Former President Trump is under scrutiny for using the presidential seal during his speech at a $TRUMP token investor event. This behavior may violate U.S. federal law.
The event was held on Thursday at Trump National Golf Club in Virginia, where Trump spoke to 220 cryptocurrency project investors.
Under U.S. law, it is prohibited to use the presidential seal in any way that implies government endorsement or funding. Violators may face fines or up to six months in jail.
Trump arrived at the venue by military helicopter, praising the attendees and criticizing the Biden administration's cryptocurrency policy.
The White House press secretary stated that the president's participation was a personal action and that the event was not a White House dinner.
Trump displays the presidential seal on private property
This is not the first time Trump has displayed the presidential seal on private property. It has previously been used at several golf clubs owned by Trump.
35 members of Congress have written to the Justice Department requesting an investigation into whether the dinner violated federal bribery laws or foreign gift provisions.
Reports suggest that a majority of the attendees at the dinner may be foreign nationals with ties to cryptocurrency exchanges.
According to the law, foreign nationals are prohibited from donating to U.S. political activities, but the $TRUMP token may open the door for foreign entities to purchase influence.
Trump embraces cryptocurrency
Trump's acceptance of cryptocurrency marks a significant shift in his stance. Notable guests at the dinner included Tron founder Justin Sun, among others.
Justin Sun has invested over $100 million in the $TRUMP token and has deep connections in the cryptocurrency sector.
