Trump faces lawsuit over launch of TRUMP memecoin

The portal Fortune reports that President Donald Trump may face a lawsuit over the launch of the memecoin OFFICIAL TRUMP (TRUMP).

The U.S. leader launched the memecoin on January 18, shortly before his inauguration. The tokens gained popularity within the community, although some experts criticized the president's decision.

Back in 2017, the nonprofit organization Citizens for Responsibility and Ethics in Washington (CREW) filed a lawsuit against Trump, accusing him of violating the Constitution by "receiving emoluments from foreign governments through bookings at his hotels, leasing buildings, and conducting business abroad." The Supreme Court dismissed the case. At the time, CREW Vice President Jordan Libowitz noted that while Trump's actions were within legal bounds, they were unethical and could reignite discussions about the U.S. Constitution’s Emoluments Clause.

Now, the organization is examining the matter related to the launch of the OFFICIAL TRUMP (TRUMP) memecoin, which could lead to a new lawsuit against Trump.

Earlier, we reported that a few hours after the inauguration of U.S. President Donald Trump, holders of the TRUMP and MELANIA meme tokens suffered significant losses.