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Trump's use of the presidential seal at the memecoin event raises legal questions.
President Donald Trump is facing criticism for speaking at a private event with 220 investors in the memecoin $TRUMP, while standing behind a podium that bears the seal of America, which may violate federal law. The event took place at the Trump National Golf Club in Virginia, where Trump praised the investors and criticized the Biden administration over cryptocurrency.
According to American law, the improper use of the presidential seal can result in fines or imprisonment. This is not the first time Trump has used this seal at personal property.
35 members of the House have requested an investigation into whether the event violated bribery laws or foreign gift provisions, as many attendees are said to be foreign citizens. U.S. law prohibits foreign contributions to politics, but the memecoin can provide an opportunity to buy influence without disclosing identity.