Trump to host investors in his cryptocurrency despite ethical concerns

On Thursday, President Donald Trump is set to host a gala dinner for the top buyers of a cryptocurrency named after him, known as $TRUMP. This event will take place at his golf course located near Washington, D. C. The cryptocurrency $TRUMP was launched shortly before Trump took office in January and initially saw a significant increase in value. However, it quickly fell in price, raising concerns among critics. Senator Chris Murphy, a Democrat, expressed his disapproval on social media, stating that the event appears to be a corrupt way for wealthy individuals to gain access to the President. Additionally, there are worries that the presence of foreign investors at the dinner could pose a risk to national security. The White House has dismissed these concerns, asserting that Trump is motivated solely by a desire to serve the public. $TRUMP is categorized as a meme coin, which is a type of cryptocurrency inspired by internet memes and trends. Its price peaked at $75 in January but dropped to below $8 in April, and it was trading around $12. 50 at the time of this writing. Experts have raised questions about the actual value of such cryptocurrencies. Rob Hadick, a partner at a crypto venture fund, noted that $TRUMP lacks practical use, as it is not being utilized for transactions or as a reliable store of value. The dinner is being marketed as 'the most EXCLUSIVE INVITATION in the World' on the website gettrumpmemes. com, and invitations were sent to the top 220 purchasers of the meme coin. The leading investor in $TRUMP is Justin Sun, a billionaire entrepreneur who has faced legal issues related to fraud and market manipulation. He announced on social media that he plans to attend the dinner, referring to himself as Trump's 'TOP fan. ' Trump's stance on cryptocurrencies has changed dramatically over the years. In 2021, he labeled Bitcoin a 'scam,' but now he is not only overseeing cryptocurrency regulations in the U. S. but is also actively participating in the industry. Alongside the meme coin, the Trump family holds a majority stake in World Liberty Financial, a cryptocurrency exchange that was established just before the election. Trump has expressed his ambition to be the first 'Crypto President' during his campaign and has received substantial campaign contributions from the cryptocurrency sector in the 2024 election. Many cryptocurrencies have surged in value during his presidency, with Bitcoin recently reaching an all-time high of nearly $112,000 per coin. According to a report by State Democracy Defenders Action, Trump's investments in cryptocurrencies may have increased his net worth by as much as $2. 9 billion. The report suggests that as a stakeholder in crypto assets, Trump stands to benefit from the very policies he is advocating. Just three days into his presidency, Trump signed an Executive Order to create a regulatory framework that encourages the growth of digital currencies. A White House official stated that the meme coin is unrelated to the administration. White House spokesperson Anna Kelly countered concerns about potential conflicts of interest, asserting that 'The President is working to secure GOOD deals for the American people, not for himself. ' However, Timothy Massad, Director of the Digital Asset Policy Project at Harvard, compared the meme coin to gambling, stating, 'It's like selling membership cards for his personal fan club which are then traded. They have no value. But people speculate on the price, and those purchases and that trading enriches him. ' During a Senate committee hearing this week, Senator Murphy raised questions about the lack of transparency regarding the dinner's attendees. He pointed out that many guests are expected to be foreign individuals with significant influence and wealth, which could allow them to lobby the President directly. In response, Secretary of State Marco Rubio stated that he did not believe having dinner with someone would compromise U. S. security. On Thursday afternoon, Murphy and other Democratic members of Congress planned to protest against the dinner, demanding that Trump disclose the list of attendees and the favors they might receive in exchange for their investments in the meme coin.