President Donald Trump is facing scrutiny after speaking at a private event for top investors in his $TRUMP memecoin while standing behind a lectern emblazoned with the official presidential seal — a move that may violate federal law.
The event took place Thursday at Trump National Golf Club in Virginia, where Trump addressed 220 investors in his cryptocurrency project.
According to US law, the presidential seal cannot be used in any manner that could imply government approval or sponsorship. Violators can face fines or up to six months in prison.
Trump, who arrived at the club aboard a military helicopter, praised attendees and took aim at the Biden administration’s crypto stance.
When asked about potential conflicts of interest, White House Press Secretary Karoline Leavitt said the president’s involvement was personal. “It is not a White House dinner,” she told reporters. “It’s not taking place here at the White House.”
Related: Pictures give glimpse inside Trump’s memecoin holder dinner
Trump features presidential seal at private properties
This isn’t the first time Trump has featured the presidential seal at his private properties. Forbes has previously reported its use as golf markers at several Trump-owned clubs.
In a May 22 letter to the Justice Department, 35 House members asked the public integrity section acting chief, Edward Sullivan, to launch an inquiry over the memecoin dinner to determine whether it violated the federal bribery statute or the foreign emoluments clause of the US Constitution.
Under the emoluments clause, a US president is barred from accepting any gift from a foreign state without the approval of Congress.
Source: Molly Ploofkins
Bloomberg reported that a majority of the attendees at the memecoin dinner were likely foreign nationals based on their connections to crypto exchanges.
“US law prohibits foreign persons from contributing to US political campaigns,” said the letter. “However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities.”
Related: US lawmaker introduces anti-corruption bill ahead of Trump’s dinner
Trump embraces crypto despite previous skepticism
Trump’s embrace of crypto marks a sharp turn from his skepticism during his first term. The $TRUMP memecoin, launched earlier this year, peaked at $74.34 before falling to $14.44 by May 22.
High-profile guests at the dinner included Tron founder Justin Sun, ex-NBA player Lamar Odom, and Asian crypto executives Sangrok Oh and Vincent Liu.
Sun, who reportedly invested over $40 million in $TRUMP tokens and spoke at the dinner, also has deep ties to Trump’s crypto ventures. He’s the top backer of World Liberty Financial, a Trump-affiliated firm currently under regulatory scrutiny.
Magazine: Crypto scam hub expose stunt goes viral, Kakao detects 70K scam apps: Asia Express
