Donald Trump, current President of the United States, is preparing to welcome the main investors of the cryptocurrency that bears his name, $TRUMP, at an exclusive gala dinner that has already raised a wave of controversy.
The event, scheduled for Thursday at one of his golf courses near the capital, has been described as “the most exclusive invitation in the world” on the site gettrumpmemes.com.
A dinner of luxury and controversies: Trump at the center of attention
The dinner, defined as “black-tie optional”, will see the participation of the first 220 buyers of the meme coin $TRUMP, selected through a public ranking.
Among the expected guests is Justin Sun, billionaire and entrepreneur in the cryptocurrency sector, known for being accused of fraud and market manipulation by the Securities and Exchange Commission (SEC) during the Biden administration.
However, the procedure was suspended in February under the new Trump administration.
Sun has confirmed his presence at the event, calling himself the “TOP fan” of the president on X, the social platform previously known as Twitter. The $TRUMP is a meme coin, a type of cryptocurrency inspired by memes and viral trends online.
Launched shortly before Trump’s inauguration in January, the currency initially saw a surge in value, reaching a peak of 75 dollars, before crashing below 8 dollars in April. At the time of writing, its value hovers around 12.50 dollars.
However, many experts question the usefulness of this type of asset. Rob Hadick, general partner of the venture capital fund Dragonfly, stated: “It does not have an evident utility. It is not used for payments nor as a store of value.”
The dinner has attracted the attention of several political figures, including Democratic Senator Chris Murphy, who described the initiative as “fundamentally corrupt” and a way to “buy access to the President”.
Concerns also extend to national security, as many of the invitees would be foreign investors.
During a Senate hearing, Murphy questioned Secretary of State Marco Rubio about the lack of transparency regarding the guests of the event:
“It is evident that there is a way to bypass the State Department and allow influential and wealthy foreign individuals to lobby directly with the President of the United States.”
Rubio replied that he was not aware of the dinner, adding: “I do not believe that a dinner can compromise the security of the United States.”
The response of the Casa Bianca
The White House has rejected the accusations of conflict of interest. The spokesperson Anna Kelly stated that the President “works to secure GOOD deals for the American people, not for himself.”
An official from the administration also clarified that the meme coin has no connection with the White House.
However, a former financial regulator, Timothy Massad, now director of the Digital Asset Policy Project at Harvard, compared the $TRUMP to a form of betting:
“It’s like selling memberships for a personal fan club that are then traded. They have no intrinsic value, but the price speculation enriches Trump.”
The change in Trump’s position on cryptocurrencies has been radical. In 2021, he described Bitcoin as a “scam.” Today, he is not only responsible for the regulation of the sector in the United States, but he is also a direct player in the market.
In addition to the meme coin, the Trump family holds a majority stake in World Liberty Financial, a cryptocurrency exchange platform launched shortly before the 2024 elections.
During the election campaign, Trump described himself as the first “Crypto President” and received substantial contributions from the crypto sector.
Under his presidency, many cryptocurrencies have seen a surge in value. On Thursday, Bitcoin reached a new all-time high, nearing 112,000 dollars per unit.
A growing heritage
According to a report by the group State Democracy Defenders Action, Trump’s investments in the cryptocurrency sector have increased his net worth to 2.9 billion dollars.
The document highlights how the President could directly profit from the policies he is promoting.
Only three days after the start of his term, Trump signed an Executive Order to establish a regulatory framework aimed at promoting the growth of digital currencies.
On Thursday afternoon, Murphy and other Democratic members of Congress announced a live streaming protest against the dinner.
The group asked Trump to make the list of invitees public and to clarify what favors they might receive in exchange for the millions invested in the meme coin.
“The Members will ask Trump to reveal the names of the participants at the dinner and what advantages they will receive for the millions of dollars invested in his cryptocurrency,” reads the statement.
The event on Thursday represents a turning point in the relationship between politics and cryptocurrencies. While Trump continues to promote his image as an innovative leader close to the digital world, the criticisms on ethics, transparency, and personal interests show no signs of abating.
With the cryptocurrency market constantly evolving and a President directly involved, the United States finds itself at a crossroads: promote innovation or strengthen controls to prevent politics from becoming a vehicle for personal enrichment.
