President Donald Trump and his allies generated nearly $900,000 in trading fees from the $TRUMP cryptocurrency token within two days of announcing a dinner event for the top 220 token holders. Scheduled for May 22 at Trump’s private club in Washington, D.C., the event promises attendees a black-tie dinner with the president and a VIP White House tour the following day. Following the announcement, the value of the $TRUMP token surged over 50%, increasing its market capitalization to $2.7 billion.
Critics, including Democratic Senator Chris Murphy, labeled the move as corrupt, arguing it demonstrates Trump’s attempt to monetize presidential access. Approximately 80% of the $TRUMP supply is controlled by Trump Organization affiliates, with trading activity yielding about $324.5 million for insiders since its January launch. The token operates as a memecoin, which gains value mostly through social media hype rather than utility.
The event has drawn scrutiny from prominent senators, including Adam Schiff and Elizabeth Warren, who are calling for an investigation by the U.S. Office of Government Ethics, viewing it as a potential “pay to play” scenario. Experts highlight that while the promotion may breach ethical norms, it is unlikely to violate any laws since criminal conflict of interest statutes don’t apply to the presidency.
Despite the volatility within the cryptocurrency market, Trump has repositioned himself as a pro-cryptocurrency figure, appealing to supporters in the industry. The $TRUMP token has no tangible products or services, reflecting a broader push by the Trump family into digital assets, which stands to generate significant revenue amid a declining regulatory environment.
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