Trump Dinner Funded by $150M Meme Coin
Big news has been emerging regarding an event organised by President Trump where the top 220 holders of his meme coin, $TRUMP, could apply for an exclusive dinner with him. The top 25 are said to qualify for a âVIP White House tour.â A number of Democratic lawmakers and activists have banded together to question and protest the controversial meme coin dinner. On May 22 they raised their concerns over political influence and crypto-fuelled favouritism.
On Thursday the group held a press conference to denounce what they described as a scheme by President Donald Trump to sell influence through cryptocurrency, specifically via his own $TRUMP meme coin. Senator Chris Murphy (D-CT) led the gathering which happened mere hours before the private dinner took place at a Trump property. The identities of the attendees remain undisclosed but the protesters led the event under the banner 'America is Not for Sale' as they criticised the monetisation of political access.
Senator Chris Murphy (D-CT) called the dinner âessentially opening a channel for briberyâ and voiced concerns that anonymous investors were buying access to the president without public accountability. âIf you buy his coin, you get secret access to the president to be able to plead your case.â Murphy said, warning of potential involvement by sanctioned persons or foreign actors. The event was held at Trump National Golf Club in Potomac Falls, Virginia, and blockchain data has shown that the token has raised nearly $150 million as some of the attendees reportedly spending millions for the chance to meet Trump.
Many opponents of the event, which include members of Congress, feel it crossed ethical limes as they claimed the President is turning influence into a transaction. In her latest outcry against the Republicans, Senator Elizabeth Warren (D-MA) described the event as âan orgy of corruption.â She noted that a pattern of actions taken by the current administration have aligned with Trumpâs personal crypto interests, including the disbanding of the DOJâs crypto enforcement unit and changes at the SEC. Warren stated:
âHe is signalling to anyone who wants a special favour and is willing to pay for it exactly how to do that. And the corruption is already paying off handsomely for the criminals.â
She also brought up Justin Sun, stating that the founder of Tron was the top buyer of Trumpâs meme coin and a major investor in his familyâs crypto venture. Warren stated the Sun would be having an especially good time at tonightâs dinner given he had recently been informed that the SEC were pausing their fraud enforcement actions against Sun and his company. She concluded by stating that Democrats should stand together and use our power to fix the GENIUS Act before the vote and there is no reason to facilitate Trump's crypto corruption.
There have been ramifications from this dinner in Washington as some Democratic lawmakers have cancelled their support of crypto-related bills as part of their protest. This includes the GENIUS Act, a measure focused on regulating payment stablecoins. While the Act did pass a key Senate vote on May 19, there are several senators who have voiced their concern regarding Trumpâs ties to World Liberty Financial, a crypto platform that launched its own stablecoin, USD1, back in March. Many feel it is a serious conflict of interest. Senator Mark Warner noted:
âMany senators, myself included, have very real concerns about the Trump familyâs use of crypto technologies to evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans."