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Public Citizen and lawmakers are closing in on Trump’s meme coin windfall — Is the party over?

Press Releases Crypto News Crypto-News Public Citizen and lawmakers are closing in on Trump’s meme coin windfall — Is the party over?

Public Citizen just threw a legal wrench into Trump’s meme coin empire — calling it a disguised gift and a national security risk. What’s cooking?

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Trump’s meme coin gamble under fire

A new controversy is brewing in the crypto world, and at its center is none other than U.S. President Donald Trump.

On Jan. 17, just days before his inauguration as the 47th President of the United States, Trump’s official meme coin, Official Trump (TRUMP), launched to the public.

Adding to the frenzy, his wife, Melania Trump, also introduced her own meme coin—Official Melania Meme (MELANIA) — which quickly attracted billions in liquidity.

Within 48 hours, the TRUMP token skyrocketed in value, reaching a staggering $15 billion market cap before crashing to around $3.7 billion as of Feb. 6, marking a significant decline.

On Feb. 5, Public Citizen filed a formal complaint with the Department of Justice and the Office of Government Ethics, alleging that by promoting his own meme coin, Trump may have violated federal laws prohibiting sitting presidents from soliciting personal gifts.

According to Public Citizen, on Jan. 20 and 21—after being sworn in as President—Trump took to social media, both X and Truth Social, to repost messages promoting his meme token.

The group argues that because the coin is marketed as a “meme” with no promised value or return, buyers are essentially just giving Trump money, and he is getting “rich”. If that’s the case, this isn’t an investment—it’s a gift, and under the law, that’s a problem.

But there’s a bigger concern that stretches beyond legal technicalities.

The Constitution’s Emoluments Clause prohibits U.S. presidents from accepting money or gifts from foreign governments. With crypto’s decentralized and often anonymous nature, there is no way to verify who is buying Trum

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Author: Ankish Jain

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