The recent announcement made by the US President regarding interactions with top holders of his TRUMP meme coin has sparked legal concerns alongside the existing ethical issues. An exclusive gala dinner and White House tour were offered to the top holders of TRUMP, which raised criticism due to the potential conflicts of using public office for personal gain.

Former George W. Bush Ethics Lawyer Richard Painter mentioned in an interview with BeInCrypto that while Trump may not have breached the US Constitution, he could face allegations of fraud if he fails to honor his commitments by the specified deadline.

The President’s involvement in crypto endeavors has caused a stir, particularly with his contest for top TRUMP holders to meet him at a dinner event or take a VIP tour of the White House. The deadline for accumulating tokens beyond a certain threshold is set for May 12, with the dinner scheduled for May 22. This move has been met with accusations of corruption and market manipulation.

Despite the ethical implications, Trump’s actions might not have legal repercussions. While there have been public and legislative concerns, the President has managed to avoid legal challenges regarding his crypto activities and potential violations of trust under the US Constitution.

Questions have been raised about circumventing emoluments clauses and conflict of interest laws, with the Senate Banking Committee and the general public expressing reservations over the situation. There's a distinction between ethical issues raised by Trump's financial gains from his meme coin and actual constitutional violations.

The absence of federal oversight and the exemption of top officials, including the President, from specific conflict-of-interest laws highlight the need for regulatory amendments to address potential conflicts and market manipulations within the crypto industry.

Painter emphasized the urgency of implementing crypto regulations to prevent potential financial crises triggered by market manipulations. Lack of oversight in the crypto sector, coupled with political involvement and potential conflicts of interest, could undermine public confidence and lead to broader financial instability.

In conclusion, while legal action may be contingent on whether Trump fulfills his promises, the bigger concern lies in the absence of regulatory measures to curb potential market manipulations and conflicts of interest within the crypto industry, which could have far-reaching implications for the economy and public trust.