March 6, 2025

Douglas A. Collins, Acting Director
U.S. Office of Government Ethics
250 E Street, SW., Suite 750
Washington, DC 20024

Dear Acting Director Collins,

Further to our letter of February 5, 2025 regarding President Donald Trump’s personal cryptocurrency venture, the Securities and Exchange Commission (SEC) recently declared new policy about so-called “meme coins.”

On  February 27, 2025, the SEC stated,  “Meme coins typically are purchased for entertainment, social interaction, and cultural purposes. . . . Meme coins . . . typically have limited or no use or functionality. . . . [The meme coin] does not generate a yield or convey rights to future income, profits, or assets of a business.” [Emphasis added.]

We highlight this new statement for two reasons. First, this SEC statement constitutes the official policy of President Trump and the Trump administration. In a previously dated  executive order, President Trump asserted that all agency policies must reflect those of the president. “It shall be the policy of the executive branch to ensure Presidential . . . control of the entire executive branch.” That is, it is official policy of President Trump that the Trump meme may have “no use.”

Second, the SEC statement buttresses our claim that those who purchase the meme are rendering President Trump a “gift.” In the Trump meme website, we noted that President Trump emphasized that those who sent money for the meme were simply celebrating strong leadership. “This Trump Meme celebrates a leader who doesn’t back down, no matter the odds. Join the Trump Community – we’re all about fighting for what matters.”

Precisely what is a meme? Under the Trump meme website’s question, “What is a meme?” the website explains: “Merriam-Webster’s meme noun: 1: an idea, behavior, style, or usage that spreads from person to person within a culture.”

As with the recent SEC policy statement, the Trump website states that “Trump Memes . . . are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”

As we noted in our February 5 letter,  a person sending money for a Trump meme is not purchasing a tangible product. Instead, the person receives only a digital receipt (in a blockchain), which is similar to a donor sending a check and receiving digital confirmation that the check was received.

Beyond Trump’s own declaration that the Trump meme is not an investment and the new Trump SEC declaration that the meme may have “no use,” we have noted that other cryptocurrency observers deride memes generally as without value. Former Trump aide Anthony Scaramucci said Trump’s effort demeans broader cryptocurrency efforts, calling it “Idi Amin level corruption.”  Another commenter said that the Trump meme “is effectively a ‘for sale’ sign on the White House.” Some, including an author in the Washington Post, characterized this token as a “sh—coin.”

In short, it appears Trump is not soliciting money in exchange for an investment or tangible product (such as a Bible, sports shoes, or a guitar), but soliciting money in exchange for nothing—that is, asking for a gift that will benefit him personally.

Again, we ask you to investigate whether President Trump has violated 18 U.S.C. § 201, as implemented in 5 C.F.R. §2635, barring the president from soliciting gifts.

To restate our February 5 claim, federal law strictly regulates payments to government officials, including gifts. Although the president may receive gifts, he may not “solicit” gifts. These prohibitions begin with the Constitution’s Emoluments Clause and are reiterated in the anti-bribery statute, 18 U.S.C. § 201, and federal regulations, 5 C.F.R. § 2635. Although section 2635.205 lists several exemptions from the prohibition, none exempts soliciting purchases for personal gain.

As the Congressional Research Service has explained:

Under these regulations, the President is expressly exempt from the broad restrictions on receiving or accepting gifts from prohibited sources or gifts given because of his official position, and thus may accept gifts from the general public, even from “prohibited sources,” or gifts given because of his official position, as long as the President does not “solicit or coerce” the offering of gifts from such sources, nor accept a gift in return for an official act. [Emphasis added.]

President Trump’s promotion of a Trump meme appears to violate this prohibition. As president, he has solicited. In a January 17 tweet, also apparently retweeted after January 20, Trump stated: “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to http://gettrumpmemes.com — Have Fun!”  On Truth Social, he posted the same content, on January 21, at 6:19 PM.

Trump is the principal owner of the Trump Meme. The website explains that the memes are largely (80 percent) owned by CIC Digital LLC, “an affiliate of The Trump Organization.” CIC Digital is 100% owned by the Donald J Trump Revocable Trust. Donald Trump is the “sole beneficiary” of the revocable trust. Under the question on the website: “Is this an official Trump product?” the website answers: “Yes, this is the only Official Trump Meme, by President Donald J. Trump.”

Beyond the issue of solicitation, the Constitution (Article 1, Section 9) forbids accepting money (specifically a “present” or “emolument”) or anything of value from any “king, prince, or foreign state.”    Because of the nature of a cryptocurrency exchange, it is difficult to know whether foreign state actors are gifting the president by way of purchasing a Trump meme.

We urge you to investigate this issue, as well.

The dangers inherent in the Trump meme portend ominously. Should the president be allowed to enrich himself in this way, other politician might follow this path, rendering the prohibition on solicitation in 18 U.S.C. § 201 and the prohibitions on receipt of gifts by officials other than the president virtually meaningless.

In light of the new SEC policy, we reiterate our request that the Office of Government Ethics investigate this arrangement to determine whether it constitutes an impermissible gift solicitation. If the OGE finds in the affirmative, we ask that they make appropriate recommendations, including termination of the meme sale, return of monies, and any other available remedies.

For questions, please contact Bartlett Naylor at bnaylor@citizen.org; and/or Dr. Craig Holman at cholman@citizen.org,

Sincerely

Bartlett Naylor                                    Dr. Craig Holman
Public Citizen                                     Public Citizen