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Trump Hosts $148 Million Meme Coin Dinner, Drawing Global Crypto Elite and Political Backlash

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Wealthy foreign investors gathered at Trump National Golf Club near Washington, D.C., on Thursday for a high-profile dinner celebrating holders of the $TRUMP meme coin, a cryptocurrency backed by the Trump family. The event attracted more than 220 guests from around the world and generated an estimated $148 million in meme coin purchases—fueling both significant profits for a select few and fierce criticism from lawmakers and watchdog groups.

As Donald Trump arrived via Marine One, protestors outside the club decried the event with signs reading “Stop crypto corruption” and “America is not for sale.” Inside, top-25 meme coin holders who spent over $111 million combined were granted VIP access, a private cocktail reception, and luxury gifts, including $100,000 Trump-branded tourbillon watches.

Among the attendees was Justin Sun, a China-born crypto billionaire and the top $TRUMP coin holder, whose $18.5 million wallet earned him first place in the coin contest. Sun is also an adviser to World Liberty Financial, the Trump family’s crypto platform, which—along with an affiliated firm—controls 80% of the remaining $TRUMP coin supply and has earned more than $320 million in fees so far.

A menu posted on social media revealed a lavish meal of filet mignon, halibut, and lava cake served on gold-lettered cards. The event culminated in an after-party dubbed “Meme The Night,” hosted by Singapore-based MemeCore. Its co-founder, “Ice,” secured second place with a $16 million wallet.

Crypto Access Meets Political Outrage

Democratic lawmakers condemned the event as a “crypto grift” with opaque attendee lists and potential national security concerns. Senator Elizabeth Warren called the event “an orgy of corruption,” while Senator Chris Murphy raised alarm over anonymous guests like “Ogle,” a masked crypto security expert and contest winner, whose $3.6 million holding earned him 22nd place.

Republicans, meanwhile, were more measured. Senator Cynthia Lummis, a vocal crypto advocate, said the event gave her “pause,” hinting at discomfort over Trump’s expanding digital asset empire, which now includes a crypto exchange, stablecoin, bitcoin mining, and ETFs.

Winners and Losers

While top holders have profited close to $1.5 billion, analytics firms like Inca Digital and Bubblemaps report that 600,000 smaller wallets have lost a total of $3.87 billion, with $117 million in losses occurring after the dinner announcement. Analysts warn of a steep wealth disparity within the token’s community.

As political scrutiny mounts, Democrats are pushing legislation to ban presidents and lawmakers from owning or promoting crypto products. But with Republicans holding congressional majorities, chances of passing such bills remain slim in the near term.

Despite the controversy, Trump appeared confident during his speech:

“The Biden Administration persecuted crypto innovators. We’re bringing them back into the USA where they belong.”

Senate Democrats Urge Biden to Delay TikTok Ban to Protect U.S. Creators and Businesses

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As the deadline to ban TikTok looms, Senate Democrats are increasing pressure on President Joe Biden to delay the ban and prevent the popular app from going offline in the U.S. on Sunday. Lawmakers argue that millions of creators, businesses, and influencers who rely on TikTok could suffer significant harm if the app is banned prematurely.

Democratic Senator Ed Markey emphasized the need for more time to resolve the issue and avoid a hasty shutdown. “Let’s take a breath, try to step back, buy some time, try to figure this out,” Markey said in a statement on Thursday. Senate Democratic Leader Chuck Schumer has also expressed support for a delay, urging Biden to extend the deadline by 90 days to allow time for an American buyer to take over TikTok’s U.S. operations and avoid disrupting the lives of millions of Americans who depend on the platform.

The deadline was set by Congress in April, following national security concerns over the app’s ownership by Chinese company ByteDance. The Justice Department recently cited concerns about TikTok’s data collection practices, warning that the platform could be used for espionage purposes due to the vast amount of sensitive information it holds about U.S. users.

Despite these concerns, Schumer and other senators argue that additional time is necessary to secure a resolution. “It’s clear that more time is needed to find an American buyer and not disrupt the lives and livelihoods of millions of Americans,” Schumer said.

The White House has indicated that the decision to extend the deadline may fall to the next administration, with Biden’s team previously stating that an extension was not planned. However, with the Jan. 19 deadline quickly approaching, the potential impact of a TikTok shutdown remains a major point of debate among lawmakers.

Senators Markey, Cory Booker, and Chris Van Hollen have written to Biden urging him to grant an extension, warning that without action, TikTok could go dark on Sunday, with serious consequences for the 170 million American users and 7 million businesses reliant on the platform.