Raskin investigating Trump meme coin event
Rep. Jamie Raskin (D-Md.) has opened an investigation into President Trump's memo coin dinner that took place last week and asked the White House to disclose the names of the attendees, warning that foreign governments could be attempting to curry favor with the president through cryptocurrency acquisitions.
'I write today to demand that you release the names of all the attendees at this dinner and provide information about the source of the money they each used to buy $TRUMP coins, so that we can prevent illegal foreign government emoluments from being pocketed without congressional consent,' Raskin, the top Democrat on the House Judiciary Committee, wrote in a late Wednesday letter to Trump.
Raskin, who has often criticized the president's foreign deals, argued that the disclosure of the names of the individuals who attended the May 22 private dinner at Trump's golf club will inform the public about 'who is putting tens of millions of dollars into our President's pocket so we can start to figure out what—beyond virtually worthless memecoins—they are getting in exchange for all this money.'
The White House did not immediately respond to The Hill's request for comment.
The letter comes as Vice President Vance addressed the crypto industry at the Bitcoin conference in Las Vegas this week, telling attendees to bolster their involvement in politics. The sector's heavy hitters spent north of $200 million to back crypto-aligned candidates during the 2024 election cycle.
'Take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond. Don't ignore politics, because I guarantee you, my friends, politics is not going to ignore this community, not now and not in the future,' Vance told the crowd on Wednesday.
Fairshake, a pro-crypto Super PAC, and its two affiliates announced in late January that they have $116 million in cash on hand, preparing their war chest for the 2026 midterms.
The dinner last week was limited to 220 attendees. The event drew $148 million in purchases, according to crypto firm Inca Digital.
Presidents have long attended private dinners to fill the coffers of their political committees, but last week's event will likely benefit Trump family-affiliated businesses, according to Raskin. The buyers at the dinner were not required to file disclosures, as would be the case when donating to political committees.
'Profiting off the memecoin is just the latest in a bewildering gamut of schemes in which you and your family have profited after your return to office and what you call 'the Swamp,'' the Maryland Democrat said.
The White House has previously said the private event does not constitute a conflict of interest, saying that Trump's assets are managed by his sons in a blind trust. White House press secretary Karoline Leavitt told reporters the occasion 'is not a White House dinner' and that Trump was attending it in 'his personal time.'
Raskin also highlighted in his letter that a Chinese-born crypto mogul Justin Sun invested $75 million in World Liberty Financial, a Trump family venture, after the president won the 2024 presidential election. Then in February, the Securities and Exchange Commission asked a court to halt the suit for two months against Sun. The businessman has faced market manipulation charges since 2023.
Sun confirmed that he is the biggest owner memo token at the dinner.
'Foreign nationals—who are not allowed to donate a dollar to your presidential campaign under federal election laws—are now purchasing access to you by buying millions of dollars of your personal memecoin,' Raskin wrote.
'Moreover, given the opaque nature of the cryptocurrency buying process, there are few ways to ensure that the money used to purchase your memecoins are not from foreign governments or illegal proceeds in connection with terrorism, drug and human trafficking, money laundering, or other illegal activities,' the Democratic lawmaker added.
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