It’s Not a Surprise When Money Begets Access to Political Leaders, But Usually, There’s at Least a Facade

It’s not exactly a surprise in American politics when money begets access to political leaders, but usually, there is at least a facade that makes it appear slightly less transactional than it is.

American politics is often described as a strange brew of money and influence, with the line between the two sometimes blurring in interesting ways. In a move that has sparked debate among Democrats, former President Donald Trump is offering a private dinner to the top 220 holders of his meme cryptocurrency, $TRUMP.

As reported by CNBC, Senators Adam Schiff and Elizabeth Warren have expressed concerns that this arrangement may violate federal ethics rules. The senators sent a letter to the U.S. Office of Government Ethics on Friday, detailing their worries.

"This latest action raises grave ethics and legal concerns, including the severe risk that President Trump and other officials may be engaging in 'pay to play' corruption by selling presidential access to individuals or entities, to include foreign nationals and corporate actors with vested interests in federal action, while personally enriching the President and his family," the senators stated in the letter.

The Trump administration did not respond to requests for comment from CNBC.

The meme cryptocurrency, which is sold in units called "coins," is currently priced at $14.38. Top 220 holders of the coin will be invited to a private dinner with Trump on May 22, while the top 25 holders will also receive a VIP reception and tour. At the dinner, Trump will be discussing "the future of crypto."

The announcement of the dinner has led to a surge in the price of the coin, which had been trading at $9.99 earlier this week. The coin's value has now risen by nearly 60% since the beginning of the year, reaching a high of $75.35 the day before Trump took office.

The coins are primarily held by two entities: CIC Digital, an affiliate of the Trump organization, and Fight Fight Fight LLC, which is co-owned by CIC Digital. Together, they hold about 80% of all Trump coins and also "receive trading revenue derived from trading activities," according to the Trump Coin site.

This arrangement could create opportunities for crypto bigwigs or foreign actors to gain access to the former president. They could, hypothetically, invest a few million dollars in the meme coin, which is not subject to oversight by the SEC, and secure a place at the dinner table.

The senators' concerns stem from the fact that Trump's actions may violate the federal government's ethics rules, which prohibit government officials from using their public office for private gain.

"The potential for corruption is clear and present. We urge you to quickly investigate this matter and take any necessary steps to ensure that President Trump and other officials are complying with the federal government's ethics rules," the senators concluded in their letter to the OGE.