President Donald Trump is under examination following his remarks at a private gathering for major investors in his $TRUMP memecoin while positioned behind a podium adorned with the official presidential emblem — an action that could breach federal legislation.
The event occurred last Thursday at Trump National Golf Club in Virginia, where Trump spoke to 220 investors regarding his cryptocurrency initiative.
According to US statute, the presidential emblem cannot be utilized in any way that may suggest governmental endorsement or backing. Offenders may incur penalties or face imprisonment for up to six months.
Trump, who arrived at the club via a military helicopter, complimented attendees and criticized the crypto policies of the Biden administration.
When questioned about possible conflicts of interest, White House Press Secretary Karoline Leavitt stated that the president’s involvement was personal. “It is not a White House dinner,” she informed reporters. “It’s not occurring here at the White House.”
Related: Photos offer a glimpse inside Trump’s memecoin holder dinner
Trump displays presidential emblem at private establishments
This isn’t the initial occasion Trump has showcased the presidential emblem at his private venues. Forbes had previously reported its usage as golf markers at various Trump-owned resorts.
In a letter dated May 22 to the Justice Department, 35 House members requested the public integrity section acting chief, Edward Sullivan, to initiate an investigation regarding the memecoin dinner to establish whether it breached the federal bribery statute or the foreign emoluments provision of the US Constitution.
According to the emoluments provision, a US president is prohibited from accepting any gift from a foreign nation without Congressional approval.
Bloomberg reported that the majority of participants at the memecoin dinner were probably foreign nationals based on their affiliations with crypto exchanges.
“US law forbids foreign individuals from contributing to US political campaigns,” noted the letter. “However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, enables foreign governments to purchase influence with the President, all while concealing their identities.”
Related: US legislator proposes anti-corruption bill prior to Trump’s dinner
Trump supports crypto despite earlier hesitance
Trump’s endorsement of crypto signifies a significant shift from his previous skepticism during his first term. The $TRUMP memecoin, launched earlier in the year, reached a peak of $74.34 before declining to $14.44 by May 22.
Notable guests at the dinner included Tron founder Justin Sun, ex-NBA player Lamar Odom, and Asian crypto leaders Sangrok Oh and Vincent Liu.
Sun, who reportedly invested over $40 million in $TRUMP tokens and addressed the dinner, also has significant connections to Trump’s crypto initiatives. He serves as the primary backer of World Liberty Financial, a Trump-affiliated company currently under regulatory investigation.
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