Trump is facing increasing scrutiny after revealing plans for a private dinner with the top 220 holders of the newly introduced $TRUMP meme coin. Numerous U.S. Senators have condemned this decision as a potential corruption issue.
The event, advertised on the $TRUMP coin website, promises an exclusive reception with Trump and a VIP tour of the White House for the top 25 investors. Selection will be based on the amount of $TRUMP held and the duration of ownership from April 23 to May 12. The promotion indicates, “The more $TRUMP held — and the longer it is held — the higher Your Ranking will be.”
Initially launched at a price of £75.35 the day before Trump’s last inauguration, the token experienced a staggering drop of 88%, reaching £9.18 prior to the contest announcement. After the announcement, the value of $TRUMP increased by over 50%, peaking at £14.32 and adding approximately £100 million in market value, as reported by CBS.
Democratic lawmakers wasted no time in voicing their concerns. Senator Chris Murphy (D-CT) remarked on social media, “This is the most openly corrupt action ever taken by a President.”
This isn’t merely a case of Trump being typical. The Trump coin initiative is undeniably the most audacious act of corruption ever witnessed from a President. Not even close.
— Chris Murphy (@ChrisMurphyCT) April 23, 2025
Senators Elizabeth Warren (D-MA) and Adam Schiff (D-CA) sent a letter, which CNBC acquired, urging the U.S. Office of Ethics to instigate an inquiry. They cautioned that the dinner could imply a “pay-to-play” arrangement, allowing various individuals, including foreign nationals and corporate bodies, to gain presidential access while financially benefiting Trump and his family. “Officials under Trump may be involved in ‘pay to play’ corruption,” they asserted.
Notwithstanding the backlash, the likelihood of an investigation progressing appears limited. Republicans currently hold majorities in both congressional chambers, and Trump previously dismissed the director of the Office of Ethics in February, which diminishes the possibilities for formal accountability.
Over the past few years, Trump’s involvement in the cryptocurrency sector has intensified. His administration designated David Sacks as the “crypto czar,” established a “Bitcoin Strategic Reserve,” and dismantled the Justice Department unit responsible for prosecuting cryptocurrency fraud. Consequently, cryptocurrency firms have invested millions in Trump’s campaign and inauguration initiatives.