Trump's Controversial Speech at $TRUMP Coin Investor Dinner Raises Legal Questions

President Donald Trump addressed investors of his $TRUMP meme coin at Trump National Golf Club on Thursday, speaking from a lectern adorned with the presidential seal. This action raises legal concerns, as federal law prohibits using the seal in a manner that suggests federal approval or sponsorship. Violations can result in fines or imprisonment of up to six months. The gathering took place after Trump flew from the White House via military helicopter, with 220 top investors attending the event. During his speech, Trump criticized the previous administration's approach to cryptocurrency regulations under President Biden, stating, “The past administration made your lives miserable,” and expressed his commitment to supporting the attendees. White House Press Secretary Karoline Leavitt dismissed concerns about a potential conflict of interest, clarifying that the dinner was a personal event, not hosted at the White House, and the guest list would not be released. Forbes has reached out to the White House for comments on the use of the presidential seal. Significantly, the investors at the dinner contributed a total of $148 million to the $TRUMP coin, according to the Wall Street Journal. However, some officials, like Senator Chris Murphy from Connecticut, have criticized the event as a platform for wealthy foreign individuals to lobby the President directly. Trump's meme coin venture is part of his broader engagement with the cryptocurrency space, following a period of skepticism during his first term. The coin initially surged to $74.34 upon its January launch, but has since dropped to $14.44. Notable attendees included Chinese crypto billionaire Justin Sun, who has invested heavily in the coin, along with former NBA player Lamar Odom and other crypto executives. Sun, who has faced legal issues with the Securities and Exchange Commission, also invested in the Trump family's World Liberty Financial.