Sens. Adam Schiff and Elizabeth Warren Demand Investigation into Trump's Meme Coin Dinner

Sens. Adam Schiff (D-CA) and Elizabeth Warren (D-MA) said the dinner proved Trump may be engaging in “pay-to-play corruption.”

Sen. Adam Schiff (D-CA) and Sen. Elizabeth Warren (D-MA) are raising concerns over former President Donald Trump's plans to host a private dinner with the top 20 holders of his meme coin. In a letter to the Office of Government Ethics (OGE), they've accused him of exploiting his name and the presidency for financial gain, potentially breaching federal ethics laws.

Their accusations stem from Trump's decision to host the small group of meme coin holders for dinner at Mar-a-Lago on Wednesday evening. The move comes amid a broader discussion on the boundaries between politicians' personal and professional lives, especially concerning the potential for foreign interference.

Sen. Schiff and Sen. Warren expressed worries that Trump could be illegally selling presidential access, particularly to Chinese nationals who have no public interest in attending the dinner but rather "evident material and/or financial interest in federal action by the United States."

"The prospect of foreign actors using a meme coin as a vector to buy influence with President Trump and his associates without needing to disclose their identities publicly is troubling," they wrote.

The senators also requested information on whether there are any provisions to prevent individuals under federal investigation, foreigners, or those seeking pardons from investing in Trump's meme coin and other financial ventures to gain political influence.

"We are concerned that the meme coin investment provides a unique and troubling avenue for foreign actors to interfere in U.S. government affairs and institutions," they wrote.

The meme coin, launched in December, was sold in the final days of Trump's presidency. Around 200 million coins were made available to the public, with the remainder being reserved for Trump himself.

The coin quickly gained attention online, and its value fluctuated significantly in the days following its launch.

In a statement announcing the dinner, Trump said he was looking forward to "a pleasant and productive evening" with the meme coin holders.

"We will be discussing many important topics, including the future of our country and the best ways to keep America safe and prosperous," he said.

The White House did not immediately respond to a request for comment.