Progressive Think Tank Says TRUMP Memecoin Could Be Violating Anti-Bribery Laws, Asks DOJ To Investigate
A progressive think tank is asking the U.S. Department of Justice (DOJ) to probe the legality of President Donald Trump’s new memecoin. The president launched the Official Trump (TRUMP) memecoin in mid-January, days before he took office. The controversial crypto asset rapidly skyrocketed in value and is now the 41st-largest digital asset by market cap. In a new letter to the DOJ and the Office of Government Ethics, officials at the nonprofit consumer advocacy organization Public Citizen say the memecoin could be a violation of federal law regulating gifts to government officials. Public Citizen officials point out that the TRUMP website notes the memecoins “are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.” “Accordingly, a person sending money for a Trump meme is not purchasing a tangible product. Instead, the person receives only a digital receipt (in a blockchain),...