Citizens of US nonprofits are seeking a federal investigation into whether President Donald Trump was violating a law prohibiting gift solicitation by promoting Solana-based meme tokens.
Government, business and consumer watchdogs have made their formal submissions Complaint Quoting Trump's social media, he and the Department of Justice and the Department of Government Ethics on Wednesday Posts,, He says it was used to promote him Official Trump (Trump) A token after taking office in January.
DOJ, OGE, and public citizens did not immediately respond to requests for comment. Attempts to contact the president through the White House press were not answered.
Trump “wants money in exchange for anything — he wants a gift that will personally benefit him,” civics Bartlett Naylor and Craig Holman wrote in their complaints.
The complaint cites several legal concerns surrounding Trump's promotion of memecoin, including multiple overlapping areas of federal law, constitutional regulations and ethical guidelines.
Beyond gift rules, civics raised constitutional concerns about the ability of memecoin to hide foreign payments prohibited under emoluments clause.
“Due to the nature of cryptocurrency exchanges, it is difficult to know whether foreign nationals are giving away presidents by purchasing Trump memes,” the complaint states.
The complaint normalizes the exploitation of public office for commercial purposes by allowing such solicitation to become unconfirmed, and while eroding federal ethics laws, officials are subject to personal enrichment through such means. It argues that it should be banned.
“If the president should be allowed to enrich himself like this, other politicians will be[s] Naylor and Holman wrote.
Follow the money
Meme token Web site He explains that he is 80% owned by CIC Digital LLC, an affiliate of the Trump organization, managed by Trump's sole beneficiary, Trump's revocable trust.
Data visualized through bubble maps show Token transfer activity and holder concentration holds 80% as the largest bubbles are listed in its talk name model.
The token itself has shaved 32% of its value over the past week as the cipher slump becomes wider and volatility increases. Trump proposed tariffs China, Canada, Mexico.
The president then returned the tariffs in c.Anada and Mexico are subject to a 10% tax on all Chinese imports.
China imposes accordingly Retaliation tariffincluding 15% collection in US coal and LNG, 10% in crude oil, agricultural machinery, trucks and large engine sedans imported from the US.
Edited by Sebastian Sinclair
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