Donald Trump to Host Exclusive Dinner for the 220 Largest Holders of the $TRUMP Memecoin

The event has sparked widespread debate over ethics, potential conflicts of interest, and foreign influence in the cryptocurrency world.

Jakarta, pintunews – U.S. President Donald Trump is set to host an exclusive dinner on May 22, 2025, for the 220 largest holders of the $TRUMP memecoin.

The event has sparked heated debate among lawmakers regarding administrative ethics, potential conflicts of interest, and foreign influence in the cryptocurrency domain.

The $TRUMP memecoin was launched in January 2025, just days after Trump announced his plans to run for president again. As part of the token's marketing strategy, it was announced that the 220 largest holders of the $TRUMP token would be invited to a special dinner, with 25 of them getting VIP access.

This announcement led to a 52% spike in the token's price, although it later experienced a significant drop in value.

Data from token tracker TokenPocket shows that the top 220 wallets hold more than 13.7 million tokens, valued at approximately US$174 million (around Rp2.87 trillion). However, the identities of most of these token holders remain unknown, raising concerns about potential foreign influence and lack of transparency.

According to a report by The New York Times, several of the token holders used offshore exchanges like Binance and Huobi, which do not accept U.S. users, strongly suggesting the involvement of foreign nationals.

This scenario raises questions about potential violations of the foreign emoluments clause in the U.S. Constitution, which prohibits officials from accepting gifts or benefits from foreign governments without Congressional approval.

Senator Richard Blumenthal has initiated an ethics investigation regarding this event, while Senator Cynthia Lummis expressed concern over the potential conflicts of interest posed by gifts to memecoin holders.

Moreover, some members of Congress, such as Tom Emmer and Maxine Waters, have called for limiting or banning the involvement of public officials in private cryptocurrency projects.

The controversy surrounding the $TRUMP coin and this dinner has also affected legislative discussions regarding cryptocurrency regulation in Congress.

Some lawmakers, like Maxine Waters, chair of the House Financial Services Committee, have delayed or refused to support legislation related to stablecoins and other digital assets until these administrative and ethical issues are resolved.

This situation highlights the urgent need for a clearer and stricter regulatory framework to prevent potential abuse of power and conflicts of interest in the cryptocurrency world, especially those involving public officials.