Bit coin (Bitcoin) price continues to rise, approaching historical highs. As the overall cryptocurrency market is filled with optimistic sentiment, U.S. President Trump held a highly anticipated cryptocurrency-themed dinner on the evening of Thursday, May 22, 2025, at his golf club in the Washington suburbs. The main guests of the dinner were reportedly previous holders of his personal meme coin $TRUMP. This move not only gathered the attention of the cryptocurrency industry but also pushed the complex relationship between the president and emerging financial technology to the forefront due to outdoor protests and potential conflict of interest concerns.
Trump Crypto Dinner: Market Enthusiasm and Outdoor Protests Intertwined
The timing of the dinner coincides with high market expectations of potential crypto-friendly policies from the U.S. government. Besides guests who obtained invitations by holding $TRUMP meme coins, famous Chinese cryptocurrency entrepreneur Justin Sun was also among the attendees. However, about 100 protesters gathered outside the venue, loudly expressing doubts and opposition to the event. According to dinner participants, the venue was decorated with the slogan "Fight Fight Fight", and Trump reiterated his commitment to making the United States a global cryptocurrency center in his speech. After Trump's departure, Justin Sun continued with a speech, calling on the cryptocurrency industry to unite and support Trump's leadership.
$TRUMP Meme Coin: Dinner Ticket and Astonishing Profit Chain
President Trump's attitude towards cryptocurrencies has significantly transformed from a past skeptic to an active supporter, appointing multiple crypto-friendly institutional heads during his second term. Simultaneously, the Trump family has actively expanded its business territory in the cryptocurrency field, including participating in the establishment of World Liberty Financial (WLF) last year and issuing a stablecoin called USD1.
The focus of this dinner, $TRUMP meme coin, was issued by Trump-related entities days before the presidential inauguration. According to CoinMarketCap.com data, the meme coin's market value soared to nearly $1.5 billion shortly after its January launch and currently stands at around $290 million. Market analysis company Inca Digital's data shows that the top 220 $TRUMP holders collectively invested over $140 million to purchase tokens, thereby obtaining dinner entry qualifications. Reports indicate that Fight Fight Fight LLC and CIC Digital LLC, related to The Trump Organization, jointly control 80% of the meme coin's total supply. The Trump family and its supporters have collected over $300 million in transaction fees through $TRUMP meme coin trading activities.
Ethics Storm: Legislators Harshly Criticize 'Presidential-Level Corruption'
Trump's cryptocurrency dinner and related fundraising activities quickly triggered ethical concerns about using presidential power for personal economic interests and rent-seeking. Democratic lawmakers reacted strongly, with Massachusetts Senator Elizabeth Warren and California Congressman Adam Schiff both pointing out clear conflicts of interest and accusations of "selling presidential access". Connecticut Senator Richard Blumenthal directly stated:
"Unprecedented presidential cryptocurrency corruption."
The anonymity of some attendees further intensified external suspicions. To respond to these serious ethical allegations, some congressional members have actively promoted related legislation. For instance, former House Financial Services Committee Chair Maxine Waters has proposed the Stop TRUMP Act, aimed at preventing similar potential conflicts of interest from recurring.
From the astonishing wealth created by the $TRUMP meme coin to subsequent "pay-to-play" accusations and concerns about potential improper foreign influence, this series of events highlights the increasingly tense relationship between the president's personal economic interests and public responsibilities, expected to have far-reaching impacts on cryptocurrency industry regulation and political donation norms.
