Trump Dinner: 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 have already raised concerns about the President shilling his TRUMP Coin, and how his crypto project could get undue benefits through his administration. Rep Maxine Waters has also proposed the ‘Stop Trump in Crypto Act’ to curb the promotion of cryptocurrencies by the president, vice president, members of Congress, and their immediate family members.

However, White House Press Secretary Karoline Leavitt rejected all these conflicts of interest, 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 the US is dominating in Bitcoin and Crypto.

TRUMP Coin Faces Selling Pressure

Amid the broader crypto market selloff, TRUMP Coin price is also down over 2% to $13, with daily trading volumes crashing by 40% to $1.64 billion.  Despite the strong TRUMP whale accumulation, there has been a strong pullback following the rejection at $16 earlier this week.

Onchain analytics platform Lookonchain revealed a particular whale who sold all his TRUMP holdings for a profit, just two days after spending $2 million to buy the meme coin.