Trump hosted a lavish crypto gala for $TRUMP coin holders, declaring U.S. dominance in Bitcoin and pledging strong crypto support.
The $TRUMP coin’s trade model raised $324M in fees, with 80% controlled by Trump-linked firms, sparking ethical and legal scrutiny.
Major U.S. banks, including JPMorgan and Wells Fargo, are exploring a shared stablecoin as institutional interest in crypto deepens.
President Donald Trump hosted a high-profile crypto dinner at his Virginia golf club, declaring the U.S. is “dominating” in Bitcoin and crypto—and vowing to keep it that way. The event was exclusive to top investors in his $TRUMP meme coin. Around 220 crypto holders secured invitations by holding an average of $1.8 million in $TRUMP tokens, according to blockchain firm Nansen. This closed-door gathering took place amidst ongoing scrutiny over Trump’s growing involvement in the digital asset space.
Crypto Gala Draws VIPs, Protesters, and Millions in Trade Fees
Besides Trump’s declarations, the black-tie-optional dinner featured former NBA star Lamar Odom, who promoted his own meme coin. Attendees arrived in luxury vehicles, bypassing roughly 100 protesters chanting slogans like “Crypto corruption” and “America is not for sale.” This exclusive crowd reportedly owns substantial stakes in the $TRUMP coin project.
Two Trump-linked firms control 80% of the token supply. While sales are temporarily restricted, every trade generates a fee. Hence, transaction volume has driven over $324 million in fees since January, per Chainalysis. Although it remains unclear how much Trump personally receives, the model has sparked ethical concerns. Former Treasury official Ken Papaj criticized the setup. “Every time there’s a transaction, he gets a fee. It’s unconscionable,” Papaj stated outside the venue.
Big Banks Eye Stablecoin Amid Growing Crypto Influence
Moreover, the financial establishment is also exploring the crypto frontier. The Wall Street Journal reports that major U.S. banks—JPMorgan, Bank of America, Citigroup, and Wells Fargo—are in talks to issue a joint stablecoin. This development, still in its early stages, could allow multiple banks to utilize a shared token backed by fiat reserves.
Additionally, regional banks are considering a separate stablecoin initiative. These moves signal broader institutional interest in blockchain-based systems. Stablecoins are increasingly vital to crypto traders, enabling quick transfers between assets without relying on traditional banks.
Consequently, Trump's vocal crypto support and growing blockchain adoption among banks highlight a pivotal shift. He has pledged to become the "crypto president," promoting digital assets as a tool to enhance the U.S. banking system and bolster dollar supremacy.
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