Trump Hosts Exclusive Gala for Top Memecoin Buyers
AFP/APP
Washington : Donald Trump will host a private event on Thursday for hundreds of top investors in his crypto memecoin, marking an unprecedented convergence of U.S. presidential influence and personal business interests.
The gala will take place at Trump’s Virginia golf club near Washington, D.C., with the 220 biggest purchasers of the $TRUMP memecoin—launched in January—invited to dine with the former president. According to the event’s website, the top 25 investors will also receive a private session with Trump and a tour of the White House.
Political Influence Concerns
Critics argue this event creates a troubling loophole in political influence regulations. Foreign nationals, who are legally barred from donating to U.S. political campaigns, can potentially gain access and influence by purchasing Trump-linked cryptocurrency assets.
Data from analytics firm Inca Digital indicates many of the $TRUMP token transactions occurred on international exchanges unavailable to U.S. residents—suggesting foreign involvement. One of the most prominent participants is Chinese-born crypto entrepreneur Justin Sun, who claims to be the top investor, having committed $20 million to the memecoin as part of a broader $93 million investment in Trump-related crypto ventures.
Sun, the founder of the cryptocurrency network TRON, was previously under investigation by U.S. regulators for alleged market manipulation. However, under Trump-appointed officials, regulators agreed in February to a 60-day pause in the case to pursue a potential settlement. Just weeks before that decision, Sun reportedly purchased $30 million in digital assets from a Trump family-backed venture.
“Honored to support @POTUS and grateful for the invitation to attend President Trump’s Gala Dinner as his TOP fan!” Sun posted on X (formerly Twitter), adding he was eager to “discuss the future of our industry.”
Regulation and Pushback
While some Republicans have voiced unease, most criticism has come from Democrats. Senator Chris Murphy condemned the dinner on Wednesday as an opportunity for the global elite—including “foreign oligarchs”—to secure “secret meetings” with the president.
“It’s fundamentally corrupt—a way to buy access to the President,” Murphy posted on X.
The White House, in response, denied any wrongdoing.
“I think it’s frankly ridiculous that anyone in this room would even suggest that President Trump is doing anything for his own benefit,” said Press Secretary Karoline Leavitt.
“He left a life of luxury and a very successful real estate empire for public service.”
Crypto Regulation Advances
The event coincides with renewed legislative efforts to regulate the crypto industry. On Monday, the Senate advanced the GENIUS Act, a bipartisan bill proposing a regulatory framework for stablecoins—digital tokens pegged to fiat currencies like the U.S. dollar. The bill has gained traction as Trump’s crypto interests have reshaped GOP attitudes toward digital assets.
Trump’s position on crypto has dramatically shifted. Once a vocal skeptic, he embraced digital currencies during his 2024 campaign, capitalizing on support from industry leaders disillusioned by regulatory crackdowns under President Biden.
During Biden’s term, the industry faced major scandals—most notably the collapse of the FTX exchange and the 25-year fraud sentence handed to its founder, Sam Bankman-Fried. Amid the legislative momentum, Bitcoin hit a record high of nearly $109,500 on Wednesday.
Expanding the Trump Crypto Empire
Trump’s embrace of digital currencies has expanded into multiple ventures spearheaded by his sons. These include investments in Binance, a major crypto exchange whose founder is seeking a presidential pardon to return to the U.S. market.
These investments are routed through World Liberty Financial, a Trump family-affiliated firm launched in September. The company has formed significant partnerships in the Middle East and includes Donald Jr., Eric Trump, and Zach Witkoff, the son of one of Trump’s diplomatic advisers, on its founding team.
Additionally, President Trump has signed an executive order establishing a Strategic Bitcoin Reserve—a federal initiative to hold and manage Bitcoin as part of U.S. government assets.
