The U.S. President Holds Private Dinner Meeting with Crypto Whales, Bipartisan Congress Condemns "Shame of the Constitution"

Original Article Title: Winners of Trump's Memecoin Contest Begin to Gather for Dinner

Original Source: The New York Times

Original Translation: BitpushNews

Source: Bloomberg

On Thursday evening, protesters gathered outside a golf course in Virginia owned by former President Trump, where he planned to hold a private dinner with hundreds of his cryptocurrency buyers. The protesters held signs that read "Fraud Feast," "No Kings," and "No One Is Above the Law," coming together to protest the upcoming dinner at Trump National Golf Club in Sterling, Virginia, where reportedly up to 220 of his family's top cryptocurrency holders purchased the opportunity to meet with the former president.

Prior to the protest outside Trump's private club, a smaller gathering was held at Capitol Hill, where six Democratic lawmakers from both the House and Senate denounced the dinner. Some referred to it as one of the most corrupt acts in American history and demanded Trump disclose the full guest list. "This is the Mount Everest of corruption," said Senator Jeff Merkley of Oregon, who then read an excerpt from the Constitution and cited examples of corrupt schemes by early U.S. presidents. "We must stop this behavior," he said.

Mr. Trump and his business associates announced last month their so-called world's "most exclusive invitation," organizing the event: a competition where participants could win the opportunity to meet the president by purchasing $TRUMP (a cryptocurrency token launched just before Trump took office). The top 220 buyers in the rankings would have dinner with the former president at the golf club, while the top 25 would attend a more intimate cocktail party the following day and visit the White House. Mr. Trump posted on his social media platform Thursday evening, "Heading to Loudoun County, Virginia soon for the cryptocurrency dinner. The United States is a leader in cryptocurrency, Bitcoin, and more, and we will keep that lead!"

During the competition, a leaderboard on Trump's memecoin (dubbed $TRUMP) website allowed cryptocurrency investors to see how much they needed to purchase to improve their ranking and secure a spot. A memecoin is a type of cryptocurrency linked to internet jokes or mascots; it typically serves no purpose other than speculation. However, Trump's token has become a tool for investors, including some overseas investors, to funnel funds to his family. "Keep it up, MAGA baby," a Trump supporter shouted to protesters outside the club as they left on Thursday, as Secret Service officers guarded the entrance.

The White House Press Secretary Caroline Levitt has refuted any allegations of wrongdoing regarding Trump's hosting of a dinner party. "Any insinuation that the President is profiting from the presidency is absurd," Ms. Levitt said at the White House before Trump headed to his golf club. "This President achieved incredible success before serving the country, not only losing wealth but also nearly losing his life. He sacrificed a lot to be here."

However, this response did not leave a lasting impression on the protesters. "It's like a black market scheme," said Ross Fabia, a 66-year-old former federal employee from Arlington, Virginia. "He will use cryptocurrency to line his pockets." The proposal for this dinner party sparked fervor among cryptocurrency executives worldwide, with several attending with a clear intent to influence U.S. policy. This event is unlike any in recent U.S. history—it is not a fundraising event but a gathering arranged by the President's business associates aimed at directly enriching the First Family.

Many guests have vested interests in how the U.S. regulates cryptocurrency. They see this dinner party as a direct opportunity to hear Mr. Trump's opinions and understand how they can expand their businesses in the U.S., as regulations during the Biden era caused many of them to shy away from investing in the U.S.

This week, cryptocurrency billionaire Justin Sun, who operates the Tron platform, announced that he will also attend the dinner party—and he controls the top-ranked account, holding tokens worth over $20 million. Justin Sun was charged with fraud by the U.S. Securities and Exchange Commission (SEC) in 2023 and is also a major investor in another Trump family cryptocurrency venture, World Liberty Financial.

Shortly after Trump took office in January, the SEC temporarily halted its fraud investigation into Justin Su. "I am honored to support the President and grateful for the invitation," Mr. Justin Su wrote on X this week. Some attendees are more low-key entrepreneurs, influencers, or super fans of Trump, willing to spend money for the opportunity to meet the President. "If I can get a selfie, a handshake, or a signature, that in itself is priceless to me," said Vincent Delrio, a 27-year-old consultant ranked 165th on the $TRUMP leaderboard.

A business entity associated with the Trump family holds a significant amount of $TRUMP cryptocurrency and charges a fee each time these tokens change hands. According to the cryptocurrency analysis company Chainalysis, the token has generated at least $320 million in fees to date, shared between the Trump family and their business partners. The race was set up by a company called "Fight, Fight, Fight," established in January and named after Trump's response to the July assassination attempt against him.

Initially operated by Bill Zanke, a long-time business associate of the Trump family, the "Fight, Fight, Fight" website promised a "White House Special VIP Tour" for the top 25 token holders. However, the mention of the White House has been removed from the website, now only promising a "VIP Tour" without specifying the location. Mr. Zanke did not respond to a request for comment. When asked about this change, a senior government official stated that the White House did not arrange any special visits for these cryptocurrency investors and that it was "wholly unrelated" to the memecoin event. However, the official mentioned that the dinner organizers may still take guests on a tour of the publicly accessible East Wing of the White House.

A spokesperson for the Trump Organization also tried to distance the company from the event, stating that they were not involved. However, the Trump family itself benefited from it through a company entity named CIC Digital, and the dinner was held at a golf club they own. California Democratic Congressman Sam Licardo called the dinner an affront to American good governance principles. "There is no politician who could dream up a more appropriate plan to facilitate corrupt actions by foreign individuals than issuing this digital asset that largely conceals the buyers' identities," Mr. Licardo, a member of the House Financial Services Committee who generally supports the cryptocurrency industry, said.

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