Former President Donald Trump is facing allegations of violating federal law by using the presidential seal at a private dinner event for TRUMP Coin holders. The White House clarified that the dinner was a personal event, not affiliated with official government activities. Following the event, TRUMP Coin's price dropped by 7.27% to $12.87, with daily trading volumes plunging 40%.

The dinner, held at Trump's Virginia golf club, hosted approximately 220 investors of the TRUMP Coin. Trump used the opportunity to criticize the previous administration, stating: “The past administration made your lives miserable. We’re honored to be working on helping everybody here.”

Critics argue that Trump's use of the presidential seal at a private event violates federal law, which prohibits using the seal in a manner that might “convey a false impression of sponsorship or approval by the government.” Such violations can result in fines or imprisonment for up to six months.

The event has sparked bipartisan concerns over potential conflicts of interest and the mingling of personal financial ventures with public office responsibilities. Lawmakers have raised questions about the influence of wealthy donors and foreign investors in U.S. politics, especially in light of Trump's involvement in cryptocurrency projects.

In response to these concerns, Representative Maxine Waters introduced the 'Stop TRUMP in Crypto Act,' aiming to restrict digital asset activities by top U.S. officials. The bill seeks to address ethical concerns surrounding the ownership and promotion of cryptocurrencies by public officials.

As the situation unfolds, the TRUMP Coin faces increased scrutiny, and its future remains uncertain amid legal and ethical debates.

#TrumpTariffs #DinnerWithTrump #GENIUSAct #MerlinTradingCompetition