Yes that's correct
there is no law that prevents or penalizes a US citizen that is also a citizen of an other country
There is no American law that authorizes this status either...
I have US citizen parents and was born overseas. I’m a US citizen as I meet the standard to be a US citizen
Fair enough, because of your already American parents you do meet the standard..
and the country where I was born considers me to be a citizen of that country
Maybe but not in America...What other countries decide has not legal standing here...
...no law prevents dual citizenship..
In the oath of citizenship you renounce allegiance to any other country