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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 Company Launches Strategic ‘Token Reserve’

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World Liberty Financial (WLF), a cryptocurrency platform with financial backing from President Donald Trump, announced the launch of a strategic token reserve aimed at supporting Bitcoin, Ethereum, and other leading cryptocurrencies. The reserve is designed to mitigate market volatility, enhance investment in decentralized finance projects, and create a well-capitalized foundation for the company. WLF also plans to establish partnerships with financial institutions to contribute tokenized assets to the reserve.

The announcement, posted on X, comes amid a growing interest from Trump and his family in capitalizing on the crypto space. In addition to WLF, the Trump family’s business ventures now include a controlling stake in Trump Media & Technology Group (TMTG), a media and streaming company that recently pivoted to include financial services related to crypto.

Trump’s ventures into the world of crypto also include the launch of the $Trump meme coin just before his presidential inauguration, which reportedly raised millions of dollars, including $100 million in fees alone. WLF’s token sales have already reached an estimated $500 million, according to Reuters.

Trump’s assets are held in a revocable trust managed by his children during his presidency. WLF, which launched two months ahead of the 2024 U.S. presidential election, is controlled by the Trump family, holding a 60% stake in the company and entitled to 75% of revenues and 22.5 billion tokens.

This move follows a surprise appearance by Donald Trump Jr. at the Ondo Summit in New York, where WLF’s founders outlined their vision of bridging the gap between crypto and traditional finance. Trump Jr. emphasized the need for a regulatory framework to allow crypto to thrive, calling it “the future of finance” and vital to maintaining “American hegemony.”