Trump is holding a private dinner tonight for his top 220 buyers of Memocoin.
When Donald Trump embraced blockchain technology during the presidential election, the crypto industry celebrated them finally running to top US offices. They also didn’t expect to win a competitor.
On Thursday, the president will do so host “Gala Dinner” for Trump’s top 220 holders at Virginia golf clubs is an unprecedented blend of public obligations and private business transactions, especially since most participants leave their pseudonyms.
The formal dinner that began at 7pm and required a background check sparked protests from Democrats and ethics experts who pointed to Trump’s family business that launched the coin. control The majority of cryptocurrency holdings and transaction fees. But they are not the only ones to express concern. Trump begged on the trajectory of the campaign and is beginning to express his personal complaints during his first few months.
“It’s a scary look for him, the industry and the country,” said one crypto lobbyist representing major industry companies. luck On the condition of anonymity discussing relationships with highly sensitive clients. “No one really seems to care in the Trump administration.”
“The president works to ensure a good deal for the Americans, not himself. President Trump only acts in the best interests of the American people. That’s why he was overwhelmingly re-elected to this office despite false accusations against him and his years of false accusations against him and his business.” luck.
Memecoin Extravaganza
After denounced Bitcoin as a “scam” just a few years ago, Trump warmed up to the sector while running in his second term. He not only attended crypto industry events in Nashville last summer, including the annual Bitcoin Confaven, but also began developing his own blockchain product with his sons. It reached its peak launch On the weekend before he took office, he was named his own branded memo coin, $ Trump. Memecoin initially spiked to a market capitalization of over $9 billion and then exceeded 80% as Trump entities control 80% of supply and collection transaction fees.
After taking office, Trump continued to release new Crypto products through his family’s blockchain project, World Liberty Financial. boot Just as the House and Senate were moving forward with two bills establishing Stablecoin regulations, its own Stablecoin USD1 used USD1 in late March. But perhaps Trump’s most spectacular move was in his April announcement His price rose nearly 60% in just an hour as his Memocoin top holder was able to join him for dinner. Participants include many foreignersuch as Chinese crypto billionaire Justin Sang, a frequent target for US regulators, raises questions about whether the event is violating keys. Code of Ethics.
Trump’s cryptographic practices have drawn scrutiny from Democrats, including those who previously supported blockchain law. His foray into Stablecoins, particularly the use of USD1, has raised $2 billion investment in Binance by Emirati’s investment company tank Absurd legal outlook in the Senate.
Democrats have introduced legislation that restricts cryptography involvement, including halting transactions, retention, unfair market payments, or halting Trump, under the 2025 cryptographic law.
“There is nowhere about Trump’s blatant disregard and disregard for Trump’s blatant rule of law. luck.
Crypto leaders have publicly supported Trump’s blockchain project and claim to be showing his enthusiasm for the sector, but many still personally acknowledge that Memocoin Dinner is a scar to the industry and could hinder the law. “Trump’s family’s crypto business transactions are really compromising their ability to put in good policies,” said another person near Crypto Lobby. luck On the condition of anonymity.
Crypto Booster Cynthia Lummis (R-Wyo.) said, few Republican policymakers have admitted to awkward positions. NBC Dinner “given her pause,” said someone close to Crypto Lobby. luck Their voiced concerns about David Sachs Bo HinesTrump’s top crypto advisor, but he hasn’t been very successful.
Other lobbyists said that while many in the industry are publicly supporting the president, the dynamics differ behind closed doors, especially after a wave of industry-friendly regulatory action, especially after Trump launches competitive products. “We are all embarrassed and humiliated,” they said. “It’s a very cryptography that makes this happen.”
This story was originally introduced Fortune.com