Donald Trump hosts an exclusive dinner for buyers of his $TRUMP meme coin

An exclusive dinner for buyers of President Donald Trump's $TRUMP meme coin is set to take place at his private country club near Washington, D.C.

A small group of buyers of President Donald Trump's $TRUMP meme coin will enjoy an exclusive dinner at his private country club near Washington, D.C. on Wednesday evening. Among the attendees is Justin Sun, a well-known entrepreneur in the crypto industry, who has made the largest publicly disclosed investment of $18.5 million.

In total, investors put up about $148 million for a chance to attend the event, while the 25 largest holders invested $111 million. These top investors will have dinner with Trump and receive luxurious watches.

Discussion over the event's ethical implications led to a proposed legislative bill from senior Democratic lawmakers.

The event at Trump National Golf Club in Bedminster, New Jersey, is part of a broader integration of political and economic figures into the burgeoning Web3 space.

This integration has sparked debate over the potential for political leveraging of the largely unregulated crypto sphere.

A White House spokeswoman defended Trump, saying his assets are held in a blind trust.

"The president is not involved in the family business, and any reporting to the contrary is incorrect," she said.

However, the event at the Trump Organization property is noteworthy given the rapid profitability of the Trump family's crypto endeavors and the potential for major investors to benefit from their political connections.

The $TRUMP coin, launched in December, is a version of the Trump-branded meme coin that sold out quickly. The coin, which is not affiliated with any government agency, went on sale for 1 ETH (ether), a cryptocurrency, for 100 $TRUMP coins.

After the coin sold out, the price on secondary markets rose rapidly, granting major investors significant gains.

A copy of an email invitation to the event seen by Reuters shows that the top 25 investors in the $TRUMP coin were invited for dinner with Trump at the country club.

The email also mentions a special edition watch designed for the occasion, with the top 10 investors receiving a platinum watch and the remaining top 25 investors receiving a gold watch.

The email, written in Mandarin, was sent to several members of an online group focused on the $TRUMP coin, TripleA.

The group's administrators declined to comment on the event or the identities of the investors.

However, public blockchain data shows that the largest investment in the $TRUMP coin was made by an account associated with Sun, a prominent figure in the crypto industry, known for his role at blockchain company Tron.

Another large investment, of 15 ETH, came from an account associated with a crypto fund called StarChain.

The email also mentions that the U.S. Congressmen are planning to propose a new bill to ban government officials from investing in cryptocurrencies.

This proposal follows a statement by senior Democratic lawmakers, who expressed concern over the event and the potential for conflicts of interest.

"It is completely inappropriate for a former president to be hosting an event like this, especially when it is being covered by the U.S. media and lawmakers are planning to propose a new bill based on this event," said one Democratic lawmaker, who did not want to be named.

"It seems like they are trying to use their political influence to benefit from the crypto market."

The lawmakers' statement comes amid growing scrutiny of the Trump family's business dealings, particularly in the wake of the January 6th Capitol riot.

Some critics have accused Trump of using his political office to enrich himself and his family members.

"President Trump has a long history of abusing his power for personal gain," said one anti-corruption group in a statement.

"It is no surprise that he would use his former office to try and drum up interest in a meme coin that he and his family are investing in."

The Trump Organization did not immediately respond to a request for comment.