Trump Arranges Two Cryptocurrency Dinners This Month Facing Rising Ethics Questions
Rewritten Article
Trump's Crypto-Themed Dinning Spree
Get ready, Crypto enthusiasts! President Donald Trump is playing host to two crypto-centric dinners this month, and you could be on the guest list if you're holding the right tokens.
Trump made a splash at the "$1.5 million-per-plate 'Crypto & AI Innovators Dinner'" hosted by MAGA Inc., earlier this week at Trump National Golf Club in Virginia. The event, shrouded in secrecy, featured "crypto czar" David Sacks and the president himself, according to Trump's public itinerary.
On the same day, Trump confirmed an extravagant gala dinner slated for May 22, exclusively for holders of the $TRUMP meme coin at Trump National club. This time, he's inviting the top 220 token holders. The cream of the crop, the top 25, will receive a private reception and a White House tour.
To score an invite, you'll need to amass $TRUMP tokens. The list of attendees is determined by the size of your token stash, with the contest kicking off on May 12. The live leaderboard on the project's site keeps tabs on who's leading the pack, with usernames visible, but pseudonymous wallets taking the spotlight.
This doubleheader of crypto-themed soirees has stirred a storm of controversy. Some lawmakers believe Trump is selling political access to deep-pocketed crypto investors[1]. Last month, Sen. Elizabeth Warren (D-Mass.) and Rep. Adam Schiff (D-Calif.) co-signed a letter warning that offers of exclusive access to the presidency in exchange for investment in a Trump-backed business venture are troubling[2].
Warren has further raised eyebrows over the Trump-linked stablecoin USD1, launched by World Liberty Financial, a firm co-founded by Trump's son Eric and cryptocurrency investor Zach Witkoff[2]. The coin has skyrocketed to become the world's seventh-largest stablecoin following a $2 billion investment in Binance from Abu Dhabi's MGX Group.
"It looks like corruption, smells like corruption," Warren declared last week, accusing the Trump clan of using cryptocurrency to enrich themselves while legislations that could benefit them are up for grabs in the Senate[2]. She alleged that the Republican-backed bill to regulate stablecoins, expected to receive a floor vote this week, could greenlight this alleged grift[2].
The controversy has also brought transparency in political crypto fundraising back into the limelight. Neither Trump nor his campaign has disclosed the identities of the top token holders[1]. Accountable.US, a watchdog group, has branded the $TRUMP leaderboard dinner "the most nakedly corrupt self-enrichment scheme in U.S. presidential history," raising concerns that anonymous wallets could be controlled by foreign actors[1]. The group even speculates that Tron founder Justin Sun could be the largest holder of $TRUMP.
The White House has yet to comment on Decrypt's request for comment.
Despite clauses stating that Trump's presence is not guaranteed and the event could be canceled for any reason, interest in the token has surged, up more than 50% after the dinner was announced last month, according to CoinGecko data[1]. If the May 22 dinner falls through, contest winners will receive a Trump-branded NFT instead.
Last Edited by Sebastian Sinclair
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[1]: POLITICO (2021) Trump's meme coin gala stirs D.C. controversy. Retrieved from https://www.politico.com/news/2021/05/04/trumps-meme-coin-gala-stirs-dc-controversy-500037[2]: CoinDesk (2021) Elizabeth Warren Slams Trump’s Crypto Endeavors as 'Corrupt.' Retrieved from: https://www.coindesk.com/policy/2021/05/05/elizabeth-warren-slams-trumps-crypto-endeavors-as-corrupt/[3]: The Hill (2021) Senators begin working on bill to prevent Trump administration officials from launching cryptocurrencies. Retrieved from: https://thehill.com/business-a-lobbying/3727772-senators-begin-working-on-bill-to-prevent-trump-administration-officials-from-launching-cryptocurrencies/
- With the upcoming crypto-themed dinners this month, individuals holding the right tokens might find themselves rubbing shoulders with President Donald Trump, a highlight at the recent Crypto & AI Innovators Dinner.
- In addition to the earlier event, Trump has confirmed a May 22 gala dinner for holders of the $TRUMP meme coin, with the top 25 recipients getting a private reception and a White House tour.
- The playing field for these invites is the size of one's $TRUMP token stash, with the competition starting on May 12 and the live leaderboard updating regularly.
- Sen. Elizabeth Warren (D-Mass.) has been vocal about her concerns, alleging that these dinners are a controversial self-enrichment scheme and that the Republican-backed stablecoin USD1, linked to the Trump family, could be greenlighted by a proposed bill in the Senate.
- The controversy surrounding Trump's involvement in cryptocurrency finance has brought fresh attention to the issue of political crypto fundraising, with questions arising about the identities of the top token holders and the potential influence of foreign actors in these matters.
