Public Citizen, a consumer advocacy organization, has called for a federal investigation into whether U.S. President Donald Trump had violated laws around gift solicitation by promoting a meme coin. The organization lodged its complaint with the Department of Justice and the U.

Speculative meme coin funds will test the Securities and Exchange Commission’s boundaries under President Trump.

Trump’s meme coin, $TRUMP, and Melania Trump’s coin, $MELANIA, plunged as the news agitated markets worldwide, according to Axios. $TRUMP — unveiled days before his inauguration — saw its value drop by 18% just over the last day. It's now down to $17.50 per token, compared to a peak of $72.62 the day before his swearing-in.

The US nonprofit watchdog is recommending a termination of TRUMP token sales and a return of funds to investors.

A progressive watchdog group is calling for an investigation into whether President Donald Trump’s promotion of a meme coin violated federal law. In a complaint filed on Wednesday, Public Citizen asked the Department of Justice and the Office of Government Ethics to look into Trump’s repost on X in January of a cryptocurrency coin that