President Donald Trump delivered a speech at a private event for top investors in his $TRUMP meme coin, standing at a podium adorned with the official presidential seal, an act that may violate federal law and has drawn widespread attention.
The event took place on Thursday at Trump National Golf Club in Virginia, where Trump spoke to 220 investors involved in his cryptocurrency project.
According to U.S. law, the presidential seal cannot be used in any way that implies government approval or sponsorship. Violators may face fines or up to six months in prison.
Trump arrived at the club via military helicopter, praising attendees at the event and criticizing the Biden administration's stance on cryptocurrency.
When asked about potential conflicts of interest, White House Press Secretary Karoline Leavitt stated that the president's participation was a personal matter. She told reporters, "This is not a White House dinner, nor is it an event held at the White House."
This is not the first time Trump has used the presidential seal on his private property. According to a previous report by Forbes, the presidential seal has been used as a course marker at several Trump-owned golf clubs.
In a letter to the Department of Justice dated May 22, 35 House members requested that Public Integrity Section Acting Director Edward Sullivan investigate the meme coin dinner to determine if it violated federal bribery laws or the foreign emoluments clause of the U.S. Constitution.
Under the emoluments clause, U.S. presidents are prohibited from accepting gifts from foreign governments without congressional approval.
According to Bloomberg, most attendees at the meme coin dinner were likely foreign nationals, based on their connections to cryptocurrency exchanges.
The letter stated, "U.S. law prohibits foreign nationals from contributing to U.S. political campaigns. However, the $TRUMP meme coin, including the dinner promotion that promises exclusive access to the president, opens the door for foreign governments to purchase influence with the president without disclosing their identities."
Trump's embrace of cryptocurrency marks a significant shift from his skeptical attitude during his first term. The $TRUMP meme coin was launched earlier this year, reaching a peak price of $74.34, but had fallen to $14.44 by May 22.
Notable guests at the dinner included Tron founder Justin Sun, former NBA player Lamar Odom, and Asian cryptocurrency industry executives Sangrok Oh and Vincent Liu.
Reports indicate that Sun invested over $40 million in the $TRUMP token and spoke at the dinner, having deep ties to Trump's cryptocurrency venture. Sun is the largest backer of World Liberty Financial, a company linked to Trump that is currently under regulatory scrutiny.
Related: Photos from the event reveal Trump's meme coin holders dinner
Original: “Trump's Use of Presidential Seal at Meme Coin Event Raises Legal Issues”
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