Is TRUMP Coin At Risk After President Broke Federal Law?

A new controversy is brewing up pointing out that US President Donald Trump violated the federal law by addressing holders of TRUMP meme coin by wearing a presidential seal at the Trump dinner. The White House had confirmed that this event was more in his personal capacity, and thus wearing the presidential seal was an abject violation of the country’s laws. Reportedly, this violation could lead to six months in jail for the US President.

Will US President Face Prison for Breaking Federal Law At Trump Dinner?

At the gala Trump dinner at his Virginia golf club, the US President spoke to nearly 220 investors of his TRUMP coin. He took the chance of slamming the Joe Biden administration stating: “The past administration made your lives miserable. We’re honored to be working on helping everybody here,” said Trump per the New York Times report.

But many also pointed out that Trump’s use of his presidential seal at a private event was in violation of the federal law. The Federal law prohibits using the seal in a manner that might “convey a false impression of sponsorship or approval by the government.” Violations can result in fines or imprisonment for up to six months.

Several lawmakers like Elizabeth Warren, and others, have already raised concers of the President shilling his TRUMP Coin, and how his crypto project could get undue benefits through his administration. However, White House Press Secretary Karoline Leavitt rejected all these conflict of interests stating”

“The president is attending it in his personal time, it is not a White House dinner, it’s not taking place here at the White House.”

Thursday’s Trump dinner featured notable attendees, including crypto billionaire Justin Sun, the leading investor in TRUMP coins; former NBA player Lamar Odom; Korean crypto executive Sangrok Oh; and Taiwanese crypto executive Vincent Liu. Sun, who heads the blockchain platform Tron and has invested over $40 million in TRUMP coins. Besides, the US President also made bold claims that US is dominating in Bitcoin and Crypto.

TRUMP Coin Faces Selling Pressure

Amid the broader crypto market selloff, TRUMP Coin price is also down 7.27% to $12.87, with daily trading volumes crashing by 40% to $1.64 billion.  Despite the strong TRUMP whale accumulation, there’s been a strong pullback following the rejection at $16 earlier this week.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.