Trump hosts gala for memecoin buyers despite corruption concerns
Source: AFP
US President Donald Trump on Thursday will host a private event for hundreds of top investors in his crypto memecoin, with leaders of the Democratic opposition blasting it as "an orgy of corruption."
The unprecedented melding of US presidential power and personal business will take place at Trump's golf club outside Washington, where the 220 biggest purchasers of the $TRUMP memecoin will have dinner with the president.
The top 25 investors, according to an event website, will get a private session with Trump beforehand and a White House tour.
Trump launched the memecoin three days before his January inauguration, quickly increasing his net worth by billions and raising major ethics concerns, including over possible foreign influence.
Democratic Senator Elizabeth Warren and colleagues called Thursday for Trump to disclose who is attending the dinner.
Calling the dinner "an orgy of corruption," Warren told a press conference that Trump "is using the presidency of the United States to make himself richer through crypto."
Data analytics firm Inca Digital has confirmed that many transactions occurred through international exchanges unavailable in the United States, suggesting foreign buyers.
Chinese-born crypto entrepreneur Justin Sun claims the top investor position, having committed $20 million to the memecoin as part of his $93 million total investment in Trump-linked crypto ventures.
Sun, founder of top 10 cryptocurrency TRON, was under investigation by US authorities for market manipulation, but regulators, now controlled by Trump appointees, agreed in February to a 60-day pause to seek a settlement.
According to the website Popular Information, a few weeks before that decision, Sun purchased $30 million in digital assets from a venture backed by Trump and his family.
"Honored to support @POTUS and grateful for the invitation to attend President Trump's Gala Dinner as his TOP fan!" Sun wrote Tuesday on X.
Justin Unga of advocacy group End Citizens United described the crypto dinner as a blatant example of Trump profiting from the presidency while roiling the US economy.
"Some say this is a back door to corruption," Unga said.
"I would argue it's the front door with valet parking, and it's got a red carpet... and a slap in the face of hard working Americans."
White House Press Secretary Karoline Leavitt dismissed the allegations of impropriety Thursday, telling a briefing that Trump is attending the dinner in his "personal time" and abiding by applicable conflict of interest laws.
More regulation?
Source: AFP
The dinner comes as the US Senate is pushing through legislation to more clearly regulate cryptocurrencies, a long-sought request of the industry.
Senators on Monday advanced a landmark bill known as the GENIUS Act that proposes a regulatory framework for stablecoins -- a type of crypto token seen as more predictable for investors as its value is pegged to hard currencies like the dollar.
That legislation had faced roadblocks in part because of Trump's dabbling in cryptocurrencies -- a rising sector he once dismissed as a scam.
His stance reversed during the 2024 presidential campaign when crypto tycoons, frustrated by perceived unfair treatment under the Biden administration, became major contributors to his campaign.
Bitcoin's price hit a new all-time high on Thursday, climbing above $111,000 before falling slightly.
Expanding empire
Trump's newfound enthusiasm for digital currencies has expanded into multiple ventures led primarily by his eldest sons.
Their growing portfolio includes investments in Binance, a major crypto exchange whose founder seeks a presidential pardon to re-enter the US market.
This investment flows through World Liberty Financial, a Trump family-backed venture launched last September with significant Mideast deals.
The company's founding team includes Donald Jr. and Eric Trump alongside Zach Witkoff, son of Trump's diplomatic adviser.
President Trump has taken concrete steps to reduce regulatory barriers, including an executive order establishing a "Strategic Bitcoin Reserve" for government holdings of the leading digital currency.
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Source: AFP
