US President Donald Trump will host top purchasers of the cryptocurrency that bears his name at a gala dinner on Thursday.
$TRUMP was launched shortly before his inauguration in January, initially rocketing in value before falling sharply shortly afterwards.
“It’s fundamentally corrupt – a way to buy access to the President,” Democrat senator Chris Murphy wrote on X, one of a number of people to question the ethics of the event.
Some have also suggested the expected attendance of many foreign investors poses a threat to national security.
But the White House has batted away such allegations, saying Trump is only motivated by public service.
“This is something that doesn’t have obvious utility. It’s not being used for payments. It’s not being used as a store of value,” said Rob Hadick, General Partner of Dragonfly, a crypto venture fund.
The dinner - which is being held at Trump’s golf course near the nation’s capital - is advertised on the website gettrumpmemes.com as “the most EXCLUSIVE INVITATION in the World.”
The top 220 purchasers of the meme coin, viewable on a leaderboard, received invitations to the “black-tie optional” event.
The top investor in the $TRUMP meme coin is billionaire crypto entrepreneur Justin Sun who was charged with fraud and market manipulation by the US Securities and Exchange Commission during the Biden Administration.
A Trump administration official told the BBC that the meme coin has nothing to do with the White House.
White House spokesperson Anna Kelly pushed back on concerns about potential conflicts.
“The President is working to secure GOOD deals for the American people, not for himself,” Kelly said in a statement.
But one former financial regulator likened the meme coin to gambling.
“It’s like selling membership cards for his personal fan club which are then traded,” said Timothy Massad, Director of the Digital Asset Policy Project at Harvard.
“They have no value. But people speculate on the price and those purchases and that trading enriches him.”
- Btw, here’s the Leaderboard if anyone’s interested.
“Trump to continue doing whatever he want with no repercussions. “
-translated from media jargon
I’m sure if he wore a tan suit or used Dijon mustard that would be crossing the line for his base, right? I feel like that was too much for them when a previous leader was in there…
Oh, that was obviously different. So different, in fact, that it’s as different as black and white…
What’s even funnier is that Trump ran a lottery for his donor base where the first prize was a dinner with the President. The lottery ran for months and not one MAGoo ever won.
despite ethical concerns
Should be written as: Because of and in celebration of blatant and in-our-face BRIBERY that all can see and that no one will ever hold him to account cause all those with the power are either happy about it, in on it, or too scared.
🤷♂️ 🤦♀️ 🤡 🖕
Concerns?! Should be ramifications
Trump does not know or care about ethics.
Can’t be concerned about ethics if you have none.
When is this guy gonna have a massive coronary? Seriously, I feel like its a physical law of nature that people who are colossal piece of shit live forever.
Only the good die young.
Maybe diverse amphetamine abuse and not drinking is the secret.
trump is surprisingly very fearful of drinking, he and his dad drove thier brother to drinking.
Junk food: DO YOUR JOB!!
something something peanut farm and conflict of interest.
