Washington (AFP) – US President Donald Trump hosted a closed-door dinner for hundreds of top investors in his crypto memecoin Thursday, as sign-holding protesters outside and Democratic opponents decried the event as blatant “corruption.” The unprecedented melding of US presidential power and personal business took place at Trump’s golf club outside Washington, where Trump flew by helicopter to meet the 220 biggest purchasers of his $TRUMP memecoin. The top 25 investors, according to an event website, were to get a private session with Trump beforehand and a White House tour.
Trump launched the memecoin three days before his inauguration in January, quickly increasing his net worth by billions and prompting major, first-of-their-kind ethics questions. The White House downplayed those concerns Thursday, insisting Trump was attending in his “personal time.” The president posted on his Truth Social platform ahead of the event that “the U.S.A.is DOMINATING in Crypto, Bitcoin, etc.” and pledged to “keep it that way.” Photos posted online by attendees to the dinner — press were not allowed inside — showed a lectern sporting the presidential seal, apparently for Trump to deliver remarks.
Protesters gathered outside the golf course despite rainy skies, some carrying signs reading “stop crypto corruption” and “no kings.” Earlier in the day, Democratic senators held a press conference to denounce the event and call for disclosure of who would be attending. Calling the dinner “an orgy of corruption,” Senator Elizabeth Warren slammed Trump for “using the presidency of the United States to make himself richer through crypto.” Data analytics firm Inca Digital has confirmed that many transactions occurred through international exchanges unavailable in the United States, suggesting foreign buyers.
A site listing the “official winners” of $TRUMP coin holders included only usernames and digital wallet addresses, with the number-one spot held by “Sun.” Chinese-born crypto entrepreneur Justin Sun has touted a $20 million commitment to the memecoin as part of his $93 million total investment in Trump-linked crypto ventures. Sun, founder of top 10 cryptocurrency TRON, was under investigation by US authorities for market manipulation, but regulators, now controlled by Trump appointees, agreed in February to a 60-day pause to seek a settlement. “Apparently, I’m at the VIP lounge waiting for the President to come with everybody,” a tuxedo-clad Sun said in a video posted on X Thursday evening.
Trump departed the golf course just over an hour after his arrival. Justin Unga of advocacy group End Citizens United described the crypto dinner as a blatant example of Trump profiting from the presidency while roiling the US economy. “Some say this is a back door to corruption,” Unga said. “I would argue it’s the front door with valet parking, and it’s got a red carpet…and a slap in the face of hard working Americans.”
The dinner came as the US Senate is pushing through legislation to more clearly regulate cryptocurrencies, a long-sought request of the industry, and as Trump expands his business network into the field. Senators on Monday advanced a landmark bill known as the GENIUS Act that proposes a regulatory framework for stablecoins — a type of crypto token seen as more predictable for investors as its value is pegged to hard currencies like the dollar. Bitcoin’s price hit a new all-time high on Thursday, climbing above $111,000 before falling slightly.
Trump’s newfound enthusiasm for digital currencies has expanded into multiple ventures led primarily by his eldest sons. Their growing portfolio includes investments in Binance, a major crypto exchange whose founder seeks a presidential pardon to re-enter the US market. This investment flows through World Liberty Financial, a Trump family-backed venture launched last September with significant Mideast deals. The company’s founding team includes Donald Jr. and Eric Trump alongside Zach Witkoff, son of Trump’s diplomatic adviser. President Trump has taken concrete steps to reduce regulatory barriers, including an executive order establishing a “Strategic Bitcoin Reserve” for government holdings of the leading digital currency.
© 2024 AFP
