Trump Hosts Crypto-Themed Gala Dinner at His Washington-Area Golf Club Thursday Evening

The White House press secretary defended President Donald Trump's hosting of a crypto-themed gala for investors of his meme coin at his Washington-area golf club Thursday evening

"The president is abiding by all conflict-of-interest laws that are applicable," press secretary Karoline Leavitt said Thursday in response to a question about if anyone in the administration had advised against the dinner. "The American public … fully believe it's absurd for anyone to insinuate that this president is profiting off of the presidency. This president was incredibly successful before giving it all up to serve our country publicly. And not only has he lost wealth, but he also almost lost his life."

The scene outside the Trump National D.C.

President Donald Trump announced the creation of the $TRUMP meme coin at a Crypto Ball days before he took office in January. A Trump Organization affiliate, CIC Digital LLC, and a second organization, Fight Fight Fight LLC, collectively own 80% of the token, its website states.

Meme coins are more often created as a joke, capitalizing on the popularity of a celebrity or a meme, but $TRUMP offered its biggest investors the opportunity to receive "the most EXCLUSIVE INVITATION in the World" to Thursday's gala. The black-tie-optional event was promoted on its website as a chance for 220 attendees to hear Trump speak about the future of crypto. The top 25 holders of the digital asset — which like the 220 attendees, was determined by a leaderboard of average holdings for three weeks ending on May 12 — were also invited to a reception before the dinner with Trump and a separate "Special VIP Tour," the site notes.

The former president even touted the dinner on his social media site, Truth Social, earlier this month with an image of himself — fist raised — and the phrase "Fight, Fight Fight."

Leavitt fielded several questions from reporters about the gala during Thursday's press briefing.

"All of the president's assets are in a blind trust, which is managed by his children," Leavitt responded, when asked if the gala was a way for the president to enrich himself through the office. "I would argue one of the many reasons that the American people reelected this president back to this office is because he was a very successful businessman before giving it up to publicly serve our country."

She was also asked if Trump would release the list of attendees to the public, and responded that she would bring the request to Trump.

"The president is attending it in his personal time," Leavitt said. "It is not a White House dinner. It is not taking place here at the White House."

Watchdog groups and Democrats have condemned the gala and the cryptocurrency token — which had generated more than $320 million in fees for its creators from its launch until the beginning of May, according to the blockchain analysis firm Chainalysis — as a conflict of interest. Public Citizen, a progressive advocacy organization, also planned to protest outside the event Thursday night.

"Trump’s crypto dinner is a pay-to-play scheme to provide access to the Presidency to the highest bidder—even if the highest bidder happens to be a foreign national who was sued by the SEC for fraud," Sen. Richard Blumenthal wrote on X.

Blumenthal was referring to crypto billionaire Justin Sun, who was charged by the U.S. Securities and Exchange Commission with fraud and other securities law violations in 2023. Federal officials asked a judge to pause the case in February and then asked for an additional 60 days to hash out an agreement with Sun on April 28, according to court filings.

"Honored to support @POTUS and grateful for the invitation from @GetTrumpMemes to attend President Trump’s Gala Dinner as his TOP fan!" Sun said in a post on X.

"As the top holder of $TRUMP, I’m excited to connect with everyone, talk crypto, and discuss the future of our industry."