Trump Hosts Gala For Memecoin Buyers Despite Corruption Concerns
US President Donald Trump on Thursday will host a private event for hundreds of top investors in his crypto memecoin, with leaders of the Democratic opposition blasting it as "an orgy of corruption."
The unprecedented melding of US presidential power and personal business will take place at Trump's golf club outside Washington, where the 220 biggest purchasers of the $TRUMP memecoin will have dinner with the president.
The top 25 investors, according to an event website, will get a private session with Trump beforehand and a White House tour.
Trump launched the memecoin three days before his January inauguration, quickly increasing his net worth by billions and raising major ethics concerns, including over possible foreign influence.
Democratic Senator Elizabeth Warren and colleagues called Thursday for Trump to disclose who is attending the dinner.
Calling the dinner "an orgy of corruption," Warren told a press conference that Trump "is 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.
Chinese-born crypto entrepreneur Justin Sun claims the top investor position, having committed $20 million 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.
According to the website Popular Information, a few weeks before that decision, Sun purchased $30 million in digital assets from a venture backed by Trump and his family.
"Honored to support @POTUS and grateful for the invitation to attend President Trump's Gala Dinner as his TOP fan!" Sun wrote Tuesday on X.
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."
White House Press Secretary Karoline Leavitt dismissed the allegations of impropriety Thursday, telling a briefing that Trump is attending the dinner in his "personal time" and abiding by applicable conflict of interest laws.
The dinner comes as the US Senate is pushing through legislation to more clearly regulate cryptocurrencies, a long-sought request of the industry.
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.
That legislation had faced roadblocks in part because of Trump's dabbling in cryptocurrencies -- a rising sector he once dismissed as a scam.
His stance reversed during the 2024 presidential campaign when crypto tycoons, frustrated by perceived unfair treatment under the Biden administration, became major contributors to his campaign.
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. The dinner comes as the Senate is pushing through legislation to more clearly regulate cryptocurrencies AFP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Int'l Business Times
5 hours ago
- Int'l Business Times
Trump Deploys 2,000 National Guard Troops to Los Angeles ICE Protests
President Donald Trump has deployed 2,000 National Guard troops to the Los Angeles area following a wave of protests sparked by controversial ICE raids conducted Friday and Saturday. Protests erupted across several L.A. neighborhoods after Immigration and Customs Enforcement carried out a high-profile raid in Paramount on Saturday, KTLA reported. During ongoing demonstrations, a car was set on fire in Compton, and in downtown Los Angeles, protestors lit fireworks in a standoff with federal agents, who responded with pepper balls and rubber bullets. The LAPD declared an "Unlawful Assembly" in downtown by 9 p.m., detaining multiple individuals as federal and local tensions boiled over. A protester waves the Mexican flag beside the wreckage of a burnt car sprayed with graffiti against US Immigration and Customs Enforcement (ICE), as law enforcement clashes with demonstrators during a protest following federal immigration operations, in the Compton neighborhood of Los Angeles, California on June 7, 2025. Earlier, Karen Bass condemned the raids, declaring, "We won't stand for this." California Governor Gavin Newsom was also critical of federal interference. "The federal government is sowing chaos so they can have an excuse to escalate," Newsom wrote. "The federal government is moving to take over the California National Guard and deploying 2,000 soldiers," Newsom announced in an update. "That move is purposefully inflammatory and will only escalate tensions." "This is the wrong mission and will erode public trust," Newsom added. Trump fired back on Truth Social, blaming Governor Newsom and Los Angeles Mayor Karen Bass for failing to maintain order. If they "can't do their jobs," Trump wrote, "the Federal Government will step in and solve the problem, RIOTS & LOOTERS, the way it should be solved!!!" The White House justified the National Guard deployment as necessary to "address the lawlessness that has been allowed to fester," pointing to attacks on federal officers during the protests. "The Trump Administration has a zero tolerance policy for criminal behavior and violence," the statement read. U.S. Secretary of Defense Pete Hegseth added to the mounting rhetoric, warning on X that active duty Marines from Camp Pendleton could be mobilized if violence continues. Governor Newsom urged protestors not to "give" the federal government the "spectacle" he alleged they wanted. "Never use violence. Speak out peacefully." Mayor Bass called for de-escalation and dialogue, emphasizing the city's focus on both public safety and post-wildfire recovery efforts. The LAPD posted a statement at 7:26 p.m., saying that demonstrations remained peaceful and commending "all those who exercised their First Amendment rights responsibly." As federal forces continue to arrive in Los Angeles, local officials and residents brace for potential escalation. Originally published on Latin Times Donald trump Los Angeles California White house
DW
5 hours ago
- DW
US updates: National Guard reaches Los Angeles after unrest – DW – 06/08/2025
Skip next section Trump overrides Newsom's authority to deploy California Guard — what to know 06/08/2025 June 8, 2025 Trump overrides Newsom's authority to deploy California Guard — what to know US President Donald Trump bypassed California Governor Gavin Newsom's authority to deploy the state's National Guard troops, assuming federal control in a rare move that overrides typical state oversight. Governors usually command their state National Guard units, but Trump invoked federal authority to take direct control of California's forces. Newsom criticized the decision as "purposefully inflammatory," warning that it would only escalate tensions. The Democrat later accused the federal government of seeking a spectacle and urged the public not to respond with violence. Newsom's office said Trump federalized California's National Guard under what is known as Title 10 authority. This legal provision allows the president to assume command of a state's National Guard if "there is a rebellion or danger of a rebellion against the authority of the Government of the United States." Erwin Chemerinsky, dean of the UC Berkeley School of Law, told the Los Angeles Times that by overriding Newsom's authority, Trump "is using the military domestically to stop dissent." "It certainly sends a message as to how this administration is going to respond to protests. It is very frightening to see this done," he added. The New York Times reported Trump's decision marks the first time in several decades that a president has activated a state's National Guard without the state governor's request. Elizabeth Goitein, senior director of the Liberty and National Security Program at the Brennan Center for Justice, noted that the last such instance occurred in 1965, when President Lyndon B. Johnson deployed troops to Alabama to protect civil rights demonstrators.
Int'l Business Times
5 hours ago
- Int'l Business Times
Elon Musk's Trump Epstein Files Tweet Quietly Deleted, Sparking Reconciliation Rumors
Elon Musk's explosive accusation that President Donald Trump is named in sealed Jeffrey Epstein files has been quietly deleted from X, fueling speculation that a reconciliation between the two may be in the works. On Thursday, the public falling out between Trump and Musk crescendoed with what Musk described as "the really big bomb." Musk alleged that Trump is mentioned in the classified files detailing the federal investigation into Epstein's operation sex trafficking minors. In reply to his own post, Musk wrote, "Mark this post for the future." By Saturday morning, both posts were deleted. Another inflammatory Musk post—one endorsing a call for Trump's impeachment and suggesting Sen. J.D. Vance replace him—was also removed. The deletions come as tensions between the former allies show signs of de-escalation. The feud had intensified after Musk publicly denounced Trump's "Big, Beautiful Bill" as a "disgusting abomination," prompting Trump to threaten government contracts tied to Musk's companies. Despite the recent détente, President Trump said Friday aboard Air Force One that he has no plans to speak with Musk, though he praised the billionaire's prior work leading the Department of Government Efficiency (DOGE) and said he would not revoke the symbolic White House key gifted to Musk. Trump also defended Musk against New York Times reports alleging drug use, calling the article "very unfair." While the cleansing of Musk's timeline signals that some sort of peace agreement has been reached behind the scenes, the rift is likely to change the nature of the former friendship indefinitely. Despite Musk deleting his outright accusation, he notably did not delete a repost in which the "well-established" relationship between Trump and Epstein is discussed. Trump is quoted in a 2002 NY magazine profile. "I've known Jeff for fifteen years. Terrific likes beautiful women as much as I do, and many of them are on the younger side." Musk's only comment on the repost is a raised-eyebrow emoji—a relatable sentiment for those following the dramatic clash between the U.S. president and the world's richest man. Originally published on Latin Times Elon musk Donald trump Twitter
