Trump-Sponsored Cryptocurrency Contest Offers Top Investors a Private Dinner with the President
On Monday, the top 220 investors in a Trump-backed cryptocurrency known as $TRUMP were announced as winners of a unique prize: the opportunity to attend a private dinner with former President Donald Trump. The event, scheduled for May 22 in Washington, D.C., marks the culmination of weeks of promotion around the meme coin contest. However, the initiative has drawn significant criticism, with concerns that Trump is leveraging his political influence to benefit his family business while opening doors to potential foreign influence.
The $TRUMP coin was launched in mid-January and quickly gained traction among investors, reaching a market capitalization of over $2 billion. According to Reuters, a substantial portion of the cryptocurrency is held by a company associated with the Trump family and another unnamed entity. Critics, including Democrats, ethics watchdogs, and the U.S. Securities and Exchange Commission, have voiced alarm over the potential for corruption and conflicts of interest.
A statement posted on the official $TRUMP coin website on Monday read: “Congratulations! If you’re ranked in the top 220, we will contact you within the next 24 hours. Please check your inbox (and spam folder). We’ll call you with the official invitation and details for the Trump dinner.” The message confirmed that Donald Trump will personally attend the dinner, which is set to take place at Trump National Golf Club in Virginia. Additionally, the top 25 investors will be treated to a “super-exclusive VIP reception” with the former president.
While the leaderboard of coin holders is publicly visible, it only displays usernames and cryptocurrency wallet numbers, leading to widespread speculation about the identities and motivations of the top investors. Concerns have been raised about potential political and economic interests hidden behind anonymous accounts.
An analysis by Bloomberg revealed that many of the top $TRUMP coin holders used foreign cryptocurrency exchanges, some of which prohibit access by U.S. residents. This has intensified fears that foreign actors could use the token as a backdoor to gain influence over the former president. Senator Richard Blumenthal of Connecticut has initiated an ethics investigation into the matter. In a letter to Bill Zanker—whose name appears in the registration documents for Fight Fight Fight LLC, the company sponsoring the token—Blumenthal wrote, “$TRUMP allows, even invites, anyone in the world—including foreign governments and unscrupulous individuals—to directly enrich the president while masking potential returns through the anonymity of blockchain technology.”
Despite these concerns, the Trump campaign has defended the initiative. White House press secretary Karoline Leavitt stated last week that the president has complied with all conflict-of-interest laws and insisted that the contest will not influence policy decisions. Trump has actively promoted the token on his Truth Social platform.
The value of the $TRUMP token has fluctuated dramatically since its launch on January 17. Initially peaking at around $75 per coin, its price plummeted in the following weeks, settling around $12 at the end of the contest. While the biggest investors spent millions to secure top spots on the leaderboard, an estimated 750,000 traders have reportedly lost money in the process.
The $TRUMP website emphasizes the exclusivity of the event: “This is a high-security, high-status occasion with President Trump himself. If you’ve earned a seat, it’s because you deserve it.” The contest rules permit winning investors to send a family member or friend in their place if they are unable to attend.
As Trump’s involvement in the cryptocurrency space continues to grow, so does scrutiny over the ethical and legal implications of blending personal financial ventures with public political status. The $TRUMP dinner competition may be the most high-profile example yet of how digital assets are intersecting with American politics in unprecedented ways.
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