Maxine Waters, a senior member of the U.S. House Financial Services Committee and representative from California, announced plans to introduce legislation aimed at 'preventing [Donald] Trump’s tokens and curbing his cryptocurrency corruption.'
In a statement on May 22, Waters said the bill named the 2025 Cryptocurrency Trading, Improper Retention, and Market Unfairness (TRUMP) Act aims to prevent the U.S. president, vice president, members of Congress, and their families from engaging in 'crypto crime.' Waters mentioned that Trump and his wife Melania issued personal tokens in January, and his family launched the stablecoin USD1 through World Liberty Financial, with the president attempting to establish a national Bitcoin (BTC) reserve.
'Trump is planning to dine with the top donors of his token, who have made him and his family wealthier,' Waters added.
'Trump's crypto scheme is not just a trap for investors. It is a dangerous backdoor to sell U.S. policy influence to the highest foreign bidder.'
Waters' bill is one of a series of actions against the presidential reward token holders' dinner. Senator Chris Murphy and Elizabeth Warren are expected to attend a press conference with representatives from consumer rights group Public Citizen, and the two Democratic organizations will hold a protest at Trump National Golf Club just outside Washington, D.C.
Most participants remain anonymous before the dinner
The number and names of participants for the May 22 dinner remain largely unknown, but several individuals have indicated their willingness to undergo background checks and meet with the president through social media and news outlets. According to Bloomberg, more than half of the eligible participants for the dinner and 'VIP tour' may be foreign nationals.
Those claiming they will attend include Tron founder Justin Sun, Hyperithm co-CEO Oh Sangrok, Kronos Research Chief Investment Officer Vincent Liu, and Synthetix founder Kain Warwick. Justin Sun posted on May 21, showing that he appeared to have entered the Eisenhower Executive Office Building within the White House complex in Washington, D.C.
Related: What will happen at Trump’s token dinner
At a press conference on May 22, White House Press Secretary Karoline Leavitt stated that Trump would attend the dinner in a private capacity. She denied that the event would be held at the White House, although the token project website had previously stated that the top 25 holders were eligible to visit government buildings.
Since the launch of the TRUMP token on January 17, many lawmakers and industry figures, including some who typically support presidential policies, have criticized the project. In an article on May 20, the Wall Street Journal editorial board called for the White House to release the list of dinner participants, adding that Trump could 'help himself' by canceling the Thursday gala.
Two organizations tied to the TRUMP token are directly linked to the president, controlling about 80% of the token supply, which may pose a future risk of 'pump and dump.' Over the past 24 hours, the token price has risen by more than 11%, increasing from $14.13 to $15.76.
Magazine: Trump's cryptocurrency risks raise issues of conflicts of interest and insider trading
