US President Donald Trump’s recent dinner with investors in his cryptocurrency, TRUMP coin, has raised concerns about bribery and corruption under constitutional prohibitions. The dinner announcement sparked a trading frenzy that added hundreds of millions of dollars to his net worth, but experts warn of potential consequences for the president.
The TRUMP coin is now seen as a utility coin, providing holders with access to the sitting president, which could put Trump at odds with emoluments clauses prohibiting gifts or financial compensation from foreign and domestic state actors. Critics argue that this deal creates a pathway for bribery and that Trump’s actions may be seen as an attempt to curry favor with investors.
The US Securities and Exchange Commission has clarified that memecoins like TRUMP coin are not within its jurisdiction, but experts question whether the lack of regulation could lead to legal implications. The dinner highlights the growing concern about Trump’s power and influence, which could make him more vulnerable to impeachment calls.
While the Republican congressional majority may block impeachment efforts for now, public perception is key in the lead-up to the midterm elections. If the optics are unfavorable for Trump, it could create more vulnerability and potentially lead to consequences for his actions under emoluments laws.
Source: https://www.wired.com/story/trumps-quest-for-crypto-riches-is-a-constitutional-scandal-waiting-to-happen