[Page S3066]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   SENATE RESOLUTION 245--CONDEMNING THE FINANCIAL ENTANGLEMENTS OF 
          PRESIDNET DONALD J. TRUMP WITH THE $TRUMP MEME COIN

  Mr. BLUMENTHAL submitted the following resolution; which was referred 
to the Committee on Homeland Security and Governmental Affairs:

                              S. Res. 245

       Whereas, on January 17, 2025, Fight Fight Fight LLC 
     launched the ``OFFICIAL TRUMP'' cryptocurrency (referred to 
     in this preamble as ``$TRUMP''), which is a meme coin;
       Whereas a meme coin is a type of asset purchased ``for 
     entertainment, social interaction, and cultural purposes'', 
     with the value of the asset ``driven primarily by market 
     demand and speculation'';
       Whereas the $TRUMP website states in the disclaimers of the 
     website that the product is ``not intended to be . . . an 
     investment opportunity'', but rather to function as ``an 
     expression of support for, and engagement with, the ideals 
     and beliefs embodied by the symbol `$TRUMP' '';
       Whereas President Trump himself promoted the venture at the 
     time of launch, and on multiple occasions since the launch 
     has encouraged investors to ``join [his] very special Trump 
     Community'';
       Whereas, within 2 days of launch, the price for $TRUMP 
     skyrocketed over 10 times to $74.27 before steeply declining 
     to settle at $7.50 by April 2025;
       Whereas, in the face of dwindling value and steep losses 
     for hundreds of thousands of investors, on April 23, 2025, 
     Fight Fight Fight LLC announced a ``Dinner with Trump'' 
     competition that promised an evening with the President to 
     discuss cryptocurrency policy at Trump National Club in 
     Washington, D.C., for the top 220 holders of $TRUMP;
       Whereas, in addition to the dinner, the promotion offered a 
     ``Special VIP White House Tour'' for the top 25 holders 
     before removing the reference to the White House;
       Whereas the price of $TRUMP rose more than 50 percent with 
     a significant surge in trading volume following the 
     announcement of the promotional dinner;
       Whereas $TRUMP allows and invites anyone in the world, 
     potentially even foreign governments and unscrupulous 
     individuals, to directly enrich the President, while hiding 
     potential payoffs in the pseudonymity of the blockchain;
       Whereas the top holders of $TRUMP are reported to be 
     foreign nationals and entities, which may include individuals 
     or entities tied to foreign governments;
       Whereas a Chinese-linked firm, GD Culture Group, which 
     nominally produces content for TikTok, has raised up to 
     $300,000,000 from an unidentified investor to purchase $TRUMP 
     and Bitcoin, despite having no revenue;
       Whereas a shipping firm with operations in Mexico raised 
     $20,000,000 to purchase $TRUMP for the express purpose of 
     influencing the tariff policy of the United States;
       Whereas Justin Sun, who was facing a civil fraud case from 
     the Securities and Exchange Commission over allegations of 
     market manipulation and unregistered asset sales, is believed 
     to be the top holder of $TRUMP;
       Whereas the Securities and Exchange Commission under 
     President Trump paused the litigation against Justin Sun, and 
     Sun is now seeking to favorably settle;
       Whereas President Trump financially benefits from the 
     market value and activity of the $TRUMP, as Fight Fight Fight 
     LLC and CIC Digital LLC, an affiliate of the Trump 
     Organization, collectively own 80 percent of the 
     1,000,000,000 issued $TRUMP coins, which are currently worth 
     $10,500,000,000 in market value;
       Whereas both Fight Fight Fight LLC and CIC Digital LLC, as 
     well as the affiliated ``Celebration Cards LLC'', receive 
     transaction fees derived from trading activities, making 
     surges in trading from the promotion of the $TRUMP coin by 
     President Trump and competition particularly lucrative;
       Whereas the $TRUMP coin has generated $350,000,000 in fees 
     for Fight Fight Fight LLC and partners of Fight Fight Fight 
     LLC, including over $1,000,000 since the ``Dinner with 
     Trump'' announcement;
       Whereas the financial entanglements of President Trump with 
     the $TRUMP coin, as well as the attempted use of the White 
     House to host competitions to prop up the value of $TRUMP, 
     represent an unprecedented, pay-to-play scheme to provide 
     access to the Presidency to the highest bidder;
       Whereas the purchase by a foreign government of $TRUMP 
     would violate the Foreign Emoluments Clause contained in 
     clause 8 of section 9 of article I of the Constitution of the 
     United States, which provides that no present, emolument, 
     office, or title, of any kind, may be accepted by the 
     President of the United States from a king, prince, or 
     foreign state without the consent of Congress;
       Whereas the Founders included the Foreign Emoluments Clause 
     in the Constitution of the United States, by unanimous 
     agreement of the State delegations, to ensure the President 
     would remain loyal to the Nation and the public interest;
       Whereas the Foreign Emoluments Clause of the Constitution 
     of the United States has long been understood to be 
     ``directed against every kind of influence by foreign 
     governments upon officers of the United States, in the 
     absence of consent by Congress'';
       Whereas the President of the United States has a 
     constitutional and statutory obligation to uphold the public 
     trust; and
       Whereas the violation of the Foreign Emoluments Clause of 
     the Constitution of the United States undermines public trust 
     and the integrity of public office in the United States: Now, 
     therefore, be it
       Resolved, That the Senate--
       (1) condemns the financial entanglements of President 
     Donald J. Trump with the $TRUMP meme coin for--
       (A) permitting and facilitating covert payments to the 
     President and the Trump family, including potential 
     investments from foreign governments and foreign nationals 
     under Federal prosecution; and
       (B) auctioning access to the Presidency in return for the 
     purchase of the cryptocurrency of President Trump;
       (2) affirms that any purchase of $TRUMP by a foreign 
     government is a violation of the Foreign Emoluments Clause of 
     the Constitution of the United States because President 
     Donald J. Trump did not seek the consent of Congress before 
     accepting such payments; and
       (3) demands the transfer of any proceeds from any foreign 
     government purchase of $TRUMP nevertheless received by 
     President Donald J. Trump in violation of the Foreign 
     Emoluments Clause contained in clause 8 of section 9 of 
     article I of the Constitution of the United States to the 
     United States Government.

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