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3h ago

Trump Hosts $1.5M Crypto Fundraiser as Ethics Concerns Intensify

The president's use of a $TRUMP meme coin and blockchain contests for fundraising has drawn scrutiny over potential conflicts of interest and foreign influence risks.

FILE - Then Former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP Photo/Mark Humphrey, File)
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Overview

  • President Trump hosted a $1.5 million-per-plate 'Crypto & AI Innovators Dinner' on May 5, featuring David Sacks, a prominent crypto and AI policy advisor.
  • A second event on May 22 at Trump National will grant access to top $TRUMP token holders, with the top 25 receiving exclusive VIP perks and a White House tour.
  • The $TRUMP meme coin, launched in January, has generated over $324 million in trading fees, with 80% of its supply controlled by Trump-affiliated entities.
  • Ethics watchdogs and lawmakers have raised concerns about pay-to-play dynamics, pseudonymous crypto transactions, and potential foreign influence on U.S. politics.
  • Trump has denied personal financial benefit from the $TRUMP token, though critics highlight its alignment with his administration's pro-crypto policies and regulatory shifts.