President Donald Trump is set to host an exclusive gala dinner tonight at his Trump National Golf Club near Washington, D.C., for the top 220 investors in his $TRUMP meme coin, raising serious ethical concerns about potential conflicts of interest.
The event, which also includes a private White House tour and VIP reception for the top 25 holders, has drawn sharp criticism from lawmakers and ethics watchdogs who allege it constitutes a “pay-to-play” scheme.
The $TRUMP coin, launched days before Trump’s January 20 inauguration, saw its value surge by over 50% after the dinner announcement on April 23, with its market cap reaching $2.48 billion as of today. Amid accusations of foreign influence and profiteering, the dinner underscores the controversial intersection of cryptocurrency and presidential power.
The $TRUMP Meme Coin and Its Meteoric Rise
The $TRUMP meme coin, a speculative cryptocurrency tied to Trump’s persona, was launched on January 17 and initially soared to a $27 billion market cap, with Trump’s personal stake valued at over $20 billion.
After peaking at $74.59 per coin, it plummeted to $7.14 by April 7 before rebounding to $12.40 following the dinner announcement, according to recent market data. The coin has generated over $350 million in fees for Trump-affiliated entities and is managed by CIC Digital LLC (a Trump Organization affiliate) and Fight Fight Fight LLC, which together control 80% of its supply.
Critics argue that the coin’s volatility coupled with the dinner’s promise of presidential access creates a risky precedent, with 764,000 smaller investors losing $3.87 billion while 58 large wallets reaped $1.1 billion in gains.
ALSO READ | Bitcoin Soars to Record $109,760 as Investor Optimism and Regulatory Shifts Fuel Crypto Surge
Who’s at the Table?
The guest list for tonight’s dinner remains largely opaque, with most of the 220 attendees identified only by anonymous crypto wallet addresses. Among the known investors is Justin Sun, the Chinese-born founder of the TRON blockchain, who holds the top spot with $13.9 million in $TRUMP coins.
Sun, previously charged by the SEC for unregistered crypto sales, has publicly celebrated his invitation. MemeCore, a Singapore-based crypto network, and Wintermute, a London-based market-making firm, rank second and third, respectively.
Blockchain analytics reveal that many top holders used foreign exchanges like Binance, which bans U.S. customers, raising fears that foreign entities could be buying influence. The leaderboard’s anonymity fuels speculation about the attendees’ identities and motives.
Ethics Concerns and Congressional Backlash
The dinner has sparked bipartisan outrage, with Democratic Senators Adam Schiff and Elizabeth Warren calling for an ethics probe, citing potential violations of federal bribery statutes and constitutional emoluments clauses.
Even Republican Senator Cynthia Lummis, a crypto advocate, expressed unease, stating the event “gives me pause.” Ethics watchdogs, including Accountable.US, have labeled it a “nakedly corrupt self-enriching scheme,” warning that it could allow special interests to sway policy.
Proposed legislation, like the MEME Act introduced by Congressman Sam Liccardo, aims to bar elected officials from issuing meme coins, though its passage is unlikely in a Republican-controlled Congress. The White House insists Trump is compliant with conflict-of-interest rules, with his assets managed by a trust overseen by his children.
Broader Implications for Crypto and Governance
Trump’s push to position the U.S. as the “crypto capital of the world,” underscored by his January executive order creating a Strategic Bitcoin Reserve, has amplified scrutiny of his crypto ventures.
The $TRUMP coin, alongside ventures like World Liberty Financial, has generated over $41 million in fees and $312 million in sales for Trump’s affiliates. Critics argue that the dinner, where a VIP seat reportedly cost $1.4 million in tokens, risks turning political access into a commodity.
Recent data shows that 34 of the top 220 investors sold their stakes after securing invitations, suggesting some may have been motivated by profit rather than policy influence. As Trump’s crypto empire grows, the event raises urgent questions about transparency and accountability in the White House.
Comments (0)
Please sign in to leave a comment