President Trump gathered with top buyers of his cryptocurrency at his Virginia golf club

His family's use of the meme coin has raised ethical and legal concerns because of how much money it makes the president personally.

President Trump met with some of the biggest buyers of his cryptocurrency at his Virginia golf club on Thursday night. His family's use of the meme coin has raised ethical and legal concerns because of how much money it makes the president personally. CBS News political investigative producer Madeleine May has more.

President Trump met with some of the biggest buyers of his cryptocurrency at his Virginia golf club on Thursday night. The former president’s family has been promoting the meme coin in messages that some legal experts say could violate securities laws.

As the price of Trump-branded cryptocurrency continues to plummet, the president’s son, Donald Trump Jr., is traveling the country touting the coin to a select audience: members of the Trump fan club.

“It started out as a joke. It's not a joke anymore. We're having a blast doing it. We're making a lot of money doing it. And we're going to continue to do it,” Trump Jr. said at a recent rally.

At the events, which are part of the Trump fan club’s “MAGA Tour 2024,” Trump Jr. is touting the cryptocurrency, TrumpCoin, and urging people to buy it.

“If you guys want to get in on the coin, go to the Trump fan club website and they'll have all the information for you,” Trump Jr. said.

The cryptocurrency is sold through the Trump fan club membership program, which is now heavily promoting the coin on social media.

“We're going to be making some great coins together. If you're interested in getting in on that, they'll have all the information on the fan club site,” Trump Jr. said at the last rally in August.

The cryptocurrency is largely focused on a narrative of victimhood, tying together the president’s complaints about “fake news” and a biased media with the cryptocurrency venture.

“They’re trying to take down President Trump any way they can. They’re making up stories. They’re twisting the truth. They’re doing everything in their power to hurt him and his family,” one post reads.

The posts also tout how much money people can make investing in the cryptocurrency.

“There's no question that the president is personally benefiting from the promotion of this cryptocurrency,” said William Magnuson, a professor of political science at the University of Minnesota.

Magnuson said the cryptocurrency venture raises ethical and legal concerns.

“It's certainly unusual for a president to be personally involved in the promotion of a cryptocurrency, especially one that is being used by his family members to generate income,” Magnuson said.

The president’s daughter, Ivanka Trump, has also been heavily promoting the cryptocurrency venture. In a recent post, she said, “It's no secret that we've been having some fun with crypto in the Trump family.”

The president’s family members are personally profiting from the cryptocurrency venture, which is now being promoted in messages from the Trump fan club.

“It does raise concerns about whether or not the president is using his public office to enrich himself or his family,” Magnuson said.

The president’s family did not respond to a request for comment.