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I believe the law still stands for currency that is legal tender.
If you look at the list of commemorative coins produced by the U.S. Mint, none of the ones listed have had living people on them:
https://www.usmint.gov/coins/coin-programs/
https://www.usmint.gov/learn/coins-and-medals/commemorative-coins
The last presidential one was for George H. W. Bush, issued in 2020 (he died in 2018).
They have commemorative medals (not actual legal tender) with living people on it:
https://www.usmint.gov/learn/coins-and-medals/medals/presidential
There is already a Trump medal in that collection