President Donald Trump’s cryptocurrency, called $Trump, has cost investors billions. Trump announced the launch of his meme coin—a type of cryptocurrency that features Internet memes or celebrity mascots—just three days before his inauguration.

Trump’s $TRUMP meme coin launch has led to 700+ fake copycat tokens, insider trading suspicions, and ethical concerns.

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

It includes an image of him raising his fist in the air and the words "fight, fight, fight" — a reference to his reaction after an assassination attempt last July. The token is marketed as "a piece of history," with Trump described as "the crypto president."

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.