Trump's memecoin contest winners begin gathering for dinner

On Thursday evening, protesters gathered outside the golf course of Trump in Virginia, where he planned to hold a private dinner with hundreds of his cryptocurrency buyers. Demonstrators held signs like "Fraud Feast", "No Kings", and "No One is Above the Law", protesting the dinner at Trump National Golf Club in Sterling, Virginia, where reportedly up to 220 top holders of his family's cryptocurrency would purchase access to the president. Before the protest outside Trump's private club, a smaller rally was held at Capitol Hill, where six Democratic lawmakers from the House and Senate condemned the dinner. Some called it one of the most corrupt acts in American history and demanded Trump release the full guest list. "This is the Mount Everest of corruption," said Democratic Senator Jeff Merkley from Oregon, who then read excerpts from the Constitution and cited examples of presidential corruption schemes from early American history. "We must stop this," he said. Mr. Trump and his business partners announced last month what they called the world's "most exclusive invitation": a competition to win access to the president by purchasing $TRUMP (a cryptocurrency token launched just before his inauguration). The top 220 buyers would have dinner with the president at the golf club, while the top 25 would attend a more intimate cocktail party and tour the White House the next day. Mr. Trump posted on his social media platform Thursday evening: "Heading to Loudoun County, Virginia for a crypto dinner. The US leads in crypto, Bitcoin, and more - we will maintain this momentum!" During the competition, a leaderboard on the $TRUMP meme coin website allowed cryptocurrency investors to see how much they needed to purchase to improve their ranking and win a spot. Meme coins are cryptocurrencies typically related to internet jokes or mascots, often serving no purpose beyond speculation. However, Trump's token has become a tool for investors, including some foreign investors, to funnel money to his family. "Go, MAGA baby," a Trump supporter shouted to protesters outside the club as Secret Service officials guarded the entrance. White House Press Secretary Carolyn Levitt dismissed any suggestions of impropriety in Trump hosting the dinner. "It's ridiculous to suggest the president is profiting from his position," Ms. Levitt said at the White House before Trump's departure to his golf club. "The president achieved incredible success before serving the nation, losing not just wealth but nearly his life. He sacrificed much to be here." But this response did not impress the protesters. "It's like a black market scheme," said Ross Fabian, a 66-year-old former federal employee from Arlington, Virginia. "He's using cryptocurrency to line his own pockets." The dinner proposal sparked excitement among cryptocurrency executives worldwide, with several attending with explicit intentions of influencing American policy. This event is unlike anything in modern US history - not a campaign fundraiser, but a gathering arranged by the president's business partners aimed at directly enriching the first family. Many guests have a stake in how the US regulates cryptocurrency. They view the dinner as an opportunity to directly hear Trump's views and understand how they might expand their businesses in the US, following regulations during the Biden era that caused many to avoid US investments. This week, cryptocurrency billionaire Justin Sun, who operates the TRON platform, announced he would also attend the dinner - controlling the top-ranked account with over $20 million in tokens. Mr. Sun was charged by the SEC for alleged fraud in 2023 and is a major investor in another Trump family cryptocurrency enterprise, World Liberty Financial. Shortly after Trump took office in January, the SEC suspended its investigation into Mr. Sun's fraud case. "Honored to support the president and thank you for the invitation," Mr. Sun wrote on X this week. Some attendees are low-profile entrepreneurs, influencers, or Trump's super fans willing to pay for a chance to meet the president. "If I can get a selfie, a handshake, or an autograph, that's priceless to me," said 27-year-old consultant Vincent Derieux, ranked 165th on the $TRUMP leaderboard. A business entity associated with the Trump family holds a large amount of $TRUMP cryptocurrency and collects fees whenever these tokens change hands. According to cryptocurrency analysis company Chainalysis, the token has generated at least $320 million in fees, shared between the Trump family and their business partners. The competition was established by a company called "Fight, Fight, Fight", formed in January and named after Trump's response to an alleged assassination attempt in July. Initially, the "Fight, Fight, Fight" website, operated by Bill Zanker, a long-time business partner of the Trump family, promised a "White House VIP tour" for the top 25 token holders. However, references to the White House have been removed from the site, now only promising a "VIP tour" without specifying the location. Mr. Zanker did not respond to requests for comment. When asked about this change, a senior government official stated that the White House had not arranged a special visit for these cryptocurrency investors and was "completely unrelated" to the meme coin activity. However, the official suggested that dinner organizers might still take guests to the publicly accessible White House East Wing. A Trump Organization spokesperson also tried to distance the company from the event, claiming no involvement. However, the Trump family itself profits through a corporate entity called CIC Digital, and the dinner is being held at a golf club they own. California Democratic Representative Sam Liccardo called the dinner an offense to the principles of clean government. "No politician could design a plan more suitable for facilitating foreign individual corruption than issuing these digital assets that largely hide the buyers' identities," Mr. Liccardo said, a member of the House Financial Services Committee who typically supports the cryptocurrency industry.