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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.”

Trump’s Crypto Ties Disrupt Bipartisan Push for U.S. Digital Asset Regulation

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Tensions over Donald Trump’s growing cryptocurrency ventures spilled into Capitol Hill this week, jeopardizing hopes for a bipartisan breakthrough on U.S. digital asset legislation in 2024. A scheduled joint hearing between the House Financial Services and Agriculture Committees was effectively canceled after Representative Maxine Waters objected, citing ethical concerns tied to Trump’s crypto dealings.

Trump’s ventures include $Trump, a meme coin launched in January, and World Liberty Financial, a crypto firm partially owned by him. Both have sparked criticism over potential conflicts of interest, especially given Trump’s vocal support for deregulating the crypto industry and his campaign efforts to attract donations from crypto stakeholders.

Waters accused Republicans of turning a blind eye to what she described as “Trump’s abuse of power”, stating, “I cannot in good faith agree to such a hearing to discuss crypto market structure” under those circumstances. Her objection derailed a session that was expected to shape the first-ever comprehensive U.S. regulatory framework for digital assets.

Republican committee chair French Hill expressed frustration, saying Waters’ move introduced unnecessary partisanship into what had been a bipartisan effort.

The White House responded, with Deputy Press Secretary Anna Kelly asserting there is no conflict of interest, emphasizing that Trump’s assets are managed by his children through a trust. “President Trump is dedicated to making America the crypto capital of the world,” she added.

The controversy casts doubt on the future of other crypto-related legislation, including a key stablecoin bill that would regulate cryptocurrencies pegged to traditional assets like the U.S. dollar. The bill was once seen as a legislative priority, but Democrats are now resisting over concerns about weak anti-money laundering measures and the use of a World Liberty Financial stablecoin in a $2 billion deal with a UAE-based firm investing in Binance.

While Republicans — who hold a Senate majority — may still pass the bill, growing division risks undermining the crypto industry’s narrative that regulation can be a bipartisan success story.

US Firms Seek Approval for Trump Meme Coin ETFs

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Two asset management firms, REX Advisers and Osprey Funds, have filed with the U.S. Securities and Exchange Commission (SEC) to launch seven cryptocurrency exchange-traded funds (ETFs) tied to the newly launched $TRUMP meme coin, alongside other digital currencies like DOGE, BONK, Solana, and Ripple’s XRP.

Key Points:

  • New ETFs Proposal: The filings aim to introduce ETFs connected to the $TRUMP coin, which was launched by former President Donald Trump, and other popular meme coins such as DOGE and BONK. The proposed ETFs would also include established tokens like Solana and XRP.
  • Regulatory Challenge: The filings come as the SEC embarks on an overhaul of its crypto policies, led by a crypto-friendly leadership. The decision will showcase how far the SEC is willing to go in approving new, high-risk crypto-based products.
  • Market Volatility: $TRUMP, the new meme coin, has experienced dramatic price swings, ranging from $10 to $74.59 on launch day, and settling around $44. The filings note the high volatility and uncertainty of the market, which may pose risks for investors.
  • Industry Reactions: Todd Sohn, ETF strategist at Strategas, commented that the crypto market is akin to the “wild west” due to its rapid growth and esoteric products, although he expressed skepticism about how many of these products will win SEC approval.