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

The launch of $TRUMP and $MELANIA crypto coins has disappointed some in the crypto industry, who fear they amplify the sector’s sillier and scammier side.

The driving force behind meme coins and why the launch of Donald and Melania Trump meme tokens sparked an outcry.

First Lady Melania Trump launched her own meme-coin on the eve of the inauguration, which now has a value of $700m since slumping from $13 a coin to $2.70. But many meme-coins have led to big losses for people investing in them.