Trump holds swanky dinner for meme coin investors, says ‘Biden administration persecuted crypto innovators'
President Donald Trump hosted a swanky dinner last night for the top investors of his $TRUMP meme coin project, telling them "The Biden administration persecuted crypto innovators and we're bringing them back into the USA where they belong," reports said.
The event at the Trump National Golf Club Washington DC in Potomac Falls, Va., was open to the 220 largest buyers of Trump's meme coin, with the top 25 getting "an ultra-exclusive private VIP reception with the President."
The Wall Street Journal, citing blockchain analytics firm Inca Digital, reported that around $148 million worth of $TRUMP was purchased by investors to win seats at the dinner, where guests had to pass background checks.
"The Biden administration persecuted crypto innovators, and we're bringing them back into the U.S.A. where they belong," it quoted Trump telling the audience Thursday night, who dined on filet mignon and halibut.
Protesters gathered outside the club holding signs that said "stop crypto corruption" and "no corrupt fools."
"The past administration made your lives miserable," Trump was also quoted by the New York Times as saying, in reference to President Biden's regulations against cryptocurrency.
"There is a lot of sense in crypto. A lot of common sense in crypto," Trump reportedly added. "And we're honored to be working on helping everybody here."
According to participants' posts on social media, Trump spoke for about half an hour before dancing to the song "YMCA."
Despite the White House insisting that Trump would be attending the event "in his personal time," he stood behind a lectern with the presidential seal.
Three days before Trump took office on Jan. 20, he announced the creation of the $TRUMP meme coin, describing as a way for his supporters to "have fun."
Trump's meme coin saw an initial spike in value, followed by a steep drop. Its creators, which include an entity controlled by the Trump Organization, have made hundreds of millions of dollars by collecting fees on trades, according to the Associated Press.
Critics have raised concerns that the president's connection with cryptocurrency ventures could open the door to conflicts of interest and influence peddling.
When asked by a reporter Thursday if "anyone in the White House or in the White House counsel's office advise the president against holding this sweepstakes, whereby people who spent the most money on his Trump coin would then have access to the president at this time", Press Secretary Karoline Leavitt said Trump "is abiding by all conflict-of-interest laws that are applicable to the president."
"And I think everybody, the American public, believe it's absurd for anyone to insinuate that this president is profiting off of the presidency," she added. "This president was incredibly successful before giving it all up to serve our country publicly. And not only has he lost wealth, but he also almost lost his life. He has sacrificed a lot to be here, and to suggest otherwise is, frankly, completely absurd."
The biggest investor in Trump's meme coin, Chinese billionaire Justin Sun – who spent more than $40 million -- told the New York Times outside of the event Thursday that "I'm very excited to meet him and discuss about crypto's future."
Among those protesting outside the golf club were Sen. Jeff Merkley, a Democrat from Oregon.
"This is the crypto corruption club," Merkley was quoted by the Times as saying. "This is like the Mount Everest of corruption."
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