0
0
News

Trump Faces Ethics Complaint Over Memecoin

Trump's eyebrow-raising entry into the memecoin game continues to trigger watchdog fears.
0
0
Feb 6, 2025 • 1 min read

Public Citizen, a US nonprofit watchdog, has filed a complaint with the Department of Justice and the Office of Government Ethics, alleging that Donald Trump’s promotion of his memecoin may violate federal ethics laws.

What’s the Scoop?  

  • Ethics Violation Allegations: Public Citizen argues that Trump's endorsement of TRUMP constitutes an illegal solicitation of gifts due to concerns of untrackable foreign payments
  • Main Argument: The Public Citizen was cited saying that Trump is “soliciting money in exchange for nothing-that is, asking for a gift that will benefit him personally”
  • Future Issues: Public Citizen also argues that allowing solicitations, like TRUMP coin, would start to normalize abusing public positions for profit

Bankless Take  

This complaint highlights both the unprecedented nature of Trump's emerging business plays in the first weeks of his second-term and the complicated nature of combining memecoin dynamics with presidential power. While Trump’s team has aimed to distance itself from its own control over the TRUMP token, his public backing undoubtedly raises legal and ethical concerns.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

There’s a revolution in the world of money. Ethereum, Bitcoin, crypto, open finance, DeFi—a bankless revolution. And you want part of it.