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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 245 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. RES. 245
Condemning the financial entanglements of President Donald J. Trump
with the $TRUMP meme coin.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 21, 2025
Mr. Blumenthal submitted the following resolution; which was referred
to the Committee on Homeland Security and Governmental Affairs
_______________________________________________________________________
RESOLUTION
Condemning the financial entanglements of President Donald J. Trump
with the $TRUMP meme coin.
Whereas, on January 17, 2025, Fight Fight Fight LLC launched the ``OFFICIAL
TRUMP'' cryptocurrency (referred to in this preamble as ``$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, DC, 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.
<all>
Introduced in Senate
Referred to the Committee on Homeland Security and Governmental Affairs. (text: CR S3066)
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