Democratic lawmakers, in a flurry of actions, are making a big fuss about Donald Trump’s memecoin dinner, calling it “corrupt.” The drama unfolded in Washington, D.C., with threats of lawsuits, new legislation, and planned protests leading up to the event.
The controversial dinner, hosted by Trump at the Trump National Golf Club in Potomac Falls, Virginia, was for the 220 largest holders of his $TRUMP memecoin. The dinner announcement caused a frenzy as interested parties rushed to buy more tokens to secure an invite, causing a price spike in the process.
Critics slammed the move as corrupt, pointing to foreign buyers purchasing tokens as a way to indirectly donate money to the president, which is typically prohibited by law. The lack of transparency around the dinner’s attendees further fueled suspicions of wrongdoing, with many guests remaining unidentified and some attendees opting for anonymity to attend, as reported by the Washington Post.
Legal action was on the horizon, with Sen. Richard Blumenthal leading the charge. Blumenthal accused Trump of essentially putting a “for sale” sign on the White House by auctioning access through the memecoin dinner. He hinted at the possibility of a lawsuit to compel Trump to abide by regulations regarding foreign gifts or payments, citing previous legal battles over emoluments during Trump’s first term.
A group of thirty-five Members of Congress sent a letter to the Department of Justice’s Public Integrity Section, calling for an investigation into the dinner for potential corruption and emoluments clause violations. The letter highlighted concerns about foreign influence and undisclosed identities of dinner attendees, urging the authorities to look into possible violations of federal bribery statutes and the foreign emoluments clause.
Representative Maxine Waters introduced a bill to make the president’s crypto dealings explicitly illegal, aiming to prevent senior government officials from owning, controlling, or trading in digital assets based on insider information gained from their positions. The legislation, dubbed the Stop TRUMP in Crypto Act, aimed to curb what Waters described as Trump’s exploitation of the presidency for personal gain through questionable crypto ventures.
The White House remained tight-lipped in response to the backlash from Democrats, with Press Secretary Karoline Leavitt emphasizing that the dinner was a personal event for Trump and not an official White House function. Despite the criticism and legal threats, Trump proceeded with the dinner, sparking further protests and condemnation from Democratic lawmakers like Elizabeth Warren, Jeff Merkley, and Chris Murphy.
The controversy surrounding Trump’s memecoin dinner underscores the deep divide within the Democratic Party over crypto legislation. While some lawmakers advocate for stricter regulations and oversight, others argue that existing laws are sufficient to address potential wrongdoing by public officials like Trump. The ongoing saga of the memecoin dinner highlights the complexities and ethical challenges posed by the intersection of politics and cryptocurrency in the modern era.
