Trump Accused of Profiting from Memecoin

The organization Public Citizen, which advocates for citizens’ rights against major corporations, has filed a complaint with the U.S. Department of Justice (DOJ) and the Office of Government Ethics (OGE) regarding former President Donald Trump promoting the TRUMP meme coin on social media platforms.

According to the complaint, Trump violated campaign finance laws by encouraging users to buy the TRUMP memecoin just before his inauguration on January 20, 2025. Representatives from Public Citizen, Bartlett Naylor and Craig Holman, emphasized that this was not a typical investment promotion or product endorsement but rather a case of personal profiteering, which constitutes a serious violation of ethical standards in public service.

A 2012 report from the U.S. Congressional Research Service (CRS) states that while a president can receive public donations, they are not allowed to actively solicit or pressure others to contribute. If the DOJ investigation confirms that Trump encouraged citizens to buy the TRUMP memecoin, he could face allegations of abusing his power for personal gain.

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As the investigation unfolds, the TRUMP memecoin’s price has plummeted, losing nearly 75% of its value from its recent peak and currently trading around $19.