Trump Hosts Controversial Dinner for $TRUMP Coin Investors
President Donald Trump held an exclusive dinner on Thursday night for the top 220 investors of his $TRUMP (TRUMP-OFFICIAL-USD) meme coin, an event that ignited significant debate in Washington at a crucial juncture for the cryptocurrency sector. According to reports from the New York Times, Trump addressed his guests by stating, “The past administration made your lives miserable,” and went on to criticize the Biden administration for allegedly targeting crypto innovators, expressing his intention to restore them to the United States.
Democrats Voice Concerns Over Potential Conflicts of Interest
The highly publicized gathering at Trump’s Virginia golf club raised eyebrows among Democrats, who voiced their apprehensions regarding potential conflicts of interest, and even some Republican lawmakers shared their concerns. Wyoming Republican Senator Cynthia Lummis expressed her reservations during an NBC interview, saying, “This is my president that we’re talking about, but I am willing to say that this gives me pause.” Democratic Senator Jeff Merkley from Oregon also made headlines by stating, “There is a big ‘For Sale’ sign on the White House lawn,” suggesting that U.S. policy is being compromised.
Winners of the Auction Secured Their Spots at the Dinner
The invitation to this exclusive event was granted to individuals who participated in an auction, where the top 220 holders of Trump’s coin were identified based on their average holdings from April 23 to May 12. Reports indicate that these investors collectively spent approximately $148 million on the $TRUMP coin to attend the dinner, with the largest 25 investors contributing over $111 million. These significant contributors were also offered a “special tour” and a “private VIP reception with the President,” according to details shared on the coin’s website, which is managed by Fight Fight Fight LLC.
Trump Family Affiliates Control Major Stake in Meme Coin
The two organizations—Fight Fight Fight LLC and another Trump Organization affiliate, CIC Digital LLC—together hold around 80% of the meme coin’s tokens. Analysis from blockchain analytics firm Chainalysis revealed that over $320 million in trading fees have been funneled to wallets associated with the token’s creator between January and late April, which includes approximately $1.3 million earned during the period from the dinner announcement to May 1.
Celebrity Attendees Include Notable Figures from the Crypto World
The dinner welcomed a range of attendees, including former NBA star Lamar Odom and crypto billionaire Justin Sun, who claimed to have excelled in the dinner competition. Sun, who founded the blockchain network Tron, has previous connections to Trump’s initiatives. He is recognized as a significant investor in World Liberty Financial, a cryptocurrency company led by CEO Zach Witkoff, whose father serves as Trump’s envoy to the Middle East.
Political Leaders Criticize Trump’s Crypto Involvement
Democratic lawmakers, including Senators Elizabeth Warren, Jeff Merkley, Richard Blumenthal, and Representative Maxine Waters, pointed to the dinner and Trump’s involvement in cryptocurrency as evidence of corruption. Warren characterized the gathering as “an orgy of corruption,” emphasizing the need to address such issues.
The White House Defends Trump’s Actions
In response to the criticisms, the White House has consistently asserted that there are no conflicts of interest, noting that Trump’s assets are managed in a trust overseen by his children, leaving him with no operational involvement. Press Secretary Karoline Leavitt reiterated this position, stating, “I think everybody, the American public believes it’s absurd for anyone to insinuate that this president is profiting off of this.”
Trump Family Expands Involvement in Cryptocurrency
Since the onset of the 2024 election cycle, the Trump family has deepened its engagement with the cryptocurrency market. Both the president and First Lady Melania Trump have introduced their own meme coins, and Trump Media (DJT) is also launching cryptocurrency exchange-traded funds (ETFs) through its financial services arm, Truth.Fi. Additionally, Eric Trump is co-founding a bitcoin mining enterprise that is expected to go public through an all-stock merger in the near future. Meanwhile, World Liberty is preparing to unveil a stablecoin as the Senate considers regulatory measures for such digital assets, with a potential vote imminent.
Crypto Experts Share Opinions on Trump’s Administration
Mike Novogratz, CEO of Galaxy Digital, expressed support for the current administration’s stance on cryptocurrency, indicating that as long as they adhere to legal standards, the president and his family are entitled to participate in the crypto market. Notably, Novogratz, a vocal Democrat, has also critiqued the Biden administration’s crypto regulatory approach. He commented, “Do I wish we didn’t have a Trump coin and Melania coin? Yeah, I do. But you know, we’re going to live with it.”
