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3d ago

Trump's Crypto Fundraising Efforts Face Growing Ethics and Legislative Challenges

With a $1.5M-per-plate dinner concluded and a blockchain-based gala ahead, scrutiny mounts over insider profits, foreign influence, and regulatory implications.

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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Trump Has Raised Nearly $1 Billion From His Various Cryptocurrency Schemes
Photo illustration: Sarah Grillo/Axios. Photo: Anna Moneymaker/Getty Images

Overview

  • President Trump hosted a $1.5 million-per-plate 'Crypto & AI Innovators Dinner' on May 5, featuring crypto advisor David Sacks, raising millions for MAGA Inc.
  • A blockchain-based contest will determine attendees for a May 22 gala, granting access to the top 220 holders of the $TRUMP meme coin, with VIP perks for the top 25.
  • Watchdog groups and lawmakers criticize the $TRUMP token scheme as a self-enrichment mechanism, with 80% of the token supply controlled by Trump-affiliated entities, generating over $324 million in trading fees.
  • Freight Technologies Inc. filed SEC paperwork to purchase up to $20 million in $TRUMP tokens to secure access to the May 22 dinner, highlighting corporate use of the fundraising strategy.
  • Congressional Democrats have withdrawn support for bipartisan stablecoin legislation, citing concerns over corruption, foreign influence, and national security risks tied to Trump's crypto ventures.