Advocacy Group Files Complaint Over Trump’s Meme Coin Promotion

Public Citizen, a consumer advocacy group, filed a formal complaint urging a federal probe into US President Donald Trump’s promotion of the meme coin Official Trump ($TRUMP). The token launched two days before the new president’s inauguration and soared to a market cap of $15 billion in a single day.

The complaint, submitted on Wednesday, calls attention to social media posts by Trump on X (formerly Twitter) and Truth Social, which the group claims were used to promote the cryptocurrency and to solicit financial contributions from his supporters.

It argues that the posts, resurfacing on January 20 and 21—just days after his inauguration—could violate federal laws that bar the president from soliciting personal gifts. Public Citizen’s financial services advocate, Bartlett Naylor, warned that these actions might constitute an abuse of presidential power.

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Trump Benefits from Crypto

The group also raised concerns over Trump’s official website for the meme coin, which states that contributions are exchanged only for a digital receipt—suggesting that no tangible product or service is provided.

Public Citizen asserts that the funds collected might be pocketed by Trump, potentially breaching federal ethics laws that forbid personal enrichment.

According to figures shared by Coinbase director Conor Grogan, Trump’s team likely earned at least $802 million from the meme coin’s debut. Public Citizen demands that if the investigation uncovers wrongdoing, immediate action be taken to stop any illegal fundraising.

$TRUMP Token Technical Analysis

The $TRUMP token’s four-hour chart from TradingView reveals a Relative Strength Index (RSI) of 44.84, indicating that sellers are controlling the price. The chart suggests a move toward oversold levels soon.

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Meanwhile, the token’s accumulation has dropped sharply over the past four hours, and the chart shows no signs of short-term improvement. At press time, $TRUMP was trading at $18.68, with an 18.7% surge in trading volume.