Latest news with #PresidentialSeal
Business Mayor
24-05-2025
- Politics
- Business Mayor
Presidential Seal Controversy Hits TRUMP Memecoin Holder Event
U.S. President Donald Trump's reported use of the Presidential Seal at a private event for major holders of the TRUMP memecoin may have violated federal law. White House: TRUMP Dinner a Private Event U.S. President Donald Trump's use of the Presidential Seal at an event where he spoke to major holders of the TRUMP memecoin […] READ SOURCE
Miami Herald
24-05-2025
- Business
- Miami Herald
Donald Trump May Have Broken Federal Law at Meme Coin Dinner: Attorney
President Donald Trump's recent dinner with backers of a meme coin project is under legal scrutiny, with an attorney suggesting the president may have violated federal law. Trump hosted more than 200 top investors in his personal $TRUMP meme coin on Thursday night at an exclusive, high-profile dinner at his private golf club in Sterling, Virginia. The coin, which launched in January 2025, is currently valued at more than $3 billion. The event rewarded the largest investors in his cryptocurrency venture, something that even ardent MAGA fans have raised concerns over. Newsweek has contacted the White House for comment via email. Analysts say Trump's ownership of this cryptocurrency creates a potential conflict of interest amid his support of the cryptocurrency industry at large. "The country is doing really well. We have no inflation. Costs are way down. Oil was just at $1.99, $1.98 a gallon, which we haven't seen in years," Trump told guests in a video recorded at the event. But Tracey Beryl Gallagher, a public defender in California and former judge pro tem, said on X that Trump's remarks may have violated federal law. "He is talking behind a podium bearing the Presidential Seal. The Presidential Seal is governed by strict regulations under federal law, primarily 18 U.S.C. § 713 and Executive Order 11649," she wrote. Those rules, she said, limit its use to "official government purposes to preserve its symbolic integrity." "Using the seal at a personal, for-profit event like a money-making speaking engagement or private fundraiser would likely violate these regulations, as it could imply official government endorsement of a private activity," she wrote. "The law prohibits using the seal in a manner that suggests government approval or affiliation for non-official events." Gallagher pointed to cases including United States v. Sindel from 1995, where misuse of government insignia led to penalties. While some exceptions are allowed for certain ceremonial or educational uses, such as replicas at presidential libraries, "personal financial gain doesn't qualify," she noted. Since his second term began, Trump has openly plugged cryptocurrency schemes officially run by his sons Eric and Donald Trump Jr. that are now reportedly a significant source of the president's family's wealth. In April, a website promoting $TRUMP invited the top 220 holders of the meme coin to a private dinner with the president, where they received an exclusive reception and a VIP tour the following day, prompting the value of $TRUMP to soar by more than 50 percent, according to CoinMarketCap. At the same time, the Trump administration has taken a pro-crypto stance, easing up on Biden-era regulation of the industry and establishing a bitcoin reserve. But such actions have prompted concerns that he is simultaneously promoting and profiting from a personal cryptocurrency and that his policy positions may be influenced by personal financial gain. As a result, Senators Jeff Merkley and Chuck Schumer have introduced legislation aimed at prohibiting senior executive branch officials and their families from profiting from cryptocurrencies. Meanwhile, lawmakers and ethics experts have criticized Trump's decision to hold yesterday's dinner. "What's happening tonight at Trump's golf course…is in effect, putting a 'For Sale' sign on the White House. It's auctioning off access," Senator Richard Blumenthal said during a press call organized by a nonpartisan watchdog group in the crypto space. Daniel Weiner, the director for elections and government at the Brennan Center for Justice, told Scripp News: "It's completely unprecedented to have a United States president attending a dinner like this. For wealthy investors in business that he owns who can pay hundreds of thousands or even millions of dollars for access to the president. Let's be clear, of course, presidents do — other presidents and this president — have had fundraisers for their campaigns and lavish dinners and the like. But to have it literally be for a business that's essentially putting money into the president's pocket — that's something new and unprecedented and, I think a lot of Americans would say, pretty troubling." Representatives Sean Casten and Adam Smith called for a Department of Justice investigation into the event, citing concerns over foreign influence and potential violations of the Emoluments Clause. They highlighted that the top 25 investors were promised a private tour of the White House, suggesting an inappropriate intertwining of personal business interests with official government functions Further criticism has come from ethics watchdogs. Donald Sherman of Citizens for Responsibility and Ethics in Washington described the event as "one of the most blatant and appalling instances of selling access to the presidency." Investors invited to the dinner—who participated in a kind of spending lotto since they had to compete to be the biggest payers—spent a total of $394 million on the $TRUMP cryptocurrency for access to the president, according to NBC News, citing blockchain analytics company Nansen. White House Press Secretary Karoline Leavitt emphasized that the recent dinner with top $TRUMP investors was a personal event, not affiliated with official government activities. She stated "The president is attending it in his personal time," and noted that the administration would consider releasing the list of attendees upon internal review. Cryptocurrencies are digital currencies traded like foreign currencies, with popular examples including Bitcoin, Ethereum, and Ripple. Advocates highlight their potential for financial inclusion and privacy, while large-cap coins often draw attention for their possible use cases, such as serving as a hedge against inflation. Meme coins, however, typically lack intrinsic value or utility, relying on celebrity endorsements, viral trends, and online buzz. DOGE, one of the most famous meme coins, exemplifies this model, though its initial joke concept has yet to translate into real utility. Meme coins are prone to volatility, driven by hype rather than fundamentals, and often become targets for scams like "pump and dump" schemes. Such scams exploit investor enthusiasm and poor regulation to inflate prices before insiders sell off their holdings. Legal experts warn that meme coins can resemble Ponzi schemes. Donald Trump's $TRUMP cryptocurrency, launched as a meme coin in January 2025, has fallen sharply in value despite its initial surge, and its official materials explicitly state it has no investment value. While Trump's meme coin does not appear to be an outright scam, its resemblance to other meme coin models has raised eyebrows. Meanwhile, the Senate is advancing legislation aimed at regulating stablecoins, a class of cryptocurrencies tied to stable assets. Tracey Gallagher said on X: "He is talking behind a podium bearing the Presidential Seal. The Presidential Seal is governed by strict regulations under federal law, primarily 18 U.S.C. § 713 and Executive Order 11649. "These rules restrict its use to official government purposes to preserve its symbolic integrity. Using the seal at a personal, for-profit event like a money-making speaking engagement or private fundraiser would likely violate these regulations, as it could imply official government endorsement of a private activity. "The law prohibits using the seal in a manner that suggests government approval or affiliation for non-official events. Courts have upheld this, as seen in cases like United States v. Sindel (1995), where misuse of government insignia was penalized. Exceptions exist for specific ceremonial or educational uses (e.g., replicas at presidential libraries), but personal financial gain doesn't qualify." The White House has not responded to Gallagher's remarks. Related Articles Donald Trump Suffers Triple Legal Blow Within HoursWhy Unions Won't Be Participating in the U.S. Manufacturing BoomWhy Dual Citizenship Is The New American DreamTrump Admin Doing "Opposite of Making America Great": WSJ Editorial Board 2025 NEWSWEEK DIGITAL LLC.
Newsweek
24-05-2025
- Business
- Newsweek
Donald Trump May Have Broken Federal Law at Meme Coin Dinner: Attorney
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump's recent dinner with backers of a meme coin project is under legal scrutiny, with an attorney suggesting the president may have violated federal law. Trump hosted more than 200 top investors in his personal $TRUMP meme coin on Thursday night at an exclusive, high-profile dinner at his private golf club in Sterling, Virginia. The coin, which launched in January 2025, is currently valued at more than $3 billion. The event rewarded the largest investors in his cryptocurrency venture, something that even ardent MAGA fans have raised concerns over. Newsweek has contacted the White House for comment via email. Why It Matters Analysts say Trump's ownership of this cryptocurrency creates a potential conflict of interest amid his support of the cryptocurrency industry at large. What To Know "The country is doing really well. We have no inflation. Costs are way down. Oil was just at $1.99, $1.98 a gallon, which we haven't seen in years," Trump told guests in a video recorded at the event. But Tracey Beryl Gallagher, a public defender in California and former judge pro tem, said on X that Trump's remarks may have violated federal law. "He is talking behind a podium bearing the Presidential Seal. The Presidential Seal is governed by strict regulations under federal law, primarily 18 U.S.C. § 713 and Executive Order 11649," she wrote. President Donald Trump arrives on Air Force One at Morristown Municipal Airport in Morristown, New Jersey on May 23, 2025. President Donald Trump arrives on Air Force One at Morristown Municipal Airport in Morristown, New Jersey on May 23, 2025. Manuel Balce Ceneta/AP Those rules, she said, limit its use to "official government purposes to preserve its symbolic integrity." "Using the seal at a personal, for-profit event like a money-making speaking engagement or private fundraiser would likely violate these regulations, as it could imply official government endorsement of a private activity," she wrote. "The law prohibits using the seal in a manner that suggests government approval or affiliation for non-official events." Gallagher pointed to cases including United States v. Sindel from 1995, where misuse of government insignia led to penalties. While some exceptions are allowed for certain ceremonial or educational uses, such as replicas at presidential libraries, "personal financial gain doesn't qualify," she noted. Since his second term began, Trump has openly plugged cryptocurrency schemes officially run by his sons Eric and Donald Trump Jr. that are now reportedly a significant source of the president's family's wealth. In April, a website promoting $TRUMP invited the top 220 holders of the meme coin to a private dinner with the president, where they received an exclusive reception and a VIP tour the following day, prompting the value of $TRUMP to soar by more than 50 percent, according to CoinMarketCap. At the same time, the Trump administration has taken a pro-crypto stance, easing up on Biden-era regulation of the industry and establishing a bitcoin reserve. But such actions have prompted concerns that he is simultaneously promoting and profiting from a personal cryptocurrency and that his policy positions may be influenced by personal financial gain. As a result, Senators Jeff Merkley and Chuck Schumer have introduced legislation aimed at prohibiting senior executive branch officials and their families from profiting from cryptocurrencies. Meanwhile, lawmakers and ethics experts have criticized Trump's decision to hold yesterday's dinner. "What's happening tonight at Trump's golf course…is in effect, putting a 'For Sale' sign on the White House. It's auctioning off access," Senator Richard Blumenthal said during a press call organized by a nonpartisan watchdog group in the crypto space. Daniel Weiner, the director for elections and government at the Brennan Center for Justice, told Scripp News: "It's completely unprecedented to have a United States president attending a dinner like this. For wealthy investors in business that he owns who can pay hundreds of thousands or even millions of dollars for access to the president. Let's be clear, of course, presidents do — other presidents and this president — have had fundraisers for their campaigns and lavish dinners and the like. But to have it literally be for a business that's essentially putting money into the president's pocket — that's something new and unprecedented and, I think a lot of Americans would say, pretty troubling." Representatives Sean Casten and Adam Smith called for a Department of Justice investigation into the event, citing concerns over foreign influence and potential violations of the Emoluments Clause. They highlighted that the top 25 investors were promised a private tour of the White House, suggesting an inappropriate intertwining of personal business interests with official government functions Further criticism has come from ethics watchdogs. Donald Sherman of Citizens for Responsibility and Ethics in Washington described the event as "one of the most blatant and appalling instances of selling access to the presidency." Investors invited to the dinner—who participated in a kind of spending lotto since they had to compete to be the biggest payers—spent a total of $394 million on the $TRUMP cryptocurrency for access to the president, according to NBC News, citing blockchain analytics company Nansen. White House Press Secretary Karoline Leavitt emphasized that the recent dinner with top $TRUMP investors was a personal event, not affiliated with official government activities. She stated "The president is attending it in his personal time," and noted that the administration would consider releasing the list of attendees upon internal review. Cryptocurrencies are digital currencies traded like foreign currencies, with popular examples including Bitcoin, Ethereum, and Ripple. Advocates highlight their potential for financial inclusion and privacy, while large-cap coins often draw attention for their possible use cases, such as serving as a hedge against inflation. Meme coins, however, typically lack intrinsic value or utility, relying on celebrity endorsements, viral trends, and online buzz. DOGE, one of the most famous meme coins, exemplifies this model, though its initial joke concept has yet to translate into real utility. Meme coins are prone to volatility, driven by hype rather than fundamentals, and often become targets for scams like "pump and dump" schemes. Such scams exploit investor enthusiasm and poor regulation to inflate prices before insiders sell off their holdings. Legal experts warn that meme coins can resemble Ponzi schemes. Donald Trump's $TRUMP cryptocurrency, launched as a meme coin in January 2025, has fallen sharply in value despite its initial surge, and its official materials explicitly state it has no investment value. While Trump's meme coin does not appear to be an outright scam, its resemblance to other meme coin models has raised eyebrows. Meanwhile, the Senate is advancing legislation aimed at regulating stablecoins, a class of cryptocurrencies tied to stable assets. What People Are Saying Tracey Gallagher said on X: "He is talking behind a podium bearing the Presidential Seal. The Presidential Seal is governed by strict regulations under federal law, primarily 18 U.S.C. § 713 and Executive Order 11649. "These rules restrict its use to official government purposes to preserve its symbolic integrity. Using the seal at a personal, for-profit event like a money-making speaking engagement or private fundraiser would likely violate these regulations, as it could imply official government endorsement of a private activity. "The law prohibits using the seal in a manner that suggests government approval or affiliation for non-official events. Courts have upheld this, as seen in cases like United States v. Sindel (1995), where misuse of government insignia was penalized. Exceptions exist for specific ceremonial or educational uses (e.g., replicas at presidential libraries), but personal financial gain doesn't qualify." What Happens Next The White House has not responded to Gallagher's remarks.
Yahoo
24-04-2025
- Politics
- Yahoo
Climate protester arrested for spray-painting signs at Trump Tower in NYC, police say
NEW YORK — A climate protester was arrested Wednesday for spray-painting a sign inside Trump Tower in Manhattan. Video of the incident shows a light-haired man wearing a black T-shirt and black pants spraying 'USA' in green paint over the center of a mock Presidential Seal plaque that reads 'President of the United States' at the top, 'Donald Trump' at the bottom and '45' in the middle. The man then kneels down and folds his hands in front of himself. As a security guard approaches, the man holds up a small banner reading 'GAME OVER' with the symbol for the climate activist group Extinction Rebellion. Another man identifies himself as a New York City police officer when asked, then comes and puts the man's hands behind his back while a bystander says, 'Do not touch him.' After being handcuffed, the man then says, 'This is your country. This is our country. This is our planet. You cannot ruin it without comment. They are ruining the planet for profit' as a group of security leads him away and parts the crowd. The suspect was identified as Crown Heights resident Nathaniel Smith, 36. He was charged with making graffiti, possession of graffiti instrument and criminal tampering. Smith was previously arrested April 9 for criminal trespass at Columbia University. 'The U.S. Secret Service is aware of an incident involving a person spray painting graffiti inside the public lobby of Trump Tower in New York City,' U.S. Secret Service spokesperson told the Daily News.' There are no disruptions to protective operations. We thank the NYPD for their immediate response and unwavering partnership.' The incident came a day after Extinction Rebellion activists spray-painted the Wall St. bull statue and then cleaned it up as part of an Earth Day demonstration. The group also vandalized a Tesla dealership in the Meatpacking District and interrupted a New York City Ballet performance Tuesday. _____
Yahoo
24-04-2025
- Politics
- Yahoo
Climate protester arrested for spray-painting signs at Trump Tower in NYC, police say
NEW YORK — A climate protester was arrested Wednesday for spray-painting a sign inside Trump Tower in Manhattan. Video of the incident shows a light-haired man wearing a black T-shirt and black pants spraying 'USA' in green paint over the center of a mock Presidential Seal plaque that reads 'President of the United States' at the top, 'Donald Trump' at the bottom and '45' in the middle. The man then kneels down and folds his hands in front of himself. As a security guard approaches, the man holds up a small banner reading 'GAME OVER' with the symbol for the climate activist group Extinction Rebellion. Another man identifies himself as a New York City police officer when asked, then comes and puts the man's hands behind his back while a bystander says, 'Do not touch him.' After being handcuffed, the man then says, 'This is your country. This is our country. This is our planet. You cannot ruin it without comment. They are ruining the planet for profit' as a group of security leads him away and parts the crowd. The suspect was identified as Crown Heights resident Nathaniel Smith, 36. He was charged with making graffiti, possession of graffiti instrument and criminal tampering. Smith was previously arrested April 9 for criminal trespass at Columbia University. 'The U.S. Secret Service is aware of an incident involving a person spray painting graffiti inside the public lobby of Trump Tower in New York City,' U.S. Secret Service spokesperson told the Daily News.' There are no disruptions to protective operations. We thank the NYPD for their immediate response and unwavering partnership.' The incident came a day after Extinction Rebellion activists spray-painted the Wall St. bull statue and then cleaned it up as part of an Earth Day demonstration. The group also vandalized a Tesla dealership in the Meatpacking District and interrupted a New York City Ballet performance Tuesday. _____
