US President Donald Trump will host a gala dinner for top holders of his TRUMP memecoin despite bipartisan criticism and renewed calls for impeachment.

In a May 5 Truth Social post, Trump announced that he will hold a gala dinner with major TRUMP holders on May 22. The announcement follows multiple US lawmakers expressing concern over the initiative.

US President Donald Trump will host a gala dinner for top holders of his Official Trump (TRUMP) memecoin despite bipartisan criticism and renewed calls for impeachment.

In a May 5 post on X, formerly Twitter, Trump announced that he will hold the gala dinner with major TRUMP holders on May 22. The announcement follows multiple US lawmakers expressing concern over the initiative.

The initiative began with Massachusetts Senator Elizabeth Warren calling on government officials to address questions related to Trump’s memecoin and his media company.

"President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures," a letter co-signed by California Democratic Senator Adam Schiff read.

A call for impeachment over a memecoin

Also in late April, Senator Jon Ossoff expressed support for impeaching Trump during an April 25 town hall, citing the president’s plan to host the dinner for top TRUMP memecoin holders. He said:

Pro-crypto Senator Cynthia Lummis and at least one other Republican in Congress were reportedly also critical of Trump for offering the top holders of his memecoin a dinner and White House tour. Lummis, of Wyoming, reportedly said that the US president offering exclusive access to himself and the White House for people willing to pay for it "gives [her] pause."

In a May 4 post on X, Warren claimed the Trump family’s stablecoin surged in market value due to a "shady crypto deal with the United Arab Emirates," which involved settling the investment using USD1.

This, she argued, raised serious national security concerns and advised against the Senate passing crypto-friendly legislation.

Warren expressed concerns around foreign involvement in the US president’s finances. She also suggested that the Senate should refrain from approving pro-crypto bills:

Related: America's crypto renaissance is already failing; but we can fix it

Warren’s post included a clip from a recent interview during which Trump gave conflicting answers to whether he has profited from the crypto memecoin he launched in January, just days before he reentered the White House.

During the clip, the president claims not to have "even looked" to check whether he profited off his endeavours.

Related: Elizabeth Warren joins call for probe of Trump over crypto tokens

The United Arab Emirates deal

The Massachusetts senator was likely referring to the recent deal that saw Abu Dhabi-based investment firm MGX use USD1 to settle a $2 billion investment in Binance, the world’s largest cryptocurrency exchange.

According to CoinMarketCap data, the stablecoin’s market cap shot up from under $137 million on May 1 to nearly $2.13 billion on May 2.

At the Token2049 crypto event in Dubai on May 1, Eric Trump announced the investment and said the investment firm was using USD1 to settle the investment in Binance.

The stablecoin is a token issued by the Trump Organization’s media company, Trump Media & Technology Group (TMTG). It is pegged to the US dollar and can be used to purchase goods and services on the company’s social media platform, Truth Social.

The initiative faced backlash from US lawmakers, with some calling for an investigation into the matter.

"It raises serious questions about foreign interference in the U.S. election and the president’s willingness to abuse his office for personal gain," said Senator Adam Schiff, a Democrat from California.

"The Senate should not pass any pro-cryptocurrency bills until these issues are resolved."

Senator Jon Ossoff, a Democrat from Georgia, went as far as to say that he would support impeaching Trump over the initiative.

"I think it's clear that President Trump is holding a dinner for the top holders of his Official Trump memecoin and offering them a tour of the White House in exchange for their investment in his new social media platform," Ossoff said during an April 25 town hall.

"This is an abuse of power and an attempt to enrich himself at the taxpayer's expense."

At least one Republican lawmaker, Representative Steve Scalise of Louisiana, also expressed concern over Trump’s initiative.

"I think it gives her pause to have the president of the United States offering exclusive access to himself and the White House for people who are willing to pay for it," Lummis said, according to the outlet.

Scalise reportedly told the president that he was "concerned about the impression it gives."

However, Trump brushed off Scalise’s concerns, saying, "Steve, you're a smart guy. Don't worry about it."

The president’s initiative and the stablecoin have faced scrutiny for potential violations of campaign finance laws and pay-to-play schemes.

The candidates for the 2024 presidential election are required to disclose their campaign contributions and campaign expenditures in detail in regularly scheduled reports.

The president's campaign finance activity is monitored by the Federal Election