President Donald Trump is under scrutiny for using the presidential seal at a private event for investors in his $TRUMP memecoin, potentially violating federal law. The event, held in Virginia, involved Trump speaking to 220 investors while standing behind a lectern featuring the official seal. Federal law prohibits the use of the presidential seal in a way that suggests government endorsement, with violators facing fines or imprisonment. White House Press Secretary Karoline Leavitt stated that the dinner was not an official White House event and highlighted Trump's personal involvement. A letter to the Justice Department from 35 House members requested a review for possible violations of federal bribery statutes or the foreign emoluments clause, particularly since many attendees might be foreign nationals connected to crypto exchanges. The letter raised concerns that the $TRUMP memecoin could create opportunities for foreign governments to exert influence without transparency. Despite his previous skepticism about cryptocurrency, Trump has embraced it, with the $TRUMP token experiencing significant price fluctuations since its launch earlier this year.

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