25 April 2025 , 20:31
863
0
As Trump cashes in on crypto, critics slam a $350M coin as corrupt and unregulated.
U.S. President Donald Trump will host a private dinner on May 22 for the top 220 holders of his $TRUMP memecoin, with VIP access reserved for the top 25 investors. News of the dinner sent the coin’s value soaring more than 60 percent this week, according to Reuters.
Billed as an “intimate” discussion on the future of cryptocurrency, the event features promotional materials with an AI-generated image of Trump and slogans like “Don’t Miss Out” and “BE PART OF HISTORY!”
Launched in January, the $TRUMP coin has already brought in an estimated $350 million, triggering both investor enthusiasm and political controversy. Trump, once an outspoken critic of cryptocurrency, has increasingly embraced the sector—along with members of his family—by launching meme coins and backing ventures like the crypto exchange World Liberty Financial. His administration has adopted a pro-crypto stance, reversing several Biden-era regulations and establishing a U.S. bitcoin reserve.
The president’s involvement in the cryptocurrency space has drawn sharp criticism from Democratic lawmakers, who accuse him of using public influence for personal gain. Senators Chris Murphy and Adam Schiff called the memecoin effort “brazenly corrupt,” while Sen. Elizabeth Warren criticized Trump for “prioritizing profits over working-class Americans” in a statement to The Guardian.
The Securities and Exchange Commission has so far declined to regulate memecoins, despite their growing popularity and Trump’s financial windfall—further fueling controversy over transparency and oversight.
World Affairs Correspondent