According to Bloomberg, over half of the 220 eligible wallets tied to the TRUMP meme coin may be controlled by foreign nationals. Notable individuals who qualified for the event include Synthetix founder Kain Warwick, crypto consultant Vincent Deriu, and investor Morten Christensen, who reportedly secured his spot with just a $1,200 investment.
Other figures expected to attend are a World Liberty Financial adviser using the alias “Ogle,” a representative from the Singapore-based MemeCore startup, and Vincent Liu, the Chief Investment Officer of Taiwan’s Kronos Research.
While some of these attendees are still subject to background checks, the inclusion of both prominent crypto figures and international investors has raised eyebrows among lawmakers and ethics watchdogs.
Criticism from U.S. lawmakers quickly followed the announcement of the event. Several members of Congress have voiced concerns that this dinner creates opportunities for undue influence, particularly given the potential involvement of foreign nationals.
By accepting large sums of money through a meme coin that bears his name, Donald Trump is seen by critics as blurring the line between political leadership and personal financial gain.
Senator Warren Blasting Donald Trump And His Crypto Ventures
Source: X (@warren.senate.gov)
Some lawmakers argue that allowing individuals, potentially tied to foreign entities, to financially support Trump through this meme coin creates a backchannel for influence and conflicts of interest without adequate transparency or disclosure.
The TRUMP controversy is already affecting progress on cryptocurrency legislation in Washington. Specifically, it has become a political flashpoint around two major bills: a Senate measure seeking to establish a regulatory framework for stablecoins, and a House proposal focused on digital asset market structures.
Democrats have expressed hesitation to move forward with these initiatives, stating they are unwilling to support crypto legislation until concerns surrounding “Trump’s crypto corruption” are addressed.
Rebecca Liao, CEO of Saga, commented:
“What started as a bipartisan bill with widespread support has become a battleground issue dividing Democrats and the Trump administration.”
The top 220 TRUMP token holders reportedly spent a combined $148 million to secure their seats at the event. However, the meme coin remains publicly available, meaning that future holders could still attempt to sway Donald Trump’s policy outlook through further purchases.
Vincent Liu of Kronos Research clarified that his motivation to invest in the TRUMP token was not politically driven. He stated:
“The decision to acquire the token was based on identifying early momentum, cultural relevance, and market potential.”
In April, logistics firm Freight Technologies announced a $20 million investment in the TRUMP token, citing possible impacts on Trump’s trade stance with Mexico. More recently, GD Culture Group shared plans to incorporate the token into a $300 million cryptocurrency reserve.
As scrutiny intensifies, the Trump family’s deepening involvement in crypto ventures has further inflamed ethical debates. Rebecca Liao emphasized:
“The issue is the conflict of interest between the Trump family’s crypto investments and the administration’s pivot toward crypto-friendly policies.”
With Trump family members openly engaged in various crypto projects, policy shifts seen as beneficial to the digital asset industry risk being viewed as self-serving rather than nationally driven.
Meanwhile, the Senate’s GENIUS Act is shaping up to be the first significant test of how lawmakers will handle Trump’s crypto ties. The bill is expected to come to a vote within days, potentially just before the controversial dinner.
For the most part, Republican leadership has largely downplayed the concerns. House Speaker Mike Johnson commented that he is “not an expert” on the matter, while the White House deputy press secretary, Anna Kelly, said:
“There are no conflicts of interest because Donald Trump’s assets are held in a family trust managed by his children.”
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