Multiple U.S. Nonprofit Organizations Criticize Trump for Releasing Meme Coin

BlockBeats News, January 19th. Regarding the issuance of the TRUMP Meme Coin by Trump, Danielle Brian, Executive Director of the nonpartisan government oversight project Project on Government Oversight, stated that Meme Coins are usually unrelated to any underlying business, making them highly speculative for investors and potentially lucrative for founders. "Any efforts by the Trump group to suggest they are concerned about potential conflicts (especially conflicts involving foreign governments) seem to be completely undermined by their actions."

Other concerned groups include the nonprofit Campaign Legal Center and Washington's Citizens for Responsibility and Ethics in Washington, the latter of which sued Trump during his first term for violating the Constitution's provisions prohibiting foreign gifts and payments, but was unsuccessful.

Campaign Legal Center's Chief Legal Advisor Kedric Payne stated: "The clear distinction with cryptocurrency is how quickly you can come into unexpected wealth." (Bloomberg)