A high-profile dinner hosted by President Donald Trump for top investors in his $TRUMP meme coin has sparked outrage among lawmakers, prompting calls for a formal Department of Justice investigation into its legality and ethics.
Democrats Raise Alarm Over Foreign Access and Crypto Influence
Congressmen Sean Casten (IL-06) and Adam Smith (WA-09), along with 35 House Democrats, submitted a letter to the DOJ on May 22, urging it to investigate whether the gala violates federal anti-bribery statutes or the Constitution’s Emoluments Clause.
“The President is offering access in exchange for crypto holdings,” the lawmakers wrote. “This is a clear conflict of interest and opens the door for foreign actors to gain influence in U.S. policy.”
The concerns stem from news that Tron founder Justin Sun—previously charged by the SEC—has claimed to be the largest investor in the $TRUMP coin, raising fears of foreign manipulation.
Exclusive Dinner Draws Ethics Concerns
The event, held at Trump’s golf club near Washington, offered exclusive access to the top 220 $TRUMP holders, with the top 25 invited to a VIP session and private tour with the President.
Critics argue this event dangerously blurs the line between private gain and public office, particularly given its ties to anonymous crypto investments.
Waters Moves to Rein in Crypto Power in Politics
In response, Rep. Maxine Waters (D-CA) introduced legislation to bar public officials from holding significant stakes in digital assets. Her “Stop Crypto Corruption Act” would aim to prevent situations like the $TRUMP coin gala from becoming normalized.
While the bill faces uncertain prospects, Democrats are determined to confront what they view as unethical use of political power to benefit personal crypto ventures.
