Trump Hosts Exclusive Crypto Memecoin Investor Gala Amid Ethics Concerns
U.S. President Donald Trump is hosting a private event for hundreds of top investors in his crypto memecoin at his golf club outside Washington on Thursday. The exclusive gathering has drawn criticism from Democratic leaders, who have condemned it as “an orgy of corruption.”
The event, which will feature dinner with the president, is seen as a unprecedented blending of Trump’s presidential power and personal business interests. The top 25 investors will have a private session with Trump beforehand and receive a White House tour.
Trump launched the memecoin just before his January inauguration, rapidly increasing his net worth by billions and raising significant ethics concerns. Democratic Senator Elizabeth Warren has called for Trump to disclose the attendees of the dinner, questioning the ethics of using the presidency to enrich himself through cryptocurrency ventures.
Data analysis firm Inca Digital has revealed that many transactions related to the memecoin occurred through international exchanges not available in the United States, suggesting involvement from foreign buyers. Chinese-born crypto entrepreneur Justin Sun, founder of cryptocurrency TRON, is reportedly the top investor, having committed $20 million to the memecoin as part of his $93 million total investment in Trump-linked crypto ventures.
White House Press Secretary Karoline Leavitt dismissed allegations of impropriety, stating that Trump is attending the dinner in his “personal time” and adhering to conflict of interest laws. The event coincides with the U.S. Senate pushing forward legislation to regulate cryptocurrencies more clearly, a long-standing request from the industry.
Trump’s involvement in cryptocurrencies has expanded into multiple ventures led primarily by his eldest sons through World Liberty Financial, a Trump family-backed venture. The president has also taken steps to reduce regulatory barriers, including an executive order establishing a ‘Strategic Bitcoin Reserve’ for government holdings of the leading digital currency.
The cryptocurrency market has seen significant movements amid these developments, with Bitcoin’s price hitting a new all-time high above $111,000 before slightly falling. Critics, such as Justin Unga of advocacy group End Citizens United, have described the crypto dinner as a blatant example of Trump profiting from the presidency while destabilizing the U.S. economy.
