President Donald Trump faced criticism after using the official presidential seal at a private event for top investors in his cryptocurrency project, $TRUMP memecoin. The event, held at Trump National Golf Club in Virginia, raised concerns over potential conflicts of interest and possible violations of federal law.
Under US law, the presidential seal cannot be used to imply government approval or sponsorship. Violators can face fines or up to six months in prison. Trump’s use of the seal was seen as a potential breach of this law.
The White House downplayed the event, stating it was a personal arrangement and not a White House dinner. However, lawmakers have expressed concerns over the president’s involvement with the memecoin project and its potential connections to foreign governments.
In May, 35 House members asked the Justice Department to investigate whether the memecoin dinner violated federal bribery statutes or the emoluments clause of the US Constitution. The event featured high-profile guests, including Tron founder Justin Sun, who has significant ties to Trump’s crypto ventures and is a top backer of World Liberty Financial.
Trump’s use of the presidential seal at his private properties is not new, having previously used it as golf markers at several Trump-owned clubs. However, this latest event has sparked renewed scrutiny over potential conflicts of interest and the use of public symbols for personal gain.
Source: https://cointelegraph.com/news/trump-presidential-seal-memecoin-dinner-legal-review