Trump hosted a dinner for top holders of his memecoin, “TRUMP,” sparking a major ethics controversy in Washington D.C. While some politicians are calling for investigations, others, like House Speaker Mike Johnson, remain strangely silent.
Democrats Demand Investigation
Thirty-five House Democrats formally requested a Justice Department investigation into the May 22nd dinner. Their concern? Many attendees may be foreign nationals, potentially violating bribery laws or the Constitution’s emoluments clause. Senator Elizabeth Warren even called it an “orgy of corruption.”
Foreign Funds and a Lack of Transparency
Reports suggest that a majority of the 220 dinner guests were from outside the U.S. This includes Justin Sun, the CEO of Tron, who holds the largest chunk of TRUMP tokens. The lack of clear records regarding the source and amount of money paid by attendees fuels the controversy.
Johnson’s Silence
When questioned by CNN, House Speaker Mike Johnson claimed ignorance about the dinner, citing his busy schedule working on a budget bill. He also praised Trump as the “most transparent president,” a statement that seems at odds with the current situation.
A New Bill to Curb Crypto Profits
Representative Maxine Waters and 14 other representatives introduced the “Stop TRUMP in Crypto Act.” This bill aims to prevent Trump and his family from profiting from any crypto ventures while he’s in office. Waters highlighted that Trump’s crypto platform, World Liberty Financial, has already raked in over $350 million in fees and profits linked to the TRUMP memecoin.
The Crypto Market Reacts
The dinner announcement caused a 60% surge in the price of TRUMP tokens. One Australian entrepreneur even admitted to buying tokens to secure an invitation. Photos of BitMart’s CEO at the event further raise concerns about foreign influence.
Legal Concerns
The Constitution’s emoluments clause prohibits presidents from accepting gifts from foreign states without Congressional approval. If the crypto investments were essentially payments for access, both the investors and Trump could face legal trouble. Ethics experts emphasize that the lack of transparency makes it difficult to definitively rule out violations.
