President Donald Trump's Latest Cryptocurrency Venture Has Drawn Both Financial Gains and Ethical Scrutiny

President Donald Trump’s latest cryptocurrency venture has drawn both financial gains and ethical scrutiny.

The president’s $TRUMP meme coin announced a special dinner for its top token holders, leading to a surge in the coin’s value and sparking controversy over the monetization of presidential access.

The $TRUMP token’s website announced on Wednesday that the top 220 token holders would be invited to dinner with President Trump at his Washington-area golf club on May 22.

The event, described as “black-tie optional,” will also include a reception for the top 25 holders, followed by a “VIP White House Tour” the next day.

Announced on Wednesday, the event will see the top 220 token holders invited to dinner with President Trump at his Washington-area golf club on May 22. Described as "black-tie optional," the event will also include a reception for the top 25 holders, followed by a "VIP White House Tour" the next day.

The announcement sent the token's value soaring by more than 50%, boosting its total market value to $2.7 billion. According to blockchain data company Chainalysis, the president and his allies have already collected nearly $900,000 in trading fees in just two days following the dinner announcement.

"This administration is engaging in pay-to-play corruption, selling access to the highest office in the land," Democratic Senators Elizabeth Warren and Adam Schiff said in a joint statement.

"We’re calling on the OGE to open an immediate investigation into this pay-to-play scheme and to take any and all steps necessary to ensure that President Trump isn’t selling government service for personal gain."

The $TRUMP token launched in January, shortly before Trump's inauguration. According to the project's website, approximately 80% of the token supply is controlled by the Trump Organization and affiliates, with most locked under a three-year vesting plan.

The Trump family's involvement in cryptocurrency extends beyond just the $TRUMP token. Following its launch, First Lady Melania Trump introduced her own token - $MELANIA - which briefly reached a market value exceeding $2 billion before declining alongside $TRUMP.

In addition to these meme coins, the family backs World Liberty Financial, a decentralized finance venture that has reportedly raised $550 million through token sales since October 2024. According to documents reviewed by CNBC, a Trump-affiliated entity is entitled to 75% of net revenue from this project.

These crypto ventures represent a sharp reversal from Trump's first term, during which he expressed opposition to digital assets. However, during his 2024 campaign, Trump repositioned himself as a champion of cryptocurrency, contrasting Democrats with what he claimed was their hostility to innovation and supportive stance on tighter regulation.

Since taking office, Trump's administration has weakened regulatory oversight of cryptocurrency. Shortly after the launch of the $TRUMP and $MELANIA tokens, the SEC issued guidance stating that meme tokens don't qualify as securities, effectively shielding the projects from immediate regulatory scrutiny.

While crypto supporters have expressed enthusiasm for these ventures, critics say they raise ethical concerns.

"This isn't an illegal campaign finance contribution, but it does breach norms,” said Delaney Marsco from the Campaign Legal Center to NBC News.

“The criminal conflicts of interest statutes don't apply to the president. This has allowed him to go against decades of norms that every modern president since Carter has adhered to."

The $TRUMP token was set to begin unlocking a major tranche of insider-held tokens this month. However, the token's official X account announced that all major unlocks, including the initial cliff and the next three months of daily vesting, would be delayed by an additional 90 days.

Currently, only 20% of the $TRUMP token supply is available for trading. The remaining 80%, held by insiders, remains locked under the extended vesting schedule, with tokens set to be released incrementally over time.

According to Chainalysis, the main wallet behind $TRUMP has already earned more than $350 million in USDC, a dollar-pegged stablecoin, by acting as a market maker and collecting fees on trades.

Sen. Jon Ossoff has joined the criticism, calling for Trump's impeachment over the controversial dinner invitation. However, with Republicans controlling both the White House and Congress, and the OGE director appointed by Trump himself, these demands for accountability are unlikely to gain traction.

The $TRUMP token website displays an active leaderboard showing the usernames of top buyers, though crypto researcher Molly White notes that it only shows screen names, making it difficult to identify who might join the dinner.

Senators Schiff and Warren have cited reports showing that some $TRUMP investors have ties to foreign exchanges or received funds from crypto platforms