A liberal watchdog group is urging Congress to look into President Donald Trump’s use of a joke gold.
” The problems inherent in the Trump image foretell ominously”, Public Citizen’s Bartlett Naylor and Craig Holman wrote in the problem. The leader should be able to make money off of himself by doing this, and another politicians may do the same, which would render the ban on request in 18 U. S. C. 201 and the prohibition on receiving gifts from officials other than the leader practically irrelevant.
Trump’s image gold, called$ TRUMP, was launched weeks before his inauguration. Meme currencies have no intrinsic worth, and their price fluctuates as a result of market speculation. 80 % of the currencies are owned by an affiliate of the Trump Organization called CIC Digital.
As small investors lost money on the meme coin, companies behind it raked in around$ 100 million in trading costs, Reuters reported. Democrats ‘ lawmakers and ethics experts have expressed concern about the image gold start, claiming it gave the impression that Trump was using his presidency to cash in on. Sen. Elizabeth Warren (R-MA ) criticized the Office of Government Ethics for saying that” the leaders of hostile nations” could buy the coin, “raising the specter of uninhibited and untraceable foreign influence over the President of the United States.”
The image coins “are not intended to be, or to be the subject of, an investment option, purchase agreement, or safety of any type”, according to a information on the image website.
” Consequently, a person sending funds for a Trump image is certainly purchasing a tangible product”, Public Citizen said in the problem. ” Instead, the person only receives a digital receipt ( in a blockchain ), which is comparable to a donor sending a check and receiving digital confirmation that it was received.”
Thus, the watchdog said, Trump appears to be soliciting money for” a product that may benefit him personally”.
” Beyond the issue of call, the Constitution ( Article 1, Section 9 ) forbids accepting money ( especially a’ existing’ or’ emolument’ ) or something of value from any’ king, prince, or international condition,'” the complaint said. It’s difficult to tell whether foreign state actors are buying a Trump image because of the essence of a crypto exchange. We urge you to investigate this issue, as well”.
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The White House did not respond to a request for comment, nor did the Justice Department.
The Office of Government Ethics declined to comment.
