Key Takeaways:
Lawmakers condemned a $150M crypto-linked fundraiser, accusing President Trump of selling access through anonymous meme coin purchases.
Senators raised concerns over foreign participation and national security risks associated with the event.
The event ties into broader debates over stablecoin legislation and whether current ethics rules apply to sitting presidents.
A group of Democratic lawmakers and ethics watchdogs held a press conference Thursday to denounce what they described as a scheme by President Donald Trump to sell influence through cryptocurrency, specifically his $TRUMP meme coin.
The gathering, led by Senator Chris Murphy (D-CT), came just hours before a private dinner scheduled to take place at a Trump property. Entry was reportedly limited to the top 220 buyers of the meme coin, with total purchases exceeding $150 million. Attendees were granted exclusive access to the president, though their identities remain undisclosed.
Trump Accused of Selling Access Through Crypto Ties
Senator Chris Murphy (D-CT) called the dinner “essentially opening a channel for bribery.” He raised concerns that anonymous investors were buying access to the president without public accountability.
“If you buy his coin, you get secret access to the president to be able to plead your case,” Murphy said, warning of potential involvement by sanctioned persons or foreign actors.
Senator Elizabeth Warren (D-MA) described the event as “an orgy of corruption.” She outlined a pattern of actions taken by the administration that align with Trump’s personal crypto interests, including the disbanding of the DOJ’s crypto enforcement unit and changes at the Securities and Exchange Commission (SEC).
“He is signaling to anyone who wants a special favor and is willing to pay for it exactly how to do that,” she said. “And the corruption is already paying off handsomely for the criminals.”
Warren mentioned Justin Sun, the founder of TRON, stating, “Justin Sun, the top buyer of Trump’s meme coin and a major investor in his family’s crypto venture, will be having an especially good time at tonight’s dinner. He just received word that the SEC has paused its fraud enforcement actions against Sun and his company.”
Senator Jeff Merkley (D-OR) focused on national security risks. He cited past constitutional debates on foreign influence, warning that international actors could now use digital assets to bypass transparency requirements.
“There is a for-sale sign on the White House,” Merkley said. “They absolutely want to buy influence over U.S. policy.”
Calls to Extend Ethics Rules to Cover Presidential Crypto Dealings
Representative Sam Liccardo (D-CA) pointed to investor losses. He stated that 746,000 retail buyers lost billions in a coin that Trump and his family benefited from. “Their president was a crook,” he said, referencing the MEME Act introduced in the House to address such conflicts.
Senator Richard Blumenthal (D-CT) said Republicans had blocked his attempts to force disclosure of attendees and foreign investments tied to Trump-linked crypto ventures. He urged Congress to apply the Emoluments Clause and extend ethics provisions in stablecoin legislation to include the president.
Advocates from Public Citizen, Citizens for Responsibility and Ethics in Washington (CREW), and End Citizens United also joined the lawmakers, calling for urgent reforms.
Speakers also noted that much of the crypto fundraising appeared to come from overseas exchanges, shielding the identities of buyers and complicating enforcement.
The dinner, scheduled for Thursday evening, will take place at the Trump National Golf Club and offer in-person access to attendees. It comes amid growing scrutiny over the president’s meme coin, related stablecoin ventures, and their intersection with pending crypto legislation.
Frequently Asked Questions (FAQs)
The MEME Act is a proposed bill in the House intended to prohibit elected officials from personally profiting from meme coins and related crypto schemes.
The event coincides with Senate debate on stablecoin regulations. Critics argue the current draft lacks provisions barring presidential financial entanglement in the industry.
While emoluments restrictions exist, enforcement has proven difficult. Lawmakers say more specific rules targeting digital asset conflicts are needed to address such cases.
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