Latest news with #Crypto&AIInnovatorsDinner
Yahoo
05-05-2025
- Business
- Yahoo
Trump's crypto dinner, where plates cost $1.5m, draws ethics concerns as president could make millions from meme coin
President Donald Trump is expected to bring in millions of dollars over the next month as he hosts two cryptocurrency-focused, lucrative dinners – one of which costs a whopping $1.5 million to attend. On Monday evening, Trump will attend the 'Crypto & AI Innovators Dinner,' hosted by MAGA Inc., a super PAC that supports the president. The event, which costs $1.5 million per plate, will feature special guest David Sacks, NBC News reported. Though MAGA Inc. supports Trump, he is unable to run for a third term, so it's unclear where that funding will go. Then on Thursday, May 22, Trump is slated to attend a dinner for the top 220 investors in his memecoin, $Trump. Around 80 percent of the memecoin's supply is controlled by the Trump Organization and its affiliates. Both events are part of Trump's push to get more people invested in crypto and make the United States the 'crypto capital of the world.' In January, Trump signed an executive order establishing a Strategic Bitcoin Reserve for the U.S. and directed his administration to promote the use of blockchain. But the president's desire to integrate crypto more with the U.S. has worried some who believe his personal endeavors with his memecoin and crypto company, World Liberty Financial, could pose a conflict of interest. State Democracy Defenders Action, a nonprofit dedicated to fighting election sabotage and autocracy, said in a recent report that Trump will 'likely profit from the very policies he is pursuing.' 'The regulation of digital assets is in its nascency, but rather than divest his crypto assets to avoid any possible conflict of interest, President Trump seems to have positioned himself to maximize profiting from them by adopting a less aggressive regulatory and enforcement program than his predecessor,' the group wrote. a nonpartisan advocacy group that checks powerful individuals in Washington, criticized the president for holding a dinner for top investors in his memecoin. 'Never in U.S. presidential history has there been a more nakedly corrupt self-enriching scheme,' Tony Carrk, the executive director at Accountable.U.S., said in a statement. 'The President is openly inviting investors to have a bidding war over who can buy the most access to him while he laughs all the way to the bank. There has never been a clearer case of a President using their office to put money in their pocket, or greater potential for special interests to buy an administration's favor that could threaten the public interest,' Carrk added. Trump's memecoin peaked in value at approximately $70 after launching in January, but since announcing his exclusive dinner competition, it's surged around 60 percent. Trump has likely made millions from his memecoin, with one Reuters report from February estimating the president had $100 million in trading fees alone.
The Independent
05-05-2025
- Business
- The Independent
Trump's crypto dinner, where plates cost $1.5m, draws ethics concerns as president could make millions from meme coin
President Donald Trump is expected to bring in millions of dollars over the next month as he hosts two cryptocurrency -focused, lucrative dinners – one of which costs a whopping $1.5 million to attend. On Monday evening, Trump will attend the 'Crypto & AI Innovators Dinner,' hosted by MAGA Inc., a super PAC that supports the president. The event, which costs $1.5 million per plate, will feature special guest David Sacks, NBC News reported. Though MAGA Inc. supports Trump, he is unable to run for a third term, so it's unclear where that funding will go. Then on Thursday, May 22, Trump is slated to attend a dinner for the top 220 investors in his memecoin, $Trump. Around 80 percent of the memecoin's supply is controlled by the Trump Organization and its affiliates. Both events are part of Trump's push to get more people invested in crypto and make the United States the 'crypto capital of the world.' In January, Trump signed an executive order establishing a Strategic Bitcoin Reserve for the U.S. and directed his administration to promote the use of blockchain. But the president's desire to integrate crypto more with the U.S. has worried some who believe his personal endeavors with his memecoin and crypto company, World Liberty Financial, could pose a conflict of interest. State Democracy Defenders Action, a nonprofit dedicated to fighting election sabotage and autocracy, said in a recent report that Trump will 'likely profit from the very policies he is pursuing.' 'The regulation of digital assets is in its nascency, but rather than divest his crypto assets to avoid any possible conflict of interest, President Trump seems to have positioned himself to maximize profiting from them by adopting a less aggressive regulatory and enforcement program than his predecessor,' the group wrote. a nonpartisan advocacy group that checks powerful individuals in Washington, criticized the president for holding a dinner for top investors in his memecoin. 'Never in U.S. presidential history has there been a more nakedly corrupt self-enriching scheme,' Tony Carrk, the executive director at Accountable.U.S., said in a statement. 'The President is openly inviting investors to have a bidding war over who can buy the most access to him while he laughs all the way to the bank. There has never been a clearer case of a President using their office to put money in their pocket, or greater potential for special interests to buy an administration's favor that could threaten the public interest,' Carrk added. it's surged around 60 percent. Trump has likely made millions from his memecoin, as one Reuters report from February estimated the president had $100 million in trading fees alone.
NBC News
05-05-2025
- Business
- NBC News
Trump set to raise millions from crypto and meme coin this month
President Donald Trump has two crypto -focused dinners on the calendar this month — one aimed at deep-pocketed political donors, the other at meme coin millionaires. Both are poised to help him rake in millions. The first event, a $1.5 million-per-plate fundraiser set for Monday, is among the priciest political fundraisers in recent memory. The second, on May 22, offers access to Trump's inner circle not for cash — but for holders of the $TRUMP token. Hosted by MAGA Inc., the 'Crypto & AI Innovators Dinner' on May 5 features special guest David Sacks — who has been helping to rewrite the country's crypto and artificial intelligence rules. The committee receiving the funds, MAGA Inc. is a super PAC that supports Trump, but the president is constitutionally barred from running for a third term. It's unclear how the PAC plans to spend the millions of dollars it is raising this spring at a series of dinners. The crypto community has cheered Sacks' growing influence in Washington, crediting him and other Trump-aligned appointees with a sweeping policy shift that's already delivered a spate of regulatory wins across multiple federal agencies — in what many industry executives are describing as a 180 pivot from President Joe Biden. The second gala dinner will be held at Trump National, the president's private club in the Washington, D.C., area, later this month. The guest list will be decided by a blockchain-based contest run by the creators of the $TRUMP meme token. Instead of cash, entry is based on how many tokens a user holds, with the top 220 promised dinner with Trump himself. The contest runs through May 12. The gala, which is black tie optional, offers a 'VIP White House Tour' and special reception to the meme coin's 25-biggest holders. The website hosts an active leaderboard displaying the usernames of the coin's top buyers. a center-left watchdog group that investigates corporate and political influence, described the leaderboard contest as 'the most nakedly corrupt self-enrichment scheme in U.S. presidential history,' warning it opens the door for wealthy donors — including potentially foreign actors — to buy access to the president, while personally enriching the Trump family. Because crypto wallets are pseudonymous, unless a holder has publicly disclosed their wallet address, it is difficult to independently confirm the identities of the top token holders currently leading the contest. In January, for example, crypto entrepreneur Justin Sun upped his token stake in another Trump-related crypto project. The Tron blockchain founder disclosed that he holds $75 million worth of World Liberty Financial's token. A court filing the following month showed that Sun and the Securities and Exchange Commission were exploring a resolution to the regulator's civil fraud case against the crypto entrepreneur. The fine print of the $TRUMP contest does not guarantee access to the president. According to the site's terms and conditions, Trump may not be able to attend and the event can be canceled 'for any reason.' In that case, they'll get a Trump NFT instead. Still, the contest has supercharged demand for the coin — and lined the pockets of its creators. The $TRUMP token surged more than 50% after the gala was announced, boosting the paper value of wallets controlled by insiders and early backers. Roughly 80% of the $TRUMP token supply is controlled by the Trump Organization and affiliates, according to the project's website. Since its launch in January, trading activity has generated more than $324 million in trading fees for insiders, Chainalysis found. These fees are generated through the token's built-in mechanism that routes a percentage of each trade to wallets controlled by the project — wallets that, according to the website, are linked to the coin's creators. at least another 90 days, according to the project's public disclosures.
