President Donald Trump is set to host an exclusive black-tie dinner on Thursday for hundreds of top investors in his cryptocurrency meme coin, a move that has drawn sharp criticism and allegations of a “pay-for-play” scheme designed to enrich the former president.
The event, held at Trump’s private golf club in Northern Virginia, will see approximately 220 cryptocurrency traders, including numerous international investors, who collectively spent upwards of $140 million to secure invitations. The funds were generated through a contest that awarded gala access to the coin’s top investors, with a portion of the proceeds reportedly flowing directly into the Trump family’s coffers.
The gala, promoted as the “most EXCLUSIVE INVITATION in the world,” has been condemned by critics, including some Republican lawmakers and cryptocurrency industry advocates, as an unethical opportunity for Trump and his family to profit from his position.
Molly White, a crypto researcher, asserted that Trump is “selling access to the president through his meme coin,” using cryptocurrency to boost his personal wealth.
Trump’s meme coin, $TRUMP, launched in January, initially saw its value surge, but subsequently plummeted before the gala announcement triggered a significant rebound. The promise of an “intimate private dinner” and exclusive access to Trump fueled investor interest.
Data analytics firm Nansen estimates that the top 220 investors collectively spent $140 million to attend the event. Several investors, including representatives from Singapore-based blockchain startup MemeCore, cited the opportunity to engage with Trump as the primary motivation for their investment.
Many attendees remain anonymous, operating under pseudonyms, and a significant portion appears to be based outside the United States. Controversial Chinese crypto mogul Justin Sun, who has invested heavily in both $TRUMP and World Liberty Financial, a Trump-backed crypto venture, is also expected to attend.
While the exact amount Trump stands to gain remains unclear, analysts estimate that he and his partners have earned millions in transaction fees. However, the majority of $TRUMP investors have reportedly incurred significant losses.
Trump, once a crypto skeptic, has recently embraced the industry, positioning himself as the “Crypto President” and advocating for a more favorable regulatory environment. His family has also become heavily involved in crypto-related ventures, including World Liberty Financial’s $2 billion business deal with an Abu Dhabi-backed investment firm and crypto exchange Binance.
White House spokesperson Anna Kelly has denied allegations of influence-peddling, asserting that Trump’s actions are in the best interest of the American public.
The gala coincides with ongoing Congressional debates over the GENIUS Act, a cryptocurrency regulation bill. Democrats have raised concerns about potential conflicts of interest, and some Republicans have acknowledged the Trump family’s crypto involvement complicates the legislation’s passage.
Sen. Elizabeth Warren (D-MA) has labeled the gala “corruption in plain sight,” questioning the potential for undisclosed quid pro quo arrangements.
Despite these criticisms, the GENIUS Act has advanced in the Senate, though it still faces significant hurdles.
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