for investigation and possible remedies Public Citizen has requested the DOJ and OGE to investigate whether the promotion of TRUMP memecoin violates federal laws on gift-giving. The group is requesting remedial action if they find a valid complaint. This includes stopping the sale of memecoins, returning any received funds, and other legal remedies. The investigation could affect President Trump's relationship with digital assets and the broader relationship between politics and digital finance. It can establish important precedents for how these areas intersect in the future. TRUMP Memecoin: A super-fast roller coaster ride Launched at the Crypto Ball event in Washington, President Donald Trump's memecoin TRUMP quickly generated a lot of interest. At its peak, this token was valued at over $75 billion, surpassing the popular memecoin Dogecoin (DOGE). However, this excitement did not last long. When First Lady Melania Trump introduced her memecoin, MELANIA, the value of TRUMP plummeted by 76%. Currently, this token is priced at $17.27, down 7.43%, with a market capitalization of $3.4 billion according to CoinMarketCap. The President's arbitrary rejection of memecoin contributes to its declining value.