President Donald Trump is hosting two crypto-themed dinners this month, sparking concerns from lawmakers about potential conflicts of interest. On Monday, Trump spoke at a $1.5 million-per-plate “Crypto & AI Innovators Dinner” at his Virginia golf club, which was closed to the press and featured “crypto czar” David Sacks as a guest. Trump also confirmed a gala dinner later this month for the $TRUMP meme coin holders at his private club.
The top 220 token holders are invited, and the 25 highest-ranking holders are promised a private reception and White House tour. Access is determined by how many $TRUMP tokens a person’s wallet holds. The events have drawn backlash from lawmakers who accuse Trump of selling access to wealthy crypto backers. Sen.
Elizabeth Warren (D-Mass.) and Rep. Adam Schiff (D-Calif.) warned that the meme coin gala offers “exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures.
Warren has also raised alarms over the Trump-linked stablecoin USD1, launched by a firm co-founded by Trump’s son Eric. She accused the Trump family of using crypto to personally profit while legislation that could benefit them advances in the Senate.
Trump’s crypto-themed dinner backlash
The event has reignited debate over transparency in political crypto fundraising, as neither Trump nor his campaign disclosed the identities of top token holders. Watchdog group Accountable. The US called the $TRUMP leaderboard dinner “the most nakedly corrupt self-enrichment scheme in U.S. presidential history.”
Despite the controversy, interest in the $TRUMP token has soared, up more than 50% after the dinner was announced last month.
The White House did not immediately respond to requests for comment. Some Senate Republicans also raise concerns about the exclusive dinner and White House tour. Sen. Cynthia Lummis (R-Wyo.), who has spearheaded cryptocurrency regulation in the Senate, said, “This is my president that we’re talking about, but I am willing to say that this gives me pause.”
Sen. Lisa Murkowski (R-Alaska) expressed uneasiness about the event, noting that while Trump is living in the White House, “it’s the people’s house.” Lummis said Congress needs to regulate standards around using digital assets like meme coins. Senate Democrats have been more critical, with Warren and Schiff expressing “grave ethics and legal concerns” in a letter addressing the dinner. Sen. Jon Ossoff (D-Ga.) suggested the potential for impeachment over the meme coin dinner, while Sen. Cory Booker (D-N.J.) called it a “violation of the Constitution.”
The controversy comes as the Senate is set to take up bipartisan legislation to establish a regulatory framework for stablecoins. The Senate Banking Committee voted last month to send the legislation to the full Senate.
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