"Crypto Dinner Scandal": Senators Criticize Trump over Alleged Gathering, Insist on Disclosure of Guests
Democrats Object to Trump's Dinner with Memecoin Investors
Congressional Democrats have voiced criticism towards President Donald Trump's plans to dine with top investors of his memecoin, TRUMPecoin, tonight, expressing concerns about the event's possible impact on long-standing disclosure norms associated with the U.S. presidency.
Speaking at a press conference on Thursday, Senator Elizabeth Warren (D-MA) described the dinner as an "orgy of corruption." She questioned the identities of those attending and the potential financial favors they may seek in return.
The top 220 investors of TRUMPecoin, including prominent figures like crypto billionaire Justin Sun and Singapore-based startup MemeCore, have been invited to dinner at Trump's Washington-area golf club. The top 25 investors, some of whom have spent tens of millions of dollars on the president's token, will have a chance to speak with Trump during a more intimate VIP reception.
The event will be closed to the press, and the White House has so far declined to comment on the guest list or the evening's agenda. Trump and his business partners also have yet to disclose the identities of those dining with the president or the topics to be discussed.
It has been confirmed that Chinese-born crypto billionaire Justin Sun, who has been under investigation by the Department of Justice for suspected financial crimes and was sued by the SEC in 2023 for alleged fraud and market manipulation, will attend the event. The SEC later paused its litigation against Sun to work towards a potential resolution.
Senator Chris Murphy (D-CT) expressed concerns about the potential for corruption and national security risks arising from foreign actors investing in Trump's memecoin. Most of the coin's top investors are customers of foreign crypto exchanges prohibited from serving U.S. customers.
Democrats urged the president to release the guest list for the dinner, with a large sign reading, "Release the Guest List," prominently displayed at today's press conference. They called for transparency, stating that American taxpayers have a right to know who has purchased access to the president.
When reached for comment, the White House did not immediately respond regarding the release of a guest list.
Opposition to Trump's crypto ventures has become a salient issue for Democrats, who introduced a bill today to restrict the president and his family from engaging in crypto-related business dealings while in office. This comes as several lawmakers expressed concern over the potential conflict of interest between the president's crypto investments and pending digital assets legislation before Congress, including the GENIUS Act.
Several Democratic senators demanded an amendment be added to the GENIUS Act to prohibit the president from issuing and profiting from his own stablecoin while in office. The president's DeFi venture, World Liberty Financial, issued its own stablecoin in March. Democrats said they would reject the bill if it lacked this amendment, as it would not adequately regulate stablecoins if left unchanged.
[Enrichment Data]The top investors in TRUMPecoin include prominent figures such as crypto billionaire Justin Sun and the Singapore-based startup MemeCore. These investors collectively purchased $148 million worth of the token, generating substantial trading fees for Trump and his associates who hold a majority stake in the memecoin.
The relationship between these investors and the U.S. president is primarily financial and promotional, with the dinner event and private meetings highlighting their importance in the coin's ecosystem and Trump's involvement in the cryptocurrency space.
- Senator Elizabeth Warren criticized a dinner with TRUMPecoin investors, calling it an "orgy of corruption," questioning the identities of attendees and potential favors.
- Justin Sun, a Chinese-born crypto billionaire under investigation for financial crimes, will attend the dinner with President Trump.
- Democrats have introduced a bill to restrict the president and his family from crypto-related business dealings, expressing concerns over conflict of interest with pending digital assets legislation, such as the GENIUS Act.
- Democrats urged the president to release the guest list for the dinner, stating that American taxpayers have a right to know who has purchased access to the president.
- The top investors in TRUMPecoin, including Justin Sun and MemeCore, collectively purchased $148 million worth of the token, generating substantial trading fees for Trump and his associates.
