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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 \u2014 a move that may violate federal law.<\/p>\n
The event took place Thursday at Trump National Golf Club<\/a> in Virginia, where Trump addressed 220 investors in his cryptocurrency project.<\/p>\n According to US law<\/a>, 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.<\/p>\n Trump, who arrived at the club aboard a military helicopter, praised attendees and took aim at the Biden administration\u2019s crypto stance.<\/p>\n When asked about potential conflicts of interest, White House Press Secretary Karoline Leavitt said<\/a> the president\u2019s involvement was personal. \u201cIt is not a White House dinner,\u201d she told reporters. \u201cIt\u2019s not taking place here at the White House.\u201d<\/p>\n Related: <\/strong><\/em>Pictures give glimpse inside Trump\u2019s memecoin holder dinner<\/strong><\/em><\/a><\/p>\n This isn\u2019t the first time Trump has featured the presidential seal at his private properties. Forbes has previously reported<\/a> its use as golf markers at several Trump-owned clubs.<\/p>\n In a May 22 letter to the Justice Department, 35 House members\u00a0asked\u00a0the public integrity section acting chief, Edward Sullivan, to launch an inquiry over the memecoin dinner<\/a> to determine whether it violated the federal bribery statute or the foreign emoluments clause of the US Constitution.\u00a0<\/p>\n Under the emoluments clause, a US president is barred from accepting any gift from a foreign state without the approval of Congress.<\/p>\n Bloomberg\u00a0reported<\/a> that a majority of the attendees at the memecoin dinner were likely foreign nationals based on their connections to crypto exchanges.\u00a0<\/p>\n \u201cUS law prohibits foreign persons from contributing to US political campaigns,\u201d said the letter. \u201cHowever, 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.\u201d<\/p>\n Related: <\/strong><\/em>US lawmaker introduces anti-corruption bill ahead of Trump’s dinner<\/strong><\/em><\/a><\/p>\n Trump\u2019s 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.<\/p>\nTrump features presidential seal at private properties<\/h2>\n
Trump embraces crypto despite previous skepticism<\/h2>\n