US President Donald Trump gained huge support with his positive approach towards Bitcoin and cryptocurrencies and eventually launched his own token.
Trump, who launched the memecoin named Official Trump (TRUMP) a few days before his official inauguration, has been much talked about with this move and is also at the center of discussions.
Because TRUMP price experienced a big pump after its launch, but this situation did not last long. TRUMP, which experienced a big collapse in a short time, left its investors in the lurch.
As the controversy surrounding TRUMP continues, Public Citizen, a US-based non-profit think tank, has called for a federal investigation into Donald Trump’s introduction of the TRUMP token.
Public Citizen also called on Trump to investigate posts on social media promoting memecoins.
Public Citizen made these requests in a letter to John Keller, Chief of the Public Integrity Section of the U.S. Department of Justice, and David Huitema, Director of the Office of Government Ethics (OGE).
In the letter, Public Citizen alleged that Trump violated federal law by continuing to post on Truth Social and encouraging his followers to purchase memecoins.
At this point, the organization called on authorities to investigate the Official Trump (TRUMP) memecoin and whether foreign state actors purchased the token.
“It seems that Trump is not asking for money in exchange for an investment or a tangible product […], but for money in exchange for nothing; that is, he is asking for a gift that will benefit him personally.”
Public Citizen has recently demanded that the sale of TRUMP be terminated and that everyone who purchased TRUMP be refunded.
*This is not investment advice.
