President Donald Trump, who in March hosted a White House summit for some of cryptocurrency’s biggest names, is poised to sit down with another type of digital asset fanatic: the top investors in his personalized memecoin.
Among his guests: A crypto billionaire who was sued by the Securities and Exchange Commission. A former online poker player-turned-crypto entrepreneur. A software engineer who converts most of his paychecks into bitcoin. And a cybersecurity expert who conceals his face in public.
More than 200 global investors in the $TRUMP memecoin — a collectible token with no underlying value — are expected to arrive Thursday at the president’s golf club in Virginia after scoring invitations to an exclusive dinner with Trump himself. The investors recently bought $148 million worth of the memecoin, generating millions of dollars in trading fees for the Trump family and its partners behind the venture, who also control most of the token. The top 25 buyers, including crypto mogul Justin Sun and a Singapore-based startup called MemeCore, will even get the chance to meet with Trump beforehand at a private reception.
“The whole week I was talking to my wife and father, ’Wouldn’t it be insane if I get to meet the president of the United States based on a memecoin competition?’” said Morten Christensen, the 39-year-old onetime poker player who now runs a crypto website and will be attending the dinner. “What life is this?”
The memecoin dinner — billed as the “most EXCLUSIVE INVITATION in the World” — is the latest example of the president’s stunning pivot from crypto scourge to evangelist, an evolution that has been put on stark display since he took back power in Washington.
But the gathering has set off an uproar among Democrats, ethics experts and even a few Republicans already alarmed by the Trump family’s lucrative and growing ties to digital asset businesses, many of whom contributed millions of dollars to Republicans in the 2024 elections.
Concerned about the blurring lines between Trump the president and Trump the business mogul, many critics say the event is a pay-to-play scheme. Investors, they say, had to buy piles of $TRUMP during a two-and-a-half-week-long window to win an invite — sending the price higher and generating a bonanza of trading fees for the Trump family and its partners.
Democrats want to ban presidents from offering memecoins in the future, with the House Financial Services Committee’s top Democrat, Rep. Maxine Waters of California, set to roll out her own proposal Thursday. A number lawmakers, including Sens. Chris Murphy of Connecticut and Elizabeth Warren of Massachusetts, will call on Trump to release the list of attendees. And several groups and critics, led by progressive watchdog group Public Citizen, are planning to protest the dinner outside.
“This is the Mount Everest of American corruption,” said Sen. Jeff Merkley of Oregon, who will attend the protest. “This isn’t about raising money for a campaign. This is about personal profit, and what he’s selling is influence on himself and his Cabinet and the U.S. government.”
The White House rejected the memecoin concerns, with officials saying the token has nothing to do with the administration and that Trump only acts in the American public’s best interests. In a statement, spokesperson Anna Kelly said Trump is “working to secure GOOD deals for the American people, not for himself.”
The Trump Organization, an affiliate of which controls 80 percent of the memecoin along with another entity called Fight Fight Fight LLC, did not respond to a request for comment. An email listed on the memecoin’s website also did not respond to an inquiry.
Trump, who once derided crypto as “a scam,” has consistently gone to bat for the upstart industry in the four months since Inauguration Day. He nominated crypto-friendly regulators to oversee the industry. His SEC killed a nearly decade-long enforcement crusade against digital assets, while kicking off the process of writing new rules for the market. And on Monday, the Republican-controlled Senate — with help from 16 Democrats — advanced a landmark crypto bill that Trump has said he wants on his desk by August.
Eleven weeks ago, Trump also signaled his support for the business by hosting a number of crypto executives, including Coinbase CEO Brian Armstrong, Ripple Labs CEO Brad Garlinghouse and Tyler and Cameron Winklevoss of Gemini, for a summit.
His memecoin — one of several recent crypto ventures that directly involve the Trump family — was launched just days before Inauguration Day, rattling some industry officials who worried that the token could undercut their push for legitimacy in Washington. The memecoin quickly rose after its unveiling, jumping to as high as $75. But the excitement died down, and by mid-April the price had plunged more than 90 percent.
Then, on April 23, the dinner was announced, sparking a new frenzy among investors hoping to become one of the top 220 $TRUMP holders who would get the chance to meet the president.
Who exactly is attending the dinner and why remains unclear. Neither the White House nor organizers have said whether they plan to release a guest list. But the investors likely hail from around the world: Blockchain analytics company Inca Digital found that nearly half have used exchanges that are not allowed to operate in the U.S.
Some have revealed themselves already. Most notable is Sun, a Chinese-born crypto billionaire who on Tuesday said he is the top $TRUMP holder and will be attending the dinner. In a social media post, Sun said he is "excited to connect with everyone, talk crypto, and discuss the future of our industry." The dinner comes as his attorneys and Trump's SEC are deliberating over "a potential resolution" to a lawsuit that the agency brought against him in 2023 alleging fraud.
Zac, a New York-based software engineer who declined to provide his full name in an interview, said he spent about $110,000 buying the $TRUMP memecoin to get an invite. He doesn't have any specific hopes for the dinner but said it would be a "good opportunity to meet the president."
Christensen has been brainstorming one-liners about his crypto site that he hopes will catch the president's attention.
For critics, though, the gathering is a jarring sign of how Trump is bending historical norms. Ethics experts acknowledge that the dinner may be entirely legal, but they worry that some attendees are looking to influence Trump's policies, particularly around crypto regulations.
Former Rep. Charlie Dent, a Pennsylvania Republican who chaired the House Ethics Committee, said that just "because somebody can do something doesn't mean they should."
"When Hunter Biden was trying to profit off of his family's name, people legitimately raised questions," Dent said. "I'm not saying Hunter Biden did anything illegal or that any of the Trump family members are doing anything illegal, but it all has a stench to it that turns off a lot of people."
But not everyone sees the dinner as all that unique.
One attendee, a pseudonymous crypto founder and cybersecurity expert who goes by the name Ogle, said the gathering should be viewed no differently than the donor and lobbyist dinners that regularly happen in Washington. Ogle, who is also an adviser to World Liberty Financial, another Trump-backed crypto venture, admits that the memecoin is personally beneficial to Trump. But he said the benefit is “indirect.”
Ogle — who was No. 22 of the top 220 $TRUMP holders — said he mostly wants to know who else is attending.
"This is far more interesting than anything else I could do with a few bucks," he said. "It'll be an historic moment at the very least, whether good or bad."
from Politics, Policy, Political News Top Stories https://ift.tt/JKLbrej
via IFTTT
No comments:
Post a Comment