U.S. President Donald Trump is being investigated for possibly breaking federal law by utilizing the presidential seal during a private dinner for TRUMP meme coin holders.
According to Forbes, the incident calls into question whether it is allowed to use the seal in a way that implies official endorsement, as this is forbidden by Title 18, Section 713 of the US Code. Violators may result in penalties or a maximum jail sentence of six months.
The dinner was held at. Trump National Golf Club in Virginia on Thursday. There were 220 invites and all are investors who have purchased substantial quantities of the $TRUMP memecoin. Approximately $394 million has been spent by these investors.
Among the dinner's key guests were Asian cryptocurrency CEOs Sangrok Oh and Vincent Liu, former NBA player Lamar Odom, and Justin Sun.
Sun, the founder of Tron (TRX) , has reportedly invested more than $40 million in $TRUMP tokens, and is also closely associated with Trump's cryptocurrency endeavors.
He is the largest supporter of World Liberty Financial, a Trump-affiliated company that is presently being investigated by regulators. His appearance in the event raised questions.
The Trump memecoin was launched on January 17, 2025, three days before he was inaugurated as president of the United States with an initial price of approximately $10 per token.
Within hours, its price surged to a peak of $74.59 before stabilizing around $52.Currently the memecoin is trading at $12.82.
According to Forbes, Trump has used the presidential seal at his private residences before. On Thursday, 35 members of the House wrote to the Justice Department, asking Edward Sullivan, the acting head of the public integrity division, to start an investigation into the memecoin meal to see if it violated the US Constitution's foreign emoluments clause or the federal bribery legislation.
Trump's extensive exploration of the crypto world has raised a lot of issues on whether he is genuinely working for the cryptocurrency market, or if this is just a way for him to gain more power and make money.
With all of these fake cryptocurrency tokens popping up and legal issues getting worse, it's hard to tell what's legitimate.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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