When Trump Tokens Meet the Inside Story of Sun Yuchen's "Crypto Dinner"
During the U.S. Congressional hearing on May 20, SEC Chairman Paul Atkins's tie knot seemed to tighten under questioning—facing senior legislator Ivey’s probing about the Trump-related tokens and the chain of explosive deals involving Sun Yuchen, this hearing is revealing the hidden currents between Washington's power circles and crypto capital.
"When the president's guest begins to operate political tokens, is this truly crypto innovation, or a new variant of Washington's revolving door?" Representative Ivey presented key evidence: Sun Yuchen's company had splurged $30 million to purchase "World Liberty Financial" tokens, which are closely related to Trump. More dramatically, Sun himself is a diamond-level guest at the president's crypto policy dinner.
The entire hearing room fell into a subtle silence as the legislator removed his glasses and stared at Atkins: "We need to know if there is a secret agreement using tokens to secure invitations between crypto financiers and the White House dinner?" This direct questioning targeting the core of power suddenly intensified the clicking sound of cameras in the room.
In the eye of the storm, Atkins exhibited the Tai Chi skills of an experienced politician. Regarding the Sun Yuchen case, he threw out diplomatic phrases of "still under processing," but sent an important signal on the classification of memecoins: "According to current standards, these types of tokens do not fall under the category of securities." This statement was immediately highlighted by Wall Street Journal reporters—perhaps suggesting a more lenient attitude from regulators toward the new generation of cryptocurrencies.
However, what this hearing truly unveiled is a larger regulatory chess game. When Democratic lawmakers pressed whether the "Trump concept coin" posed risks of market manipulation, Atkins suddenly shifted his tone and threw out the concept of "Crypto Regulation 2.0 reform plan," emphasizing the need to find a "third way" between maintaining market vitality and investor protection. This deliberately ambiguous policy preview prompted analysts in the crypto market to hold emergency symposiums overnight.
Interestingly, those attending the dinner that day, in addition to Sun Yuchen, included several heads of Wall Street blockchain funds. Some observers boldly speculated: Is Washington's power corridor brewing a new crypto lobbying group? As political donations transform into on-chain tokens, the boundaries of U.S. campaign finance law are facing unprecedented challenges.
