Trump Memecoin in Trouble: Private Dinner Raise Legal Red Flags
Trump Memecoin Under Scrutiny as Exclusive Dinner Raises Concerns
Donald Trump’s memecoin project is making headlines again, and not for the right reasons. At a recent exclusive dinner gala for top $TRUMP memecoin holders, the President used the official presidential seal at the podium as per the report by Forbes. This move could break U.S. law, and it has stirred up concerns about ethics, money, and power in the crypto world.
Using the Presidential Seal Could Be Illegal
The U.S. law says the presidential seal can only be used for official government events. He used it at a private dinner to thank people who bought his memecoin. If found guilty, this could lead to a fine or even six months in prison. Past presidents like Obama and Biden never used the seal for personal or business events. Many people are now questioning his actions.
A Private Dinner for Rich Coin Holders
The dinner was held at D.C. golf club of the president. It was promoted as the “most EXCLUSIVE INVITATION in the World.” 220 people were invited,those who had bought large amounts of the $TRUMP memecoin. These investors have spent around $394 million. The top 25 holders got a private meeting with the president himself.
A New Coin Appears, Is It a Scam?
Right before the dinner, a new coin called Trump Dinner Coin (DINNER) showed up. It launched at a very low price and then jumped 1188% in one day. Many in the crypto world think it might be a scam.
The coin has no official link to the President. Its website is simple and unprofessional, and it only has about 950 followers on Twitter. It also reposted tweets from the original $TRUMP project, possibly to look real. This coin is currently trading at $0.002491, increased by 737% within a day. Such a high in the price does not seem usual and look like a fake token. Is Trump Using Crypto for Power and Profit?
His deep dive into the crypto world has created a storm of questions. Is he really doing it for the crypto market or is this simply a means for money making and more authority? With all these fake cypto tokens emerging and legal troubles mounting, it is difficult to discern reality.
One thing is certain: crypto investors must be cautious. Just because it is a large-name crypto does not make it secure.
