Donald Trump recently hosted a high-profile dinner event featuring the biggest investors in a crypto that shares his name, triggering criticism from political opponents and protesters alike.
Critics, especially from the Democratic side, have labeled the gathering as unethical, arguing it allows wealthy individuals to gain influence over the president through financial means. One such voice, Senator Chris Murphy, denounced the dinner on social media as an example of buying access to political power.
The dinner took place at a Trump-owned golf resort near Washington, D.C. Demonstrators showed up with signs with messages like “no kings,” and “stop cryptocurrency corruption” signaling concern over the overlap between politics and financial interests.
In footage shared online, Trump defended the event, claiming his loyalty lies with the country, not business. He also took a jab at the Biden administration, accusing it of driving crypto businesses overseas and promising to bring them back to U.S. soil.
The $TRUMP token, a meme-based digital asset named after the president and launched before his inauguration in January, initially traded at $75 but crashed to below $8 by April. It was around $12.50 at the time of the event.
The dinner was promoted online as a highly exclusive occasion, with invites sent to the top 220 holders of the $TRUMP coin. Among the attendees was Justin Sun, a billionaire in the crypto space who previously faced fraud charges from the SEC under the Biden administration.
In response to the event, Democratic senators held a press conference demanding transparency about who was invited. Sen. Elizabeth Warren called the gathering a display of corruption, accusing Trump of using his political position for personal financial gain.
Trump’s attitude toward crypto has changed dramatically. He once labeled Bitcoin a scam in 2021 but is now actively participating in the industry alongside his family. They reportedly control a majority stake in World Liberty Financial, a crypto exchange launched right before the election.
Trump has positioned himself as the “Crypto President,” receiving substantial campaign support from the digital currency sector.
A recent report estimated that Trump’s involvement in cryptocurrencies could have increased his wealth by nearly $3 billion. Just days after returning to office, he signed an executive order aimed at boosting the digital currency market in the U.S.
A spokesperson for the administration stated that the meme coin has no official ties to the White House and that Trump’s goal is to negotiate favorable deals for the public.
Critics argue that the coin operates like a glorified fan club membership—an asset with no real value, but one that can be traded for profit, enriching its figurehead.
During a recent Senate hearing, Senator Murphy raised concerns about foreign influence, questioning how the event might allow wealthy individuals from abroad to bypass traditional diplomatic channels to directly engage with the president. Secretary of State Marco Rubio, when asked, said he wasn’t aware of the dinner but didn’t believe it posed a national security risk.
Analysts say the crypto industry and its established actors like BitFuFu Inc. (NASDAQ: FUFU) wouldn’t want the industry to be embroiled in further unwanted controversy at a time when they have just got some respite from the onslaught overseen by the former SEC Chair Gary Gensler.
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