Backlash erupts from memecoin dinner over Trump's crypto connections
The event is facing backlash and concern from Democrats and even certain Republicans.
TroibNews 
Wall Street investors have dismissed it. Democrats have voiced their discontent. Yet cryptocurrency traders are eager for President Donald Trump’s memecoin.
In the two weeks following the announcement of an exclusive dinner with the $TRUMP memecoin’s namesake, interest has surged, revitalizing the previously waning collectible crypto token and igniting a heated debate on Capitol Hill.
The memecoin, featuring a logo of Trump raising his fist, has seen its value increase nearly 20 percent as traders rush to acquire it, driven by the desire to land an invitation to the May 22 dinner at the president’s golf club in Virginia. This influx in trading has generated over $1 million in fees for the Trump family and its associates, contributing to their total earnings exceeding $320 million since the memecoin's launch in January, according to blockchain analytics firm Chainalysis.
The event has faced backlash from Democrats, who label it a pay-to-play scheme, and even from some Republicans. On Tuesday, Sen. Jeff Merkley from Oregon and Minority Leader Chuck Schumer of New York introduced legislation that would prohibit senior executive branch officials, including the president, from promoting or endorsing financial products such as memecoins. Thirteen lawmakers co-sponsored the bill.
“The sitting president appears to be selling personal cryptocurrency while in office, granting access to people who buy it, and thereby enriching his business and his family. It’s gobsmacking,” stated Sen. Jon Ossoff of Georgia. “I’d like to hear one Republican senator defend it. Any self-respecting Congress would demand an accounting of everyone trading this coin who has any business before the government.”
Sen. Cynthia Lummis, a Wyoming Republican and a dedicated supporter of cryptocurrency, expressed that the dinner is causing her “pause.” Her spokesperson, Katie Warbinton, did not provide further comments on the dinner but shared Lummis's statement calling Trump “the most pro-digital assets president in history.”
Requests for comments from spokespersons for the White House and the Trump Organization went unanswered.
Launched just days ahead of his inauguration, Trump’s memecoin has raised concerns among progressives and ethics watchdogs regarding its potential to serve as a means for foreign entities and corporate interests to gain favor with the president or his family.
Yet the heightened activity preceding the dinner highlights the strong desire among many in the crypto community for a connection with the president, as buyers invest millions into the token. This situation further emphasizes the $TRUMP memecoin's significance amidst the ethical quandaries linked to the president’s business endeavors.
Another crypto venture associated with Trump and his sons, World Liberty Financial, is under scrutiny from Democrats regarding its business practices, particularly its involvement in securing a $2 billion investment from an Abu Dhabi-backed firm into the crypto exchange giant Binance. Ethics watchdogs continue their examination of the Trump Organization’s international operations.
“It doesn’t take any imagination to see how a cryptocurrency issued by Trump or his family members will quickly become a tool of bribery and foreign manipulation,” remarked Rep. Sam Liccardo, a Democrat from parts of Silicon Valley who has also introduced legislation to prevent the president from promoting a memecoin.
Trump and the White House have consistently refuted claims of any conflicts of interest stemming from the presidency. During a recent “Meet the Press” appearance, he was asked about concerns regarding his profits from the presidency and expressed ignorance about the memecoin’s price increase following the dinner announcement, insisting he wasn’t “profiting from anything.”
“I started this long before the election,” he stated. “I want crypto. I think crypto’s important because if we don’t do it, China’s going to. And it’s new, it’s very popular, it’s very hot.”
Once skeptical of cryptocurrency, Trump has emerged as a newfound champion of the industry since regaining the Oval Office last year. Just days before his inauguration, in a late-night social media post, he expanded his crypto influence with his memecoin. Shortly thereafter, First Lady Melania Trump made her own memecoin announcement.
Memecoins, often likened to collectibles such as baseball cards or Beanie Babies, initially surged in value, but the spike was short-lived; by April 9, the $TRUMP memecoin had plummeted more than 90 percent from its peak of over $75.
“Candidly, I had forgotten about the memecoin,” admitted a crypto lobbyist who spoke anonymously to express their opinion freely. “And then the dinner thing came out.”
Late last month, the website promoting the $TRUMP memecoin announced plans for an “Intimate Private Dinner” where attendees could “Hear First-Hand President Trump Talk about the Future of Crypto.”
The dinner will be accessible to the top 220 holders of $TRUMP based on their average holdings from April 23 to May 12, tracked anonymously on the website’s “leaderboard.” Attendees must undergo a background check and not originate from a watchlist country. The top 25 holders will gain access to a private reception with Trump.
The announcement quickly triggered a surge in the $TRUMP price as investors hurried to acquire the token.
Since the announcement, approximately 54,000 crypto wallets have purchased the memecoin, as per Chainalysis. Some recent gains have receded, but as of Tuesday, the $TRUMP memecoin remained up 49 percent from its April lows.
“It’s a tight race!” exclaimed the X account associated with the memecoin website last Saturday.
Anna Muller for TROIB News
In the two weeks following the announcement of an exclusive dinner with the $TRUMP memecoin’s namesake, interest has surged, revitalizing the previously waning collectible crypto token and igniting a heated debate on Capitol Hill.
The memecoin, featuring a logo of Trump raising his fist, has seen its value increase nearly 20 percent as traders rush to acquire it, driven by the desire to land an invitation to the May 22 dinner at the president’s golf club in Virginia. This influx in trading has generated over $1 million in fees for the Trump family and its associates, contributing to their total earnings exceeding $320 million since the memecoin's launch in January, according to blockchain analytics firm Chainalysis.
The event has faced backlash from Democrats, who label it a pay-to-play scheme, and even from some Republicans. On Tuesday, Sen. Jeff Merkley from Oregon and Minority Leader Chuck Schumer of New York introduced legislation that would prohibit senior executive branch officials, including the president, from promoting or endorsing financial products such as memecoins. Thirteen lawmakers co-sponsored the bill.
“The sitting president appears to be selling personal cryptocurrency while in office, granting access to people who buy it, and thereby enriching his business and his family. It’s gobsmacking,” stated Sen. Jon Ossoff of Georgia. “I’d like to hear one Republican senator defend it. Any self-respecting Congress would demand an accounting of everyone trading this coin who has any business before the government.”
Sen. Cynthia Lummis, a Wyoming Republican and a dedicated supporter of cryptocurrency, expressed that the dinner is causing her “pause.” Her spokesperson, Katie Warbinton, did not provide further comments on the dinner but shared Lummis's statement calling Trump “the most pro-digital assets president in history.”
Requests for comments from spokespersons for the White House and the Trump Organization went unanswered.
Launched just days ahead of his inauguration, Trump’s memecoin has raised concerns among progressives and ethics watchdogs regarding its potential to serve as a means for foreign entities and corporate interests to gain favor with the president or his family.
Yet the heightened activity preceding the dinner highlights the strong desire among many in the crypto community for a connection with the president, as buyers invest millions into the token. This situation further emphasizes the $TRUMP memecoin's significance amidst the ethical quandaries linked to the president’s business endeavors.
Another crypto venture associated with Trump and his sons, World Liberty Financial, is under scrutiny from Democrats regarding its business practices, particularly its involvement in securing a $2 billion investment from an Abu Dhabi-backed firm into the crypto exchange giant Binance. Ethics watchdogs continue their examination of the Trump Organization’s international operations.
“It doesn’t take any imagination to see how a cryptocurrency issued by Trump or his family members will quickly become a tool of bribery and foreign manipulation,” remarked Rep. Sam Liccardo, a Democrat from parts of Silicon Valley who has also introduced legislation to prevent the president from promoting a memecoin.
Trump and the White House have consistently refuted claims of any conflicts of interest stemming from the presidency. During a recent “Meet the Press” appearance, he was asked about concerns regarding his profits from the presidency and expressed ignorance about the memecoin’s price increase following the dinner announcement, insisting he wasn’t “profiting from anything.”
“I started this long before the election,” he stated. “I want crypto. I think crypto’s important because if we don’t do it, China’s going to. And it’s new, it’s very popular, it’s very hot.”
Once skeptical of cryptocurrency, Trump has emerged as a newfound champion of the industry since regaining the Oval Office last year. Just days before his inauguration, in a late-night social media post, he expanded his crypto influence with his memecoin. Shortly thereafter, First Lady Melania Trump made her own memecoin announcement.
Memecoins, often likened to collectibles such as baseball cards or Beanie Babies, initially surged in value, but the spike was short-lived; by April 9, the $TRUMP memecoin had plummeted more than 90 percent from its peak of over $75.
“Candidly, I had forgotten about the memecoin,” admitted a crypto lobbyist who spoke anonymously to express their opinion freely. “And then the dinner thing came out.”
Late last month, the website promoting the $TRUMP memecoin announced plans for an “Intimate Private Dinner” where attendees could “Hear First-Hand President Trump Talk about the Future of Crypto.”
The dinner will be accessible to the top 220 holders of $TRUMP based on their average holdings from April 23 to May 12, tracked anonymously on the website’s “leaderboard.” Attendees must undergo a background check and not originate from a watchlist country. The top 25 holders will gain access to a private reception with Trump.
The announcement quickly triggered a surge in the $TRUMP price as investors hurried to acquire the token.
Since the announcement, approximately 54,000 crypto wallets have purchased the memecoin, as per Chainalysis. Some recent gains have receded, but as of Tuesday, the $TRUMP memecoin remained up 49 percent from its April lows.
“It’s a tight race!” exclaimed the X account associated with the memecoin website last Saturday.
Anna Muller for TROIB News
Discover more Science and Technology news updates in TROIB Sci-Tech
