WASHINGTON DC – U.S. President Donald Trump hosted a high-profile gala dinner on Thursday evening, bringing together top investors in the cryptocurrency $TRUMP, which bears his name. The exclusive event, held at a golf course near Washington DC, has triggered accusations of political corruption, with critics arguing that the dinner sold access to the president. Launched before Trump’s second-term inauguration in January, $TRUMP initially surged in value but later plummeted, fueling skepticism about its legitimacy. Democratic Senator Chris Murphy condemned the event as “fundamentally corrupt”, alleging that crypto investors paid for direct influence over the president. Protesters gathered outside, holding signs reading “Stop Crypto Corruption” and “No Kings.”
Despite backlash, Trump defended his involvement, stating, “I always put the country way ahead of the business.” He also criticized the Biden administration for what he called anti-crypto policies, claiming he was reviving the industry in America.
The event coincided with Bitcoin hitting a record high of nearly $112,000 before experiencing a slight correction.
$TRUMP: A Meme Coin or a Political Statement?
Unlike traditional cryptocurrencies, $TRUMP is a meme coin, meaning it is driven by hype rather than practical financial utility. After peaking at $75 in January, its value fell below $8 in April, before recovering to around $12.50.
One of its largest investors, billionaire crypto entrepreneur Justin Sun, attended the gala. Sun was previously charged with fraud and market manipulation by the U.S. Securities and Exchange Commission during the Biden administration—a case that was paused by the Trump administration in February.
Political and Financial Concerns Grow
Senator Elizabeth Warren criticized the event as “an orgy of corruption,” accusing Trump of leveraging the presidency to enrich himself through cryptocurrency investments.
Trump, once a Bitcoin skeptic, has become deeply involved in the industry. His family holds a majority stake in World Liberty Financial, a crypto exchange launched before the election.
According to a State Democracy Defenders Action report, Trump’s crypto investments may have increased his net worth by as much as $2.9 billion, sparking ethical concerns over his policy decisions and financial gains.
Three days into his second term, Trump signed an executive order establishing a regulatory framework to promote digital currencies, reinforcing his administration’s pro-crypto stance.
The White House denies any connection between Trump and $TRUMP, yet critics argue that his financial stakes create conflicts of interest as he oversees crypto regulations and policies.
Meanwhile, Democratic lawmakers have demanded transparency over the gala’s attendee list, citing reports that foreign investors were present, potentially circumventing traditional diplomatic channels.
A Presidency Shaped by Crypto?
As Trump positions himself as the “Crypto President,” his deep involvement in digital assets continues to raise political, ethical, and financial concerns. Whether his leadership will boost the industry or fuel controversy remains to be seen.
