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Yahoo
25-05-2025
- Business
- Yahoo
‘Roadmap for corruption': Trump dive into cryptocurrency raises ethics alarm
Donald Trump's push to sharply ease oversight of the cryptocurrency industry, while he and his sons have fast expanded crypto ventures that have reaped billions of dollars from investors including foreign ones, is raising alarm about ethical and legal issues. Watchdog groups, congressional Democrats and some Republicans have levelled a firestorm of criticism at Trump for hawking his own memecoin $Trump, a novelty crypto token with no inherent value, by personally hosting a 22 May dinner at his Virginia golf club for the 220 largest buyers of $Trump and a private 'reception' for the 25 biggest buyers. To attend the two events, the $Trump buyers spent about $148m, which will benefit Trump and partners, according to the crypto firm Inca Digital. Related: Trump to host dinner for top holders of his crypto token – although many lost money with it Further, the Trump family crypto venture World Liberty Financial that launched last fall, which his two oldest sons have promoted hard, was tapped this month to play a key part in a $2bn investment deal by an Abu Dhabi financial fund in the crypto exchange Binance which in 2023 pleaded guilty to US money laundering and other violations. The new WLF deal was announced at an Abu Dhabi crypto conference that drew Eric Trump two weeks before Trump's mid-May visit to the United Arab Emirates capital, sparking other concerns of improper foreign influence and ethics issues. Trump's ardent pursuit of crypto fortunes was highlighted in a report last month from the watchdog group State Democracy Defenders Fund that estimated his crypto ventures as of mid-March to be worth about $2.9bn. That is a striking sum since Trump's crypto ventures are less than a year old. Senate Democrats led by Jeff Merkley of Oregon and the minority leader, Chuck Schumer of New York, introduced a bill this month that has garnered sizable Democratic backing to block Trump from using his office to benefit his crypto businesses. Watchdogs say Trump is exploiting his office for personal gain in unprecedented and dangerous ways. 'There is the appearance if not the reality of corruption in the upcoming dinner with Trump on the 22nd at his Virginia golf club for the 220 biggest Trump meme coin buyers and the private reception he's promised for the top 25 buyers, plus the separate $2bn deal between World Liberty Financial and the Abu Dhabi investment vehicle,' said Richard Painter, a former White House ethics adviser to President George W Bush who co authored the Democracy Defenders Fund report. This is unprecedented. I don't think there's been anything like this in American history Professor Richard Briffault Other experts are equally troubled by Trump's manifest conflicts. 'Trump is marketing access to himself as a way to profit his memecoin,' said the Columbia Law professor Richard Briffault, an expert on government ethics. Briffault added: 'People are paying to meet Trump and he's the regulator in chief. It's doubly corrupt. This is unprecedented. I don't think there's been anything like this in American history.' Such concerns were fueled when Trump quickly chose crypto industry allies to run the Securities and Exchange Commission and as his 'czar' for crypto and AI. Among other moves, the SEC has dropped or put on hold investigations and prosecutions of over a dozen crypto firms. Fears of possible corruption have also focused on Chinese born Justin Sun, the biggest investor in Trump's crypto ventures. Sun bought about $20m of $Trump to become its top purchaser before the dinner on the 22nd which he attended. Sun previously invested at least $75m in World Liberty Financial to become its lead investor and an adviser. Sun may also be benefiting from the SEC's laxer oversight. Sun was sued by the SEC in 2023 for fraudulent market manipulation and other allegations of misconduct involving three other crypto enterprises of his, including the Tron Foundation. As the SEC eased its crypto oversight, the agency earlier this year paused its case against Sun, sparking concerns that Trump's financial ties to Sun might have influenced the agency's decision, a matter that Senator Elizabeth Warren of Massachusetts and the Democratic congresswoman Maxine Waters of California raised in a letter to the SEC last month. The SEC has reportedly been holding talks with Sun about settling the charges, and the agency's chairman told a congressional hearing on 20 May that he knew nothing about Sun's case. Other warnings about Trump's crypto dealings have also been fueled by recent scandals that have plagued crypto businesses, many of which are known for their opaque operations and some illicit dealings including ones tied to North Korean hackers that helped fund the country's nuclear and military programs. Crypto critics were dismayed at a justice department memo in April announcing the closure of a national cryptocurrency enforcement team that was established in 2022, which had brought some major crypto cases against North Korean hackers and other crypto criminals. The memo stressed the justice department was not a 'digital assets regulator' and in a political twist lambasted the Biden administration for its 'reckless strategy of regulation by prosecution'. The memo noted that a January pro-crypto Trump executive order spurred its decision. For their part, Trump, his family and White House press statements have dismissed concerns about conflicts of interest or ethical improprieties with Trump promoting his crypto business while in office. The press secretary, Karoline Leavitt, told reporters before the dinner that Trump was attending it in his 'personal time' and it was not a White House event, but declined to release names of the attenders. The Trump Organization in January said that the president's business interests including his assets and investments, would be placed in a trust that his children would manage and that Trump would not get involved in decision-making or daily operations. Trump's family also tapped a lawyer to serve as an ethics adviser. Those pledges have been overshadowed by Trump's enthusiasm for his digital currencies. In a harbinger of Trump's two crypto events on the 22nd, in March he hosted the first-ever White House 'crypto summit', for a couple of dozen industry leaders where he pledged to end the Biden administration's 'war on crypto'. 'Trump's crypto schemes are profoundly corrupt,' Merkley told the Guardian 'He's selling access to his administration and enriching himself in the process.' In response, Merkley and Schumer introduced the End Crypto Corruption Act, which 20 other Democrats have endorsed. Merkley stressed that the bill would 'not only crack down on this corruption but also prevent other officials – like members of Congress and Trump's billionaire sidekick Elon Musk – from betraying public trust'. Merkley's warnings have been echoed by several watchdogs. 'Trump's dealings in crypto appear to present the greatest conflicts of interest and avenues for corruption any president has ever embraced,' said Larry Noble, a former general counsel at the Federal Election Commission who now teaches law at American University. Noble's alarms are underscored by the large number of foreign buyers who appear to have scooped up Trump's memecoin to win coveted spots at his dinner. While the identities of most $Trump purchasers are unknown, several reports from crypto analysts who track the industry suggest that a large number of foreign buyers have ponied up tens of millions of dollars to buy $Trump coins and attend the dinner. One analysis by Bloomberg has indicated that 19 of the top 25 crypto wallets are almost definitely owned by individuals who operate outside the US. Sun, who bought $4.5m of his almost $20m in $Trump coins after Trump announced the events on the 22nd, showed his appreciation by posting on X on 19 May: 'Honored to support @POTUS and grateful for the invitation from @GetTrumpMemes to attend President Trump's Gala Dinner as his TOP fan!' Besides Sun, the second biggest buyer is reportedly MemeCore, a Singapore-based crypto network that was vocal about its interest in attending the Trump dinner and invested $18m. Trump's avid embrace of crypto became palpable last summer at a bitcoin conference where he pledged to make the US the 'crypto capital of the world', a marked shift from 2021 when he dismissed bitcoin as a 'scam'. The change helped his campaign pull in millions of dollars in crypto industry donations. Last fall, Trump and his two older sons, Eric and Don Jr, announced on the multibillionaire Elon Musk's X that they were launching World Liberty Financial. Trump on X boasted opaquely that 'crypto is one of those things we have to do. Whether we like it or not, I have to do it.' A white paper for the new business dubbed Trump 'its chief crypto advocate', and his sons have promoted it aggressively and helped to lure new investments. Reuters reported in late March, that World Liberty Financial had raised over $500m in recent months. Trump's family now controls the bulk of its business and Reuters revealed that it is entitled to about $400m in fees and 75% of revenues from WLF's token sales. The recent $2bn investment deal that WLF will be part of with the Abu Dhabi fund and Binance is the latest big financial coup for Trump and his sons, but one that's raised some red flags given legal problems that have previously beset Binance. The Abu Dhabi fund MGX , which has backing from the UAE government, according to reports is slated to use a stablecoin product that WLF is now marketing to help complete its $2bn investment deal in Binance. A stablecoin is a cryptocurrency pegged to a traditional currency, or a more stable asset such as the dollar. The WLF stablecoin, dubbed USD1, will be used by MGX to invest in Binance, the world's largest cryptocurrency exchange that operates in dozens of countries; on 22 May Binance also announced that it would list WLF's USD1 for trading. Previous legal problems for Binance may attract new attention, say critics including congressional Democrats. Binance's ex-CEO and founder, Changpeng Zhao, in late 2023 pleaded guilty in the US to violating the Bank Secrecy Act and failing to maintain an effective anti-money-laundering program at Binance, which also copped a guilty plea to criminal charges and paid over $4bn in fines. Zhao, who served a four-month prison term last year and still owns 90% of the firm, revealed on a podcast on 5 May that he was seeking a pardon from the Trump administration, which several senators raised questions about in a 15 May letter to top justice department officials. Before WLF's role with the Abu Dhabi fund's investment in Binance and to grow its crypto empire, WLF unveiled its first stablecoin in March, as a stablecoin Senate bill – dubbed 'the Genius Act', which critics say eases regulatory controls too much – moved closer to passing. Watchdog groups and some Democrats including Warren have warned that the Senate bill's regulations are too lax to prevent fraudulent uses, as new studies have noted that these coins and other digital assets are increasingly being used for money laundering by Chinese exporters and producers of fentanyl and other synthetic drugs. Trump has taken corruption and self-dealing to a new level, Former Republican congressman Dave Trott Republicans in Congress have been largely silent about Trump and his family capitalizing on their crypto ventures to enrich themselves. But the Wyoming Republican senator Cynthia Lummis, a lead sponsor of the Genius Act, which on 19 May notched a key vote towards Senate passage and would also benefit WLF's stablecoin, has said the upcoming $Trump events have given her 'pause'. Some former Republican members are livid about Trump's crypto dealings. 'Trump has taken corruption and self-dealing to a new level,' said the ex-Republican congressman Dave Trott of Michigan. 'He seems singularly motivated to deregulate the crypto industry for the financial benefit of himself and his family, and few Republicans are calling him out.' Trott said he was weighing a run for Congress in 2026 as an independent or a Democrat. 'I wish I was still in Congress so I could vote to impeach the guy,' he added, referring to Trump. Further, leading House Democrats say Trump's presidency is benefiting his burgeoning crypto business in dangerous ways. 'Trump's personal and family net worth has gone up by billions of dollars this year due to crypto ventures,' said the Democratic representative Jamie Raskin from Maryland. Raskin warned that Trump's crypto ventures offered the 'perfect opportunity for foreign government, corporate and individual funds to be funneled into Donald Trump's bank account and his family's finances'. Likewise, Noble foresees national security and other dangers with Trump and his family's fast-growing crypto businesses. 'World Liberty Financial and $Trump appear to allow foreign governments, corporate interests and wealthy private donors who want something from Trump to secretly add to his wealth. This is a roadmap for corruption. What they want in return for their investments may present real dangers to our economy and national security.'
The Guardian
25-05-2025
- Business
- The Guardian
‘Roadmap for corruption': Trump dive into cryptocurrency raises ethics alarm
Donald Trump's push to sharply ease oversight of the cryptocurrency industry, while he and his sons have fast expanded crypto ventures that have reaped billions of dollars from investors including foreign ones, is raising alarm about ethical and legal issues. Watchdog groups, congressional Democrats and some Republicans have levelled a firestorm of criticism at Trump for hawking his own memecoin $Trump, a novelty crypto token with no inherent value, by personally hosting a 22 May dinner at his Virginia golf club for the 220 largest buyers of $Trump and a private 'reception' for the 25 biggest buyers. To attend the two events, the $Trump buyers spent about $148m, which will benefit Trump and partners, according to the crypto firm Inca Digital. Further, the Trump family crypto venture World Liberty Financial that launched last fall, which his two oldest sons have promoted hard, was tapped this month to play a key part in a $2bn investment deal by an Abu Dhabi financial fund in the crypto exchange Binance which in 2023 pleaded guilty to US money laundering and other violations. The new WLF deal was announced at an Abu Dhabi crypto conference that drew Eric Trump two weeks before Trump's mid-May visit to the United Arab Emirates capital, sparking other concerns of improper foreign influence and ethics issues. Trump's ardent pursuit of crypto fortunes was highlighted in a report last month from the watchdog group State Democracy Defenders Fund that estimated his crypto ventures as of mid-March to be worth about $2.9bn. That is a striking sum since Trump's crypto ventures are less than a year old. Senate Democrats led by Jeff Merkley of Oregon and the minority leader, Chuck Schumer of New York, introduced a bill this month that has garnered sizable Democratic backing to block Trump from using his office to benefit his crypto businesses. Watchdogs say Trump is exploiting his office for personal gain in unprecedented and dangerous ways. 'There is the appearance if not the reality of corruption in the upcoming dinner with Trump on the 22nd at his Virginia golf club for the 220 biggest Trump meme coin buyers and the private reception he's promised for the top 25 buyers, plus the separate $2bn deal between World Liberty Financial and the Abu Dhabi investment vehicle,' said Richard Painter, a former White House ethics adviser to President George W Bush who co authored the Democracy Defenders Fund report. Other experts are equally troubled by Trump's manifest conflicts. 'Trump is marketing access to himself as a way to profit his memecoin,' said the Columbia Law professor Richard Briffault, an expert on government ethics. Briffault added: 'People are paying to meet Trump and he's the regulator in chief. It's doubly corrupt. This is unprecedented. I don't think there's been anything like this in American history.' Such concerns were fueled when Trump quickly chose crypto industry allies to run the Securities and Exchange Commission and as his 'czar' for crypto and AI. Among other moves, the SEC has dropped or put on hold investigations and prosecutions of over a dozen crypto firms. Fears of possible corruption have also focused on Chinese born Justin Sun, the biggest investor in Trump's crypto ventures. Sun bought about $20m of $Trump to become its top purchaser before the dinner on the 22nd which he attended. Sun previously invested at least $75m in World Liberty Financial to become its lead investor and an adviser. Sun may also be benefiting from the SEC's laxer oversight. Sun was sued by the SEC in 2023 for fraudulent market manipulation and other allegations of misconduct involving three other crypto enterprises of his, including the Tron Foundation. As the SEC eased its crypto oversight, the agency earlier this year paused its case against Sun, sparking concerns that Trump's financial ties to Sun might have influenced the agency's decision, a matter that Senator Elizabeth Warren of Massachusetts and the Democratic congresswoman Maxine Waters of California raised in a letter to the SEC last month. The SEC has reportedly been holding talks with Sun about settling the charges, and the agency's chairman told a congressional hearing on 20 May that he knew nothing about Sun's case. Other warnings about Trump's crypto dealings have also been fueled by recent scandals that have plagued crypto businesses, many of which are known for their opaque operations and some illicit dealings including ones tied to North Korean hackers that helped fund the country's nuclear and military programs. Crypto critics were dismayed at a justice department memo in April announcing the closure of a national cryptocurrency enforcement team that was established in 2022, which had brought some major crypto cases against North Korean hackers and other crypto criminals. The memo stressed the justice department was not a 'digital assets regulator' and in a political twist lambasted the Biden administration for its 'reckless strategy of regulation by prosecution'. The memo noted that a January pro-crypto Trump executive order spurred its decision. For their part, Trump, his family and White House press statements have dismissed concerns about conflicts of interest or ethical improprieties with Trump promoting his crypto business while in office. The press secretary, Karoline Leavitt, told reporters before the dinner that Trump was attending it in his 'personal time' and it was not a White House event, but declined to release names of the attenders. The Trump Organization in January said that the president's business interests including his assets and investments, would be placed in a trust that his children would manage and that Trump would not get involved in decision-making or daily operations. Trump's family also tapped a lawyer to serve as an ethics adviser. Those pledges have been overshadowed by Trump's enthusiasm for his digital currencies. In a harbinger of Trump's two crypto events on the 22nd, in March he hosted the first-ever White House 'crypto summit', for a couple of dozen industry leaders where he pledged to end the Biden administration's 'war on crypto'. 'Trump's crypto schemes are profoundly corrupt,' Merkley told the Guardian 'He's selling access to his administration and enriching himself in the process.' In response, Merkley and Schumer introduced the End Crypto Corruption Act, which 20 other Democrats have endorsed. Merkley stressed that the bill would 'not only crack down on this corruption but also prevent other officials – like members of Congress and Trump's billionaire sidekick Elon Musk – from betraying public trust'. Merkley's warnings have been echoed by several watchdogs. 'Trump's dealings in crypto appear to present the greatest conflicts of interest and avenues for corruption any president has ever embraced,' said Larry Noble, a former general counsel at the Federal Election Commission who now teaches law at American University. Noble's alarms are underscored by the large number of foreign buyers who appear to have scooped up Trump's memecoin to win coveted spots at his dinner. While the identities of most $Trump purchasers are unknown, several reports from crypto analysts who track the industry suggest that a large number of foreign buyers have ponied up tens of millions of dollars to buy $Trump coins and attend the dinner. One analysis by Bloomberg has indicated that 19 of the top 25 crypto wallets are almost definitely owned by individuals who operate outside the US. Sun, who bought $4.5m of his almost $20m in $Trump coins after Trump announced the events on the 22nd, showed his appreciation by posting on X on 19 May: 'Honored to support @POTUS and grateful for the invitation from @GetTrumpMemes to attend President Trump's Gala Dinner as his TOP fan!' Besides Sun, the second biggest buyer is reportedly MemeCore, a Singapore-based crypto network that was vocal about its interest in attending the Trump dinner and invested $18m. Trump's avid embrace of crypto became palpable last summer at a bitcoin conference where he pledged to make the US the 'crypto capital of the world', a marked shift from 2021 when he dismissed bitcoin as a 'scam'. The change helped his campaign pull in millions of dollars in crypto industry donations. Last fall, Trump and his two older sons, Eric and Don Jr, announced on the multibillionaire Elon Musk's X that they were launching World Liberty Financial. Trump on X boasted opaquely that 'crypto is one of those things we have to do. Whether we like it or not, I have to do it.' A white paper for the new business dubbed Trump 'its chief crypto advocate', and his sons have promoted it aggressively and helped to lure new investments. Reuters reported in late March, that World Liberty Financial had raised over $500m in recent months. Trump's family now controls the bulk of its business and Reuters revealed that it is entitled to about $400m in fees and 75% of revenues from WLF's token sales. The recent $2bn investment deal that WLF will be part of with the Abu Dhabi fund and Binance is the latest big financial coup for Trump and his sons, but one that's raised some red flags given legal problems that have previously beset Binance. The Abu Dhabi fund MGX , which has backing from the UAE government, according to reports is slated to use a stablecoin product that WLF is now marketing to help complete its $2bn investment deal in Binance. A stablecoin is a cryptocurrency pegged to a traditional currency, or a more stable asset such as the dollar. The WLF stablecoin, dubbed USD1, will be used by MGX to invest in Binance, the world's largest cryptocurrency exchange that operates in dozens of countries; on 22 May Binance also announced that it would list WLF's USD1 for trading. Previous legal problems for Binance may attract new attention, say critics including congressional Democrats. Binance's ex-CEO and founder, Changpeng Zhao, in late 2023 pleaded guilty in the US to violating the Bank Secrecy Act and failing to maintain an effective anti-money-laundering program at Binance, which also copped a guilty plea to criminal charges and paid over $4bn in fines. Zhao, who served a four-month prison term last year and still owns 90% of the firm, revealed on a podcast on 5 May that he was seeking a pardon from the Trump administration, which several senators raised questions about in a 15 May letter to top justice department officials. Before WLF's role with the Abu Dhabi fund's investment in Binance and to grow its crypto empire, WLF unveiled its first stablecoin in March, as a stablecoin Senate bill – dubbed 'the Genius Act', which critics say eases regulatory controls too much – moved closer to passing. Watchdog groups and some Democrats including Warren have warned that the Senate bill's regulations are too lax to prevent fraudulent uses, as new studies have noted that these coins and other digital assets are increasingly being used for money laundering by Chinese exporters and producers of fentanyl and other synthetic drugs. Republicans in Congress have been largely silent about Trump and his family capitalizing on their crypto ventures to enrich themselves. But the Wyoming Republican senator Cynthia Lummis, a lead sponsor of the Genius Act, which on 19 May notched a key vote towards Senate passage and would also benefit WLF's stablecoin, has said the upcoming $Trump events have given her 'pause'. Some former Republican members are livid about Trump's crypto dealings. 'Trump has taken corruption and self-dealing to a new level,' said the ex-Republican congressman Dave Trott of Michigan. 'He seems singularly motivated to deregulate the crypto industry for the financial benefit of himself and his family, and few Republicans are calling him out.' Trott said he was weighing a run for Congress in 2026 as an independent or a Democrat. 'I wish I was still in Congress so I could vote to impeach the guy,' he added, referring to Trump. Further, leading House Democrats say Trump's presidency is benefiting his burgeoning crypto business in dangerous ways. 'Trump's personal and family net worth has gone up by billions of dollars this year due to crypto ventures,' said the Democratic representative Jamie Raskin from Maryland. Raskin warned that Trump's crypto ventures offered the 'perfect opportunity for foreign government, corporate and individual funds to be funneled into Donald Trump's bank account and his family's finances'. Likewise, Noble foresees national security and other dangers with Trump and his family's fast-growing crypto businesses. 'World Liberty Financial and $Trump appear to allow foreign governments, corporate interests and wealthy private donors who want something from Trump to secretly add to his wealth. This is a roadmap for corruption. What they want in return for their investments may present real dangers to our economy and national security.'
Forbes
24-05-2025
- Business
- Forbes
Trump Used Presidential Seal At Meme Coin Dinner—A Potential Violation Of Federal Law
Topline President Donald Trump spoke to investors of his $TRUMP meme coin from a lectern adorned with the presidential seal at Trump National Golf Club Thursday—despite a federal law prohibiting it from being used in a way that erroneously suggest federal sponsorship. Key Facts The seal can't be used in a way that could 'convey a false impression of sponsorship of approval by the government,' according to federal law, which says violations can be penalized by a fine or up to six months in jail. Trump spoke to the top 220 investors of his meme coin at his Virginia golf club after flying there from the White House on a military helicopter. 'The past administration made your lives miserable,' Trump told the attendees, referring to crypto regulations under Biden, according to The New York Times, adding, 'we're honored to be working on helping everybody here.' White House Press Secretary Karoline Leavitt rejected conflict-of-interest concerns about the dinner, telling reporters Thursday when asked if the administration would release the guest list that, 'the president is attending it in his personal time, it is not a White House dinner, it's not taking place here at the White House.' Forbes has reached out to the White House about the seal being used at the dinner. Big Number $148 million. That's the total amount invested in $TRUMP coin by the investors who attended the dinner, according to the Wall Street Journal, citing Inca Digital analytics firm. Chief Critic Sen. Chris Murphy, D-Conn., said during a Foreign Relations Committee hearing this week the dinner was a way for 'foreign individuals of significant influence and wealth to be able to directly lobby the President of the United States.' Tangent The seal has been used as golf markers in at least five other Trump golf clubs, Forbes reported previously. Key Background Trump's meme coin is among several crypto ventures he's launched since his first term in the White House, when he was a skeptic of the industry. The meme coin traded as high as $74.34 shortly after its debut in January, and fell to $14.44 on Thursday. Guests at Thursday's dinner included Chinese crypto billionaire Justin Sun, the top investor in $TRUMP coins, former NBA player Lamar Odom, Korean crypto executive Sangrok Oh and Taiwanese crypto executive Vincent Liu, according to The New York Times. The top 25 investors were invited to a pre-dinner reception and tour. Sun, who runs the crypto platform Tron and spent more than $40 million on $TRUMP coins, also spoke at the dinner. Sun—who was sued for fraud by the Securities and Exchange Commission in 2023—also invested $75 million in the Trump family's World Liberty Financial. The regulator paused litigation shortly after Trump took office.
The Herald Scotland
24-05-2025
- Business
- The Herald Scotland
Trump speaks with presidential seal at crypto dinner billed as private
Trump's official @GetTrumpMemes site promoted the dinner on May 5, saying, the "President of the United States is having Dinner with his top $TRUMP Coin holders. Who does that? Only The Crypto President." Ethics watchdogs blasted Trump for hosting the dinner that included former NBA star Lamar Odom and where investors spent an estimated $148 million on the $TRUMP meme coin to secure their seats, according to crypto intelligence firm Inca Digital. About 100 protesters across the street from Trump National Golf Course Washington D.C. in Sterling, Virginia, held signs with messages such as "Stop Crypto Corruption" and "Release the guest list." More: Trump's crypto dinner: Black ties, a Chinese billionaire and ethics questions "This is one of the most blatant and appalling instances of selling access to the presidency I've ever seen," said Donald Sherman, executive director and chief counsel of Citizens for Responsibility and Ethics in Washington. The Securities and Exchange Commission sued Sun and his companies - Tron Foundation, BitTorrent Foundation, and Rainberry - in March 2023. But under the Trump administration the SEC asked for the case to be put on hold in February to explore a resolution. More: Ex-NBA player Lamar Odom met with boos from hecklers at Trump's crypto dinner White House press secretary Karoline Leavitt told reporters the dinner was a private rather than public event. "The president is attending it in his personal time," Leavitt said. "It's not a White House dinner." She dismissed questions about the ethics of holding the dinner for people who invested in his crypto coin. "The president is abiding by all conflict of interest laws that are applicable to the president," Leavitt said. "The American public believe it is absurd for anyone to insinuate that this president is profiting from the presidency." Contributing: Reuters
Yahoo
23-05-2025
- Business
- Yahoo
Pro-Trump crypto bro Justin Sun embodied MAGA palm-greasing at Trump's crypto soiree
If you're looking for one image to summarize the grifter's paradise that was Donald Trump's cryptocurrency dinner Thursday night, behold: The event was a private dinner with the president at Trump National Golf Club, where 'investors spent an estimated $148 million on the $TRUMP meme coin to secure their seats ... with the top-25 holders spending more than $111 million,' Reuters reported, citing crypto intelligence firm Inca Digital. Reuters also cited an analysis that found the Trumps have made $320.19 million in fees from their meme coins. And the person in the photo is Justin Sun, a MAGA-aligned crypto bro who said he was 'awarded' what he identified as a 'Trump Gold Tourbillon' (a Trump-branded watch that retails for $100,000). The White House didn't immediately respond to MSNBC's question as to whether the president actually gifted this watch to Sun. Sun, whose dubious ventures have previously enlisted celebrities such as Lindsay Lohan and Jake Paul, claimed he's the top holder (that is, the largest investor) of Trump's meme coin, which has drawn many foreign investors — itself a whole ethical and legal quagmire. His investments in Trump have been considerable — but, for him, arguably worthwhile. Sun has been in the news in the last few months because, after he plowed $75 million into Trump family crypto, per NBC News, the SEC put a 60-day pause on the charges of market manipulation and offering unregistered securities it had been pursuing against him since 2023. (Sun did not reply to NBC News' request for comment, but denied any wrongdoing to The Wall Street Journal in April.) NBC News published a dispatch on the president's event, for a more thorough picture of the various attendees and the MAGA movement's blatant disregard for ethics. But to really catch the flavor of what's happening, it's these images of brazen wealth and intolerably open corruption that one would expect from a president dead-set on dragging the United States back to the Gilded Age, an era marked by immense wealth inequality and widespread corruption. As Chris Hayes noted on 'All In' on Thursday, the contrasting images of Trump that day — whipping votes for a House budget with deep cuts to social programs, such as food aid and health care, in the morning, and in the evening reportedly helicoptering into a ritzy and self-enriching dinner for a few minutes — is too glaring to ignore. Watch Hayes' commentary on what he called the 'Met Gala of pay-for-play' here: This article was originally published on
