TRUMP/USD meme coin founder Peter Schiff takes potshots at President Donald Trump's exclusive dinner with the coin's holders

In an X post, Schiff said it should be "illegal" for a U.S. president to charge people to dine with him, in what plainly appeared to be a reference to Trump's gala dinner with the top 220 investors in his meme coin.

Economist Peter Schiff is known for his critical stance on various socio-economic issues, and his recent comments on President Donald Trump's dinner with meme coin holders have sparked discussion. In an X post on Thursday, Schiff expressed his strong opinion on the matter, stating that it should be illegal for a U.S. president to charge people for the opportunity to dine with him.

His post appeared to be a response to the news of Trump's exclusive gala dinner with the top 220 holders of his Official Trump TRUMP/USD meme coin at his private country club. The lavish event, which is set to take place on Friday, will bring together the biggest investors in the meme coin for an evening of fine dining and celebration.

Schiff's comments focused on the ethical implications of such practices by a sitting president. He differentiated between campaign contributions, which he deemed acceptable, and direct payments to the president's personal account, which he found problematic.

"Campaign donations are fine. But not direct payments to the president’s personal account. Nor should a president sell White House tours and pocket the proceeds personally," Schiff elaborated further.

His remarks also touched upon the involvement of the Trump Organization in the meme coin venture and the integration of the president's image and likeness in the project.

"The Trump Organization is an affiliate of the team that launched TRUMP and controls 80% of the token's total supply. The project, which is not a political initiative or investment opportunity, is an expression of support for President Trump's ideals and policies, according to the team."

The news of the dinner has drawn criticism from Democrats and even some pro-Trump crypto enthusiasts, who expressed concerns about potential conflicts of interest and the possibility of shadowy buyers gaining access to Trump through such events.

Meanwhile, the largest holder of TRUMP is said to be cryptocurrency billionaire and Tron founder Justin Sun, who is known for his lavish spending and outlandish ventures.

In a post on X, Sun shared a brief video of Trump arriving at his Virginia golf club in a helicopter on Thursday afternoon, ahead of the planned dinner with his biggest fans and investors.

Trump has denied claims that he is personally benefitting financially from the meme coin venture. The project's website describes TRUMP as a "non-political token" that aims to foster a sense of community among Trump's supporters.

The project's team members, who remain anonymous, stated that the token is not a candidate for any cryptocurrency exchange listing and that there will be no public token sale.

The project's website also mentions plans for a VIP reception and White House tour for the top 25 holders of TRUMP, as well as limited-edition commemorative non-fungible tokens to be distributed to the early adopters of the token.

The project's website and social media channels went dark on Thursday, possibly in preparation for the launch of a new phase of the project or the unveiling of a new initiative by the team.