President Donald Trump is hosting two crypto-themed dinners this month, sparking concerns from lawmakers about potential conflicts of interest.

On Monday, Trump spoke at a $1.5 million-per-plate “Crypto & AI Innovators Dinner” at his Virginia golf club, which was closed to the press and featured “crypto czar” David Sacks as a guest.

President Donald Trump is hosting two crypto-themed dinners this month, sparking concerns from lawmakers over potential conflicts of interest.

On Monday, Trump spoke at a $1.5 million-per-plate “Crypto & AI Innovators Dinner” at his Virginia golf club, which was closed to the press and featured “crypto czar” David Sacks as a guest. The dinner raised funds for Together PAC, a super PAC that is supporting Trump’s 2024 presidential campaign.

The event also saw the launch of a $TRUMP meme coin, with the top 220 token holders invited for a gala dinner later this month at Trump’s private club. The 25 highest-ranking holders will also be invited to a private reception at the White House.

The minimum investment required for a spot among the top 220 token holders is $10,000, while the 25 highest-ranking token holders will have invested at least $1 million.

The events have drawn backlash from lawmakers who accuse Trump of selling access to wealthy crypto backers. Sen. Elizabeth Warren (D-Mass.) and Rep. Adam Schiff (D-Calif.) warned that the meme coin gala offers “exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures.”

“This isn’t about donuts. It’s about the presidency of the United States,” they said in a letter to the president.

The lawmakers also raised concerns over the Trump-linked stablecoin USD1, which is being launched by a firm co-founded by Trump’s son Eric.

“The Trump family appears to be using crypto to personally profit while legislation that could benefit them advances in the Senate,” the lawmakers said.

Trump’s crypto-themed dinner backlash

The event has reignited debate over transparency in political crypto fundraising, as neither Trump nor his campaign disclosed the identities of top token holders. Watchdog group Accountable. The US called the $TRUMP leaderboard dinner “the most nakedly corrupt self-enrichment scheme in U.S. presidential history.”

“After 18 months of brazenly flouting campaign finance norms, Trump and his cronies have sunk to a new low with this blatant pay-to-play scheme to enrich himself and keep his campaign afloat,” said the group’s president, Sarah Brynjolffson.

Despite the controversy, interest in the $TRUMP token has soared, rising more than 50% after the dinner was announced last month. The token is now up over 400% since its launch in April.

The White House did not immediately respond to requests for comment.

Some Senate Republicans have also expressed concerns over the exclusive dinner and White House tour. Sen. Cynthia Lummis (R-Wyo.), who has been spearheading cryptocurrency regulation in the Senate, said, “This is my president that we’re talking about, but I am willing to say that this gives me pause.”

Sen. Lisa Murkowski (R-Alaska) expressed uneasiness about the event, noting that while Trump is living in the White House, “it’s the people’s house.”

Lummis said Congress needs to regulate standards around using digital assets like meme coins. Senate Democrats have been more critical, with Warren and Schiff expressing “grave ethics and legal concerns” in a letter addressing the dinner. Sen. Jon Ossoff (D-Ga.) suggested the potential for impeachment over the meme coin dinner, while Sen. Cory Booker (D-N.J.) called it a “violation of the Constitution.”

The controversy comes as the Senate is set to take up bipartisan legislation to establish a regulatory framework for stablecoins. The Senate Banking Committee voted last month to send the legislation to the full Senate.