Public Citizen, a government watchdog group, has lodged a formal complaint with the Department of Justice and the Office of Government Ethics concerning President Donald Trump's introduction of meme coins.

In the complaint, which was submitted on Wednesday, Public Citizen points out social media posts by Trump on X (previously known as Twitter) and Truth Social promoting the TRUMP coin and encouraging donations. These posts were allegedly reshared on January 20 and January 21 after Trump's inauguration, potentially violating federal laws prohibiting the president from seeking personal gifts.

The advocacy group raises concerns that the project's contributions, as stated on Trump's official website, are exchanged solely for a digital receipt, hinting at potential ethical breaches and constitutional issues. Public Citizen also worries about foreign entities using crypto transactions to purchase Trump's meme coin, posing national security and foreign policy risks.

This complaint adds to the mounting scrutiny over Trump-associated cryptocurrencies, with Senator Elizabeth Warren and Democrats calling for federal investigations into the TRUMP and MELANIA meme coins. Trump has recently denied knowledge of the meme coin amid market fluctuations, but public interest remains high, particularly among new investors.

The surge in TRUMP meme coin popularity has boosted sales for Trump's DeFi venture, World Liberty Financial (WLFI), yet concerns persist about market manipulation and insider advantages due to centralization issues within token ownership. Experts caution about potential tax liabilities for Trump and investors as the venture unfolds.

Should the investigation uncover violations, Public Citizen's complaint suggests halting sales, issuing refunds, and imposing penalties. Responses from the Department of Justice and the Office of Government Ethics are awaited.