$TRUMP dinner blurs lines between profit and politics
The lucky few are not top officials or visiting heads of state but the 220 biggest buyers of $TRUMP, a crypto memecoin launched by the US president in January.
The top 25 investors will enjoy even more special access: a private session with Trump before dinner -- which is set at the Trump National Golf Club in Potomac Falls, Virginia -- and a White House tour.
"The most EXCLUSIVE INVITATION in the World," a website dedicated to the event said. "The question is...ARE YOU IN?"
This dinner represents perhaps the boldest commercial venture of Trump's presidency, further blurring already hazy boundaries between politics and profit.
Launched hours before his January inauguration, the $TRUMP memecoin is only one example of the Trump family's ever-expanding moves into cryptocurrency.
Much of the crypto industry frowns upon these coins or tokens, fearing they tarnish the sector's credibility, amid reports of quick pump-and-dump schemes that leave unwitting buyers paying for assets that end up worthless.
$TRUMP saw a spike in value when it announced the dinner, but reports said that many of the winners of the offer, which closed on May 12, are now selling their memecoins.
Critics, including the typically Trump-friendly Wall Street Journal editorial board, point out that Trump and his allies, as the creators of the memecoin, have made $320 million in trading fees, citing Chainalysis, a data analytic firm.
They also point out that the dinner allows foreign actors who otherwise can't influence the White House to try to use the memecoin to buy favor with the government.
The crypto industry, which massively contributed to his campaign, has welcomed Trump's return to the White House, praising his promise for a clear departure from the skepticism of the previous Democratic administration toward digital currencies.
Those years were marked by major scandal, including the collapse of FTX, the crypto giant founded by CEO Sam Bankman-Fried, who is now serving a 25-year sentence for committing massive fraud.
But the controversy surrounding the dinner is complicating efforts to pass crucial legislation that would provide clearer legal framework in stablecoins, digital assets that are considered safer and more established than more speculative corners of the sector.
"The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President's own financial gain," US Senators Adam Schiff and Elizabeth Warren wrote in a letter to the Office of Government Ethics.
Trump, despite previous hostility toward cryptocurrency, has already taken significant steps to reduce regulatory barriers, including an executive order establishing a "Strategic Bitcoin Reserve" that would maintain government holdings of the world's leading digital currency.
However, key Democrats in Congress are blocking other legislative advancements, frustrated by the dinner and other Trump family ventures into cryptocurrency.
Win the 'race'
These expanding connections include investment in Binance, whose founder is seeking a presidential pardon to re-enter the US market.
The investment is being made through World Liberty Financial, a cryptocurrency venture backed by the Trumps that launched in September and has made major deals in the Middle East.
The company founders feature Trump's sons Donald Jr. and Eric alongside Zach Witkoff, son of Trump's diplomatic adviser Steve Witkoff.
At an April crypto conference in Dubai, Eric Trump and Zach Witkoff announced that the state-backed Emirati fund MGX would use USD1, their firm's cryptocurrency, to invest $2 billion in Binance.
Additionally, American Bitcoin, another venture backed by Trump's eldest sons, recently announced plans to list on the New York Stock Exchange.
That company will ride lower energy costs and environmental norms to lower the cost of bitcoin mining in the United States.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
LeMonde
31 minutes ago
- LeMonde
Macron says imposing a moratorium on seabed mining is 'an international necessity'
French President Emmanuel Macron and other world leaders on Monday, June 9, called for global rules to govern the seabed and warned against racing to exploit the ocean floor in a thinly-veiled rebuke of US President Donald Trump. Growing anxiety over Trump's unilateral push to fast-track deep-sea mining in international waters shot to the surface at the opening of the UN Ocean Conference in France. "I think it's madness to launch predatory economic action that will disrupt the deep seabed, disrupt biodiversity, destroy it and release irrecoverable carbon sinks – when we know nothing about it," said Macron. Imposing a moratorium on seabed mining was "an international necessity," he added. The number of countries opposed to seabed mining rose to 36 on Monday, according to a tally kept by the Deep Sea Conservation Coalition, an umbrella group of non-governmental organiations. Trump was not among the roughly 60 heads of state and government in Nice, but his spectre loomed large as leaders defended the global multilateralism he has spurned. Of particular concern, his move to sidestep the International Seabed Authority (ISA) and issue permits directly to companies wanting to extract nickel and other metals from waters beyond US jurisdiction. Brazilian President Luiz Inacio Lula da Silva called for "clear action" from the seabed authority to end a "predatory race" to exploit the ocean floor. "We now see the threat of unilateralism looming over the ocean. We cannot allow what happened to international trade to happen to the sea." The deep sea, Greenland and Antarctica were "not for sale," Macron said in further remarks directed clearly at Trump's expansionist claims. The ISA, which has jurisdiction over the ocean floor outside national waters, is meeting in July to discuss a global mining code to regulate mining in the ocean depths. UN Secretary-General Antonio Guterres said he supported these negotiations and urged caution as countries navigate these "new waters on seabed mining." "The deep sea cannot become the wild west," he said, to applause from the plenary floor. 'Wave of hope' Island nations also spoke out against seabed mining, which scientists warn could result in untold damage to ecosystems largely unexplored by humanity. "Here in Nice, we can feel that the looming threat of deep sea mining, and the recent reckless behaviour of the industry is seen by many states as unacceptable," said Megan Randles from Greenpeace. Macron said a global pact to protect marine life in international waters beyond national jurisdictions had received enough support to become law and was "a done deal." The high seas treaty struck in 2023 requires ratifications from 60 signatory countries to enter into force, something France hoped to achieve before Nice. Macron said the treaty "would be implemented" after roughly 50 nations ratified and 15 others formally committed to joining them. His office said this would happen by the end of the year, but did not name the countries. "Today's surge of ratifications for the High Seas Treaty is a tidal wave of hope and a huge cause for celebration," Rebecca Hubbard, director of the High Seas Alliance, told AFP. 'Prove you're serious' On Monday, the United Kingdom announced plans to extend a partial ban on bottom trawling in some of its protected marine areas. Macron said on Saturday that France would also restrict the destructive fishing method in some of its marine protected areas but was criticised for not going far enough. Greece and French Polynesia announced Monday the creation of new protected marine parks, following similar action from Samoa this week. Just 8% of global oceans are designated for marine conservation, despite a globally agreed target to achieve 30% coverage by 2030. But even fewer are considered truly protected, as some countries impose next to no rules on what is forbidden in marine zones or lack the finance to enforce any regulations. The summit will not produce a legally binding agreement at its close, but wealthy nations faced calls to cough up the missing finance to make ocean protection a reality. Small island states turned out in numbers to demand money and political support to combat rising seas, marine trash and the plunder of fish stocks that hurt their economies. "We say to you, if you are serious about protecting the ocean, prove it," said President Surangel Whipps Jr of Palau, a low-lying Pacific nation.
Fashion Network
an hour ago
- Fashion Network
Ossou, a new RTW brand with luxe denim DNA, launches in New York City
Regarding American sportswear, nothing can deny the everlasting style of T-shirts and jeans. It is a closet staple look that prevails across all interpretations of style, not least of which is the chic set. Enter Ossou, a new ready-to-wear label founded by Fforme co-founder Nina Khosla and Talia Shuvalov, whose CV includes names such as Alexander McQueen and Alexander Wang, where she led creative direction across ready-to-wear, denim, accessories and jewelry. The duo are co-creative directors of the new brand, which borrows its name from the Latin word for bones. Fforme CEO Joey Laurenti also leads the new label. Two years in the making, the concept was unveiled in New York City, where spoke to the designers and the brand's CEO about reinventing the ubiquitous material into a high-end polished collection and expanding the design vocabulary for the humble material. For Khosla, daughter of Sun Microsystems co-founder and tech billionaire Vinod Khosla, the exercise at hand was to answer a query: 'How do we elevate denim, and how do we answer the question of what luxury denim looks like that's still authentic and feels truly like denim?' Khosla posited, adding, 'Denim is very much the design of archetypes, right? So, we want details we design to live on and to keep living in the denim as we evolve and grow.' Shuvalov pointed out exhibit A: custom-designed hardware such as the silver- and gold-tone button with a thumbprint design, created by industrial designer David Caon, used on pants and jackets. A chic custom zipper pull and bi-color zipper are also part of the brand's DNA. This tracks as Shuvalov also leads a jewelry line, Erede. 'The pants, jackets and everything we do come from a ready-to-wear place. They're tailored patterns with tailored construction details, just cut with denim as the material. The wash is minimal so that we can focus on the material. We're not trying to over-process because that's a big part of the denim sector,' Shuvalov explained. 'We looked from a luxury perspective but with materiality at the forefront, we focused on something durable with longevity to live with the wear throughout time. Denim is such a quintessentially American fabrication. What's beautiful about denim is that when worn and vintage, it holds intrinsic value, wears in and creates its own mark over time that lasts a lifetime. We wanted to give denim minimal treatment and wash,' Shuvalov added. The line features silk indigo denim that drapes similarly to fabrics traditionally used for suiting; woven color wash as opposed to garment dyeing; tan denim with an essence of linen khaki on a pair of louche, drop-pocket barrel-leg pants; black denim so deep it is almost mistaken for wool. Oversize trench coats and medium car coats are cinched with exquisite quality leather belts with elongated straps. Auxiliary pieces include thick cotton T-shirts, crisp woven shirting and more traditional denim blue five-pocket styles and jean jackets. Given the upscale designs and draping versus typical denim silhouettes, the collection offers a new proposition between jeans and tailored clothing. However, the timing for a new venture in a shaky economic environment due to political and social upheaval can be daunting. Joey Laurenti, CEO, formerly of Sies Marjan and Opening Ceremony and founder of Good and Services, a now-shuttered wholesale showroom entity that merged with Tomorrow Ltd., identifies Ossou's target as 'the luxury consumer who is looking for foundational wardrobe pieces who is seeking items to pair back to designer pieces.' On the selling floor, Ossou aims to position next to Khaite, Loewe and Toteme. Retail prices range from $295 to $1,295. 'Everyone loves jeans and our price point speaks to a pretty broad audience. The brand straddles the line between true luxury and emerging designer — a sweet spot in my professional experience,' said the CEO. The brand launched as DTC through its website but aims to build its wholesale business equally when it introduces itself to the market later in June. Retail partners are expected to be secured in the coming months. Laurenti is matter-of-fact about the current dodgy nature of fashion and retail. 'Of course, we are in the middle of a difficult climate but there are always peaks and valleys and it's never a perfect time to launch a brand. Price value was always paramount when we developed the business plan for Ossou. Ninety percent of the collection retails below $1,000 while the quality and sensibility could command much higher retail prices. We will have the opportunity to build a brand and scale it quickly as things pick up — as they always do.'
Fashion Network
3 hours ago
- Fashion Network
Murphy & Nye set for global expansion, targets €20 million revenue in three years
Having recorded a revenue of €6 million in 2024, sportswear brand Murphy & Nye has indicated it intends to keep growing, and announced its goal is to reach revenue of €20 million within three years. Murphy & Nye, a long-established sportswear brand founded in Chicago in 1933, characterised by a strong connection with the sailing world, is led by Italy's Rossi family, which engineered its success in the 90s, and took control of the brand again in 2020 after it had been owned and left inactive for five years by an Asian textile group. 'We want Murphy & Nye to achieve an international dimension,' said Tommaso Rossi, CEO of the brand. 'Our goal is to reach a revenue of €20 million within three years, via an expansion plan that, starting off from Italy and the rest of Europe, will enable the brand to enter strategic markets like the USA, Asia and the Middle East. Collaborations and co-branding initiatives will be extremely important for us,' added Rossi. In October 2024, during the America's Cup held in Barcelona, Murphy & Nye presented a temporary art installation and officially launched its first sneakers. The brand was the technical sponsor of the recent Venice Boat Show, and in the near future it will interact with other iconic cities with a maritime tradition, among them Miami. Among the main drivers of Murphy & Nye's relaunch are its products, which blend technical innovation, heritage and manufacturing excellence. 'Well-made products are at the heart of our new course,' said Creative Director Chicco Barina. 'We're focusing on textile research, wearability and performance. The challenge is to reinterpret the style and attitude of our archive's iconic garments while tapping our authentic American DNA, which still has much to tell. (…) We recently launched a sneakers [model] that is doing very well on the market. Footwear will be our strategic focus for next season. We're aiming to continue to exploit the mix of nautical performance elements and urban language that currently represents our signature style,' he added.
