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2w ago

Trump Finalizes Guest List for $TRUMP Coin Gala Amid Ethics and Foreign Influence Concerns

The top 220 $TRUMP coin holders, including wallets linked to foreign nationals, secure access to a May 22 dinner with President Trump, intensifying scrutiny over conflicts of interest and regulatory gaps.

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President Donald Trump eats lunch with his cabinet and the Prime Minister of Italy in April.
FILE PHOTO: Donald Trump, who was then Republican presidential candidate, gestures at the Bitcoin 2024 event in Nashville, Tennessee, U.S., July 27, 2024. REUTERS/Kevin Wurm/File Photo/File Photo
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Overview

  • The top 220 time-weighted holders of the $TRUMP meme coin, totaling $160 million in holdings, have been invited to a gala dinner with President Trump on May 22, with the top 25 gaining VIP access.
  • Blockchain analysis reveals that 18 of the top 25 $TRUMP holders are linked to foreign exchanges, raising concerns about anonymous foreign influence on the U.S. president.
  • Ethics experts and Democratic lawmakers have criticized the initiative as a conflict of interest, with Senator Richard Blumenthal opening an ethics inquiry and others proposing legislation to bar officials from profiting off memecoins.
  • The $TRUMP coin’s value has seen volatile trading, peaking at $75 before falling to $7.50 and stabilizing around $14, with large investors profiting $1.5 billion while retail holders have lost $3.9 billion.
  • The Trump family controls 80% of the coin’s supply and has collected over $320 million in fees, further fueling allegations of self-enrichment and corruption.