Former President Donald Trump is under scrutiny for his involvement in a private event promoting his $TRUMP memecoin cryptocurrency, where he spoke to top investors while standing behind a lectern adorned with the official presidential seal. The event, which took place at Trump National Golf Club in Virginia, saw Trump addressing 220 investors in his cryptocurrency project. However, the use of the presidential seal in this context potentially violates federal law, which prohibits its use in a manner that could suggest government endorsement or sponsorship. Violating this law can lead to fines or even imprisonment for up to six months.
Trump's arrival at the club via a military helicopter added to the spectacle of the event, where he praised attendees and criticized the Biden administration's stance on cryptocurrency. In response to questions about potential conflicts of interest, White House Press Secretary Karoline Leavitt emphasized that the President's involvement was personal and not an official White House function.
This incident is not the first time Trump has incorporated the presidential seal into his private properties. Reports have previously highlighted its use as golf markers at various Trump-owned clubs. Following the memecoin dinner, concerns were raised by 35 House members who penned a letter to the Justice Department urging an inquiry into potential violations of federal laws, including the bribery statute and the foreign emoluments clause of the US Constitution. The clause prohibits the President from accepting gifts from foreign states without Congressional approval.
A significant portion of the attendees at the memecoin dinner were believed to be foreign nationals with ties to cryptocurrency exchanges, raising concerns about potential foreign influence on US political matters. US laws prohibit foreign individuals from contributing to American political campaigns, yet the promotion of the $TRUMP memecoin dinner, promising exclusive access to the President, could create a loophole for foreign governments to buy influence without disclosing their identities.
Trump's newfound support for cryptocurrency represents a notable shift from his previous skepticism during his presidency. The $TRUMP memecoin, launched earlier this year, experienced significant fluctuations in value, reaching a peak of $74.34 before dropping to $14.44 by May 22. The dinner event featured prominent guests such as Tron founder Justin Sun, former NBA player Lamar Odom, and Asian crypto executives Sangrok Oh and Vincent Liu. Sun, a major investor in $TRUMP tokens, has close ties to Trump's crypto ventures and is a key supporter of World Liberty Financial, a Trump-affiliated company currently under regulatory scrutiny.
The controversy surrounding the $TRUMP memecoin
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