Hajra Naz
It looked like a big win for the crypto world: top investors in a Trump-linked meme coin getting invited to dinner with the former president at his upscale Virginia golf club. The invite came just as the Senate advanced pro-crypto legislation and Bitcoin prices surged.
But the event, a dinner for the 220 biggest holders of the $TRUMP meme coin, has sparked questions. Critics are asking:
Are anonymous investors basically buying access to Trump through crypto?
Democrats say Trump is using his presidency to benefit his family’s business. Even some Trump-supporting crypto fans are uneasy. They hoped his support would bring credibility to crypto, but his meme coin moves are starting to feel like a distraction.
“It’s distasteful and unnecessary,” said Nic Carter, a pro-Trump investor at Castle Island Ventures. “We’d rather he just focused on passing smart crypto laws.”
Read More: Pakistan to Launch Digital Assets Authority to Regulate $25B Crypto Market
Trump’s Meme Coin Journey
Just days before his second inauguration, at a flashy crypto event near the White House, Trump launched the $TRUMP meme coin. He pitched it as a fun way for his supporters to engage.
Now, meme coins are often seen as the wild west of crypto, joke coins that swing in value and mostly benefit insiders. But this one had a unique “perk”: the chance to meet Trump in person.
The top 25 $TRUMP holders were invited to a private meet-and-greet. The top four even got $100,000 Trump-branded crypto watches.
After an early spike and dip, the coin’s value surged again when the dinner was announced. The Trump Organization, a key partner in the coin’s creation, has already made hundreds of millions in transaction fees.
Melania Trump has her meme coin, and Eric and Don Jr. are launching a crypto mining company. The Trump family also owns a majority stake in World Liberty Financial, which recently rolled out a new stablecoin, USD1.
That project got a major boost when a $2 billion investment deal was announced with a UAE fund buying into Binance using USD 1.
Trump’s Crypto U-Turn
Back in 2019, Donald Trump dismissed crypto, calling it “not real money” and saying it was used for crime. Even after leaving office in 2021, he still wasn’t a fan, calling Bitcoin a “scam.”
That changed in 2024. At a Mar-a-Lago event, Trump heard from deep-pocketed crypto supporters eager to help fund his campaign. Soon after, he began openly backing crypto, even promising to make the U.S. the “crypto capital of the planet.”
Now, many top figures in his administration — including his cabinet and allies like Elon Musk—are loud crypto supporters. Some, like David Sacks, are even leading their crypto policy efforts.
“I’m a big crypto fan,” Trump said during a trip to the Middle East. “Always have been.”
Politics, Power, and Crypto Profits
Crypto donors are now a major force in Trump’s campaign, frustrated by the Biden administration’s tough stance on the industry. Since Trump took office, many lawsuits against crypto firms have been dropped or stalled, including a major one involving crypto mogul Justin Sun.
Sun, who made headlines for eating a $6 million banana-art piece, is the biggest holder of $TRUMP coins and helped fund the Trump family’s crypto ventures. He’s also attending the private dinner.
Still, some in the crypto industry are staying quiet on Trump’s crypto coins, wary of the optics. Coinbase CEO Brian Armstrong declined to comment on Trump’s personal crypto ventures when asked publicly.
Meanwhile, legislation to regulate digital assets is slowly moving through Congress. But some Democrats are trying to delay further progress due to concerns over Trump’s gains.
“No president has ever had this kind of conflict of interest,” said Rep. Stephen Lynch (D-MA).
Read More: Donald Trump Enters Crypto Market with Skyrocketing Launch
Ethics Concerns Grow
The White House directed questions about the guest list to the Trump Organization, which didn’t respond. But several attendees, like BitMart founder Sheldon Xia, have shared their excitement online.
“Proud to support Trump’s pro-crypto vision,” Xia posted.
Ethics experts say the situation is troubling.
“He’s acting like a salesman-in-chief,” said professor James Thurber. “This opens the door for foreign influence, lobbying, and serious conflicts of interest.”
Thurber warns that while Trump’s involvement might help legitimize crypto in the short term, it’s risky.
“Everyone at that dinner could also lose a lot of money.”
