Donald Trump's Meme Cryptocurrency Enthusiasts Gather for an Exclusive Banquet

On Thursday, enthusiasts of Donald Trump's meme cryptocurrency will gather from across the world for an exclusive banquet held at his private golf club

Thursday will see enthusiasts of Donald Trump’s meme cryptocurrency gathering at his private golf club along the Potomac River, just outside Washington D.C., for an exclusive banquet.

Among the attendees will be Justin Sun, a Chinese-born cryptocurrency mogul, who secured his spot at the dinner by winning a contest with his $18.5 million investment. Sun is also a major investor and an advisor to the Trump family’s cryptocurrency platform, World Liberty Financial, which has generated hundreds of millions of dollars for them.

On Wednesday, Sun shared a video on social media from his visit to the Executive Office Building adjacent to the White House. This comes after the U.S. Securities and Exchange Commission (SEC) recently halted its 2023 fraud investigation into Sun, citing reasons of public interest. Sun has refrained from comments, though he expressed his gratitude for the dinner invitation on X, a social platform. The SEC has also declined to comment.

Investors have poured approximately $148 million into Trump’s meme coin, dubbed $TRUMP, to secure a place at the dinner. The top 25 holders alone have invested over $111 million, as per data from cryptocurrency intelligence firm Inca Digital.

The premier investors will enjoy a private VIP reception with Trump, and the top four will additionally receive an exclusive Trump Tourbillon watch valued at $100,000.

According to blockchain analytics firm Chainalysis, a company controlled by the Trump family and another firm collectively own 80% of the remaining $TRUMP coins. They have amassed $320.19 million in fess, with at least $1.35 million accrued following the dinner announcement.

A analysis of blockchain suggests that more than half of the 220 attendees at this formal event will be from outside the United States.

In reaction to allegations that Trump is leveraging his position to profit from the meme coin, White House spokeswoman Karoline Leavitt stated on Thursday, “The president’s assets are managed in a blind trust by his children. One of the key reasons the American electorate returned him to office is due to his prior success in business before he entered public service.”

Leavitt also emphasized, “The president is attending this event in his personal capacity. It is not an official White House event and it will not take place at the White House.”

The Trump Organization has not responded to inquiries for comments.

Vincent Liu, Chief Investment Officer at Taiwan’s cryptocurrency firm Kronos Research, expressed his anticipation for the event as an opportunity for networking with other major investors and potentially meeting the president himself.

According to Liu, “This level of access is uncommon and showcases how digital assets are becoming mainstream.”

Exclusive Social Gathering

Sheldon Zia, founder of Cayman Islands-based cryptocurrency exchange BitMart, announced on X that he is not only attending the dinner but also an exclusive VIP cocktail reception beforehand and a private VIP tour the next day.

An earlier announcement indicated that the top 25 VIPs would tour the White House, though this detail has since been removed from the official $TRUMP meme coin website (www.gettrumpmemes.com).

Domestic Trump supporters, like 27-year-old New York consultant Vincent Deriu, who owns numerous Trump-branded watches and NFTs, will be attending the dinner for $116,000.

Senior Democratic lawmakers, including California’s Maxine Waters of the U.S. House Financial Services Committee, have introduced a bill titled “Stop The Rug Pulls by Unethical Members and Presidents Act,” aiming to prohibit digital asset ownership by elected officials.

In their press release concerning Trump’s meme coin dinner, these lawmakers voiced concerns about potential foreign influence and corruption within Trump’s cryptocurrency endeavors.

This legislation is part of a series of efforts by Democrats to restrict presidents and Congress members from engaging in cryptocurrency businesses, although their ability to pass such measures is limited with Republicans holding the majority in both the U.S. House and Senate.

Of all Trump family’s cryptocurrency initiatives, which include a crypto exchange, a stablecoin, a bitcoin mining operation, and digital asset ETFs, the meme coin has drawn particularly harsh criticism from Democratic officials and watchdog groups, who argue it represents a new low in presidential ethics.

They criticize the coin for enabling Trump to profit massively from an unregulated sector and potentially attract foreign influence through anonymous transactions.

Even some Trump allies, such as Republican Senator Cynthia Lummis, a staunch supporter of the cryptocurrency sector, expressed reservations about the implications of the dinner event.

Since its launch in January, the $TRUMP meme coin has overwhelmingly benefited large investors, with over 60 significant wallets gaining nearly $1.5 billion. About $48 million of these profits occurred after Trump promoted the contest on social media, according to analyses by Inca Digital and cryptocurrency tracker Bubblemaps as of May 8.

Conversely, around 600,000 smaller wallets have collectively