Trump Hosts Controversial Crypto Dinner for $TRUMP Memecoin Investors Amid Ethics Uproar

Trump Hosts Controversial Crypto Dinner for $TRUMP Memecoin Investors Amid Ethics Uproar

Last Updated May - 23 - 2025, 12:52 PM | Source : Fela News

President Trump faces backlash for hosting top $TRUMP memecoin investors at a private dinner, raising concerns over ethics, foreign influence, and crypto regula

On Thursday, President Donald Trump is set to host a private event for hundreds of major investors in his cryptocurrency-themed memecoin, $TRUMP—an event drawing harsh criticism from Democratic leaders, who have labeled it “an orgy of corruption.” The gathering, which fuses presidential authority with Trump’s personal business interests, will be held at his golf club near Washington, D.C. The top 220 investors will attend a dinner with Trump, and the 25 biggest backers will also receive a private audience with the president and a tour of the White House.

Trump introduced the $TRUMP coin just three days before taking office in January, a move that quickly boosted his personal fortune and sparked serious ethical questions, particularly about potential foreign influence. Democratic Senator Elizabeth Warren and others have demanded that Trump publicly reveal the guest list for the event.

“Trump is exploiting the presidency to enrich himself through cryptocurrency,” Warren said during a press conference.

Analytics firm Inca Digital reported that many of the coin’s transactions occurred through international platforms not accessible to U.S. residents, implying significant foreign involvement. The coin’s biggest investor, Chinese-born crypto magnate Justin Sun, has committed $20 million to $TRUMP, contributing to a total $93 million invested across various Trump-related crypto projects.

Sun, the founder of TRON—a top 10 cryptocurrency—was previously under U.S. investigation for market manipulation. However, with regulatory bodies now led by Trump appointees, the case was paused in February to explore a possible settlement. Around the same time, Sun reportedly spent $30 million on digital assets from a Trump-linked venture.

“Honored to support @POTUS and grateful for the invitation to attend President Trump's Gala Dinner as his TOP fan!” Sun posted on X this week.

Justin Unga of End Citizens United slammed the event as a vivid demonstration of Trump monetizing his presidency at the expense of economic stability. “People say it’s a backdoor to corruption—I’d say it’s the front door, complete with valet and a red carpet,” he said.

White House Press Secretary Karoline Leavitt defended the event, asserting that Trump is participating in his personal capacity and complying with all relevant ethics rules.

The dinner comes amid Senate progress on crypto regulation, with lawmakers advancing the GENIUS Act this week. The proposed legislation aims to provide clearer oversight for stablecoins, crypto tokens whose values are tied to fiat currencies like the U.S. dollar.

This bill had stalled partly due to Trump’s increasing involvement in crypto—a sector he once dismissed but later embraced during the 2024 campaign. Frustrated by what they saw as unfair treatment under the Biden administration, crypto moguls became major donors to Trump’s campaign.

On Thursday, Bitcoin surged to a new high above $111,000 before pulling back slightly.

Trump’s pivot to digital assets has also sparked a wave of family-led ventures. His sons, Donald Jr. and Eric, have been spearheading initiatives through World Liberty Financial—a firm launched last September with significant investments from the Middle East and links to Binance, a crypto exchange whose founder is seeking a presidential pardon.

To support this agenda, President Trump has issued an executive order creating a “Strategic Bitcoin Reserve,” a new initiative for the U.S. government to hold Bitcoin as part of its assets.

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