This resolution condemns President Trump's financial entanglements with the $TRUMP meme coin, alleging it constitutes an unapproved acceptance of foreign emoluments.
Richard Blumenthal
Senator
CT
This resolution condemns President Trump's financial entanglements with the $TRUMP meme coin, alleging it creates conflicts of interest and allows for covert payments. It specifically argues that foreign government purchases of the coin violate the Foreign Emoluments Clause of the Constitution. Therefore, the resolution demands that the President transfer any funds received from foreign purchases of the coin to the U.S. Treasury.
Senate Resolution Condemns Trump's $TRUMP Coin Ties, Demands Transfer of Foreign Funds
This Senate resolution is a direct condemnation of President Donald J. Trump’s financial ties to the cryptocurrency known as the “$TRUMP meme coin.” Forget wading through legal briefs—the core issue here is whether the President is using his office to get rich through a volatile digital asset, and whether foreign governments are using that asset to buy influence.
The Crypto Conflict of Interest
What’s actually happening? Entities associated with President Trump, specifically Fight Fight Fight LLC and CIC Digital LLC, own a massive 80 percent of all $TRUMP coins issued. This stake is valued in the billions. The resolution points out that every time someone trades this coin, these associated companies collect transaction fees—meaning the President’s promotion of the coin directly translates into revenue for his organization. It’s a direct financial feedback loop: President promotes coin, coin value and trading volume goes up, President’s associated companies make more money.
Access for Sale: The Dinner Promotion
This isn't just about a stock or a traditional business venture; it’s about access. When the coin’s price dropped, the associated company, Fight Fight Fight LLC, announced a contest: a “Dinner with Trump” to discuss crypto policy for the top 220 coin holders. The resolution highlights that this promotion caused the coin’s price to jump over 50 percent. For the busy professional, this is the policy equivalent of a massive conflict of interest: using the promise of Presidential access—a public trust—to inflate the value of a private asset that directly benefits the President. The resolution claims that access to the Presidency itself was essentially being auctioned off to the highest bidders in the crypto market.
The Constitutional Question: Foreign Cash on the Blockchain
The most serious claim in this resolution centers on the Foreign Emoluments Clause of the Constitution. This clause is meant to stop the President from accepting gifts or payments from foreign governments without Congress’s permission, ensuring the President’s loyalty remains with the U.S. The resolution warns that because cryptocurrency transactions can be anonymous, foreign governments or entities facing federal charges could be buying up $TRUMP coins to secretly enrich the President and potentially buy influence. If a foreign government buys $TRUMP, the resolution asserts this constitutes an illegal payment, or emolument, under the Constitution.
The Demand: Money Back to the Treasury
Because of this alleged constitutional violation, the resolution doesn't just stop at condemnation. It formally demands that President Donald J. Trump must transfer any money he received from a foreign government's purchase of $TRUMP directly to the U.S. Government. This is the Senate trying to enforce the Emoluments Clause by requiring the President to essentially forfeit the funds to the U.S. Treasury. While this is a resolution and not a law, it puts Congress on record demanding a specific financial action, setting the stage for potential future legal or regulatory action against the blurring lines between presidential duties and personal financial gain.