唐纳德·特朗普（Donald Trump）将在今晚的晚会上接待他的加密货币的顶级持有人

尽管总统称$ trump soken“其中最伟大的所有人！！！！！！！！！！！！！！！！！！！！

Donald Trump will host the top holders of his cryptocurrency at a gala on Monday evening at his private golf club near Washington DC, despite the fact that nearly half the gala’s guests appear to have sustained losses from purchasing the coin, according to a Guardian analysis.

根据《卫报》的分析，唐纳德·特朗普（Donald Trump）将在周一晚上在华盛顿特区附近的私人高尔夫俱乐部举行的加密货币的顶级持有人，尽管事实上，庆祝活动的客人似乎将几乎一半的客人似乎因购买硬币而遭受了持续的损失。

The attendees are winners of the US president’s meme coin competition. Last month, Trump announced that the 220 crypto wallets with the largest holdings of $Trump between 23 April and 12 May would win a ticket to a private dinner at the Trump National golf club. The top 25 holders would also be invited to a “Private VIP Reception” with the president beforehand. The news caused the coin to spike more than 50%.

与会者是美国总统模因硬币竞赛的获胜者。上个月，特朗普宣布，在4月23日至5月12日之间，特朗普最大的股份最大的加密钱包将在特朗普国家高尔夫俱乐部赢得私人晚宴的票。前25名持有人还将被邀请与总统事先与总统举行“私人VIP接待”。这一消息导致硬币飙升超过50％。

Buyers were ranked by their “time-weighted” holdings, which reached 11.3m coins – worth approximately $148m in total as of 12 May. Snapping up the coin propelled entrants to the top of the leaderboard. However, the Guardian’s analysis of crypto wallets on the Solana blockchain suggests that many have been burned along the way.

买家的“时间加权”持有量为1,130万硬币，截至5月12日，总计约1.48亿美元。将硬币驱动的参赛者捕捉到排行榜顶部。但是，监护人对索拉纳区块链上加密钱包的分析表明，许多人一路上都被烧毁了。

Of the 220 winners, 95 – some 43% – have suffered a net loss from purchasing $Trump since the coin’s January launch, a combined $8.95m, according to trading history and portfolios as of 21 May.

截至5月21日，贸易历史记录和投资组合显示，自硬币1月份发射以来，在购买$ 43％的220名获奖者中，购买了$ 43％的特朗普净亏损，总计895万美元。

A contestant under the username “GAnt” appears to have endured the biggest losses. Despite placing fourth on the leaderboard, buying the tokens has led to a $1.06m shortfall. Similarly, user “Meow” is down $621,000, despite achieving VIP status.

用户名“ Gant”下的参赛者似乎遭受了最大的损失。尽管在排行榜上排名第四，但购买代币仍导致了106万美元的缺口。同样，尽管达到了VIP状态，但用户“ Meow”下跌了621,000美元。

This aligns with a broader trend: it’s believed that 764,000 wallets – mostly belonging to small holders – have lost money on $Trump, according to data from the cryptocurrency and blockchain analysis firm Chainalysis. Meanwhile, just 58 wallets have made more than $10m each on their purchases of the coin, per Chainalysis. The cryptocurrency is trading 68% below its all-time high when it peaked the day before the president’s inauguration.

这与更广泛的趋势相吻合：根据加密货币和区块链分析公司链分析的数据，人们认为，有764,000个钱包（主要属于小持有人）在特朗普上损失了钱。同时，通过链分析，只有58个钱包在购买硬币的购买中赚了超过1000万美元。当总统就职前一天达到顶峰时，加密货币的交易低于其历史最高水平。

About 40% of the gala attendees own less than one $Trump token. Among them are buyers who purchased the coin during its initial days of hype and then dumped it when the price hit its zenith. User “UVIL”, for example, profited more than $7m from the president’s coin, followed by “boop” and “Woo”, both earning more than $2m, respectively, according to the Guardian’s analysis. Dinner ticket winners shelled out between $55,000 and $37.7m to attend, with the price of one seat averaging out to $1m, according to data from the blockchain analytics company Nansen published by NBC.

大约有40％的晚会参与者拥有不到$ $的特朗普令牌。其中包括买家在炒作的最初几天购买硬币，然后在价格达到顶峰时将其丢弃。根据《卫报》的分析，用户“ uvil”从总统的硬币中获利了超过700万美元，随后是“嘘声”和“沃”，分别收入超过200万美元。根据NBC出版的区块链分析公司Nansen的数据，餐桌获奖者的参加在55,000至3770万美元之间，其价格为100万美元。

Attendees are thus not necessarily current owners of the Trump coins, but “people who pumped and dumped them”, said James Angel, a professor of financial regulation at Georgetown University. “It just shows that, when you elect a clown, you get a circus.”

因此，乔治敦大学金融监管教授詹姆斯·安吉尔（James Angel）说，与会者不一定是特朗普硬币的现任所有者，而是“抽水并抛弃他们的人”。 “这只是表明，当您选举小丑时，您会得到一个马戏团。”

The Guardian’s calculations assume transfers in and out of wallets were sales at market prices from the time, although this is not possible to prove for all transactions.

监护人的计算假设从钱包进出钱包的转移是从当时以市场价格销售的，尽管这是所有交易都无法证明的。

The Trump administration is not directly involved in administering $Trump. However, the president may profit from token sales and trading fees. Trump-affiliated entities – notably CIC Digital LLC and Fight Fight Fight LLC – issued the coin and own 80% of its supply, which will be gradually unlocked throughout his term. These entities also made $320m in trading fees as of 6 May, according to data from Chainalysis, published byCNBC.

特朗普政府没有直接参与管理特朗普的管理。但是，总统可以从代币的销售和交易费中获利。特朗普附属实体 - 特别是CIC Digital LLC和Fight Fight Fight LLC-发行了硬币，并拥有其80％的供应，这将在他的整个任期内逐渐解锁。根据链条分析的数据，这些实体还截至5月6日缴纳了3.2亿美元的交易费用。

The Trump Organization did not immediately respond to a request for comment.

特朗普组织没有立即回应置评请求。

The president lauding high-risk and opaque assets coincides with a wider easing of financial regulation. Until recently, the Securities and Exchange Commission viewed most cryptocurrencies as securities, not commodities. But under new leadership, the regulator issued guidance stating that meme coins are “akin to collectibles” and thus “neither meme coin purchasers nor holders are protected by the federal securities laws.” On that view, $Trump sales are not subject to the same disclosures required of stocks or bonds, nor would the president’s affiliates be considered unregistered issuers of securities.

总统称赞高风险和不透明的资产与更广泛的金融法规相吻合。直到最近，美国证券交易委员会将大多数加密货币视为证券，而不是商品。但是在新的领导下，监管机构发布了指导，指出模因硬币“类似于收藏品”，因此“模因硬币购买者和持有人都不受联邦证券法的保护”。根据这种观点，特朗普的销售额不受股票或债券所需的披露的约束，总统的分支机构也不会被视为未注册的证券发行人。

Despite the SEC’s view, experts say the unique conditions of this particular meme coin may justify securities classification regardless.

尽管SEC的看法是，专家们说，这种特定模因硬币的独特条件可以证明证券分类是合理的。

Corey Fraye, the director of investor protection for the Consumer Federation of America, a non-profit, believes that $Trump could pass the Howey test – the legal framework used to determine whether a transaction qualifies as an investment contract under securities laws.

非营利性美国消费者联合会投资者保护总监科里·弗雷（Corey Fraye）认为，特朗普$ trump可以通过Howey测试 - 用于确定交易是否有资格作为证券法律的投资合同。

“The promotion of these tokens to a reasonable investor would create an expectation of profit related to this entire scheme that they think they’re buying into,” Fraye said.

弗雷说：“将这些代币推广到合理的投资者将产生与他们认为他们正在购买的整个计划相关的利润的期望。”

Moreover, the fact that Trump-affiliated entities own the majority of the supply, combined with

此外，特朗普附属实体拥有大部分供应的事实，结合