A progressive think tank asks the US Department of Justice (DOJ) to investigate 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-active rose rapidly in value and is now the 41st largest digital active active per market capitalization.
In a new letter to the DOJ and the Office of Government Ethics, public citizens of the non -profit organization for consumers say.
Public citizens officials point out that the Trump website notes that the memecoins “are not intended to be or be or to be an investment chance, investment contract or security of any kind.”
“Accordingly, a person who sends money for a Trump -Meme is not buying a tangible product. Instead, the person only receives a digital reception (in a blockchain), which is comparable to a donor who sends a check and receives digital confirmation that the check has been received …
In short, it seems that Trump does not ask for money in exchange for an investment or tangible product (such as a Bible, sneakers or a guitar), but in exchange requires money – that is to say a gift Asking that it benefits him personally.
Apart from the issue of application, the Constitution (Article 1, section 9) prohibits the acceptance of money (in particular an ‘present’ or ’emolument’) Or something of every ‘king, prince or foreign state’. Due to the nature of a cryptocurrency exchange, it is difficult to know whether foreign state actors donate the president by buying a Trump -Meme. “
Public citizens are not the only ones who question the merit of assets such as Trump. Ethereum (ETH) Founder Vitalik Buterin said last month that political coins represented ‘vehicles for unlimited political bribery’, although he did not mention a specific token by name.
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Generated image: midjourney