On Monday, the top 220 buyers of Donald Trump-sponsored cryptocurrency gained access to an exclusive dinner with the president as a reward for pouring money into coins. It was the culmination of Trump’s promotions for weeks in a contest. This brings together claims that he uses his position to enrich his family business while opening himself up to foreign influence.
The cryptocurrency, called $Trump, was created in mid-January, boasts a market capitalization of over $2 billion after months of investors bought the coins that they had been significantly promoted. According to Reuters, companies related to Trump’s family and other companies own most of the coin.
“Congratulations. If you’re in the top 220 leaderboards, we’ll contact you within the next 24 hours. Check your inbox (and spam folders) and look forward to an invitation and a call for Trump’s official dinner,” Trump’s website announced daytime on Monday. “We’ll see you President Trump at the gala dinner held in Washington, DC on May 22nd.”
Trump’s crypto companies have garnered criticism from Democrats, ethics watchdogs and even the Securities and Exchange Commission for potential conflicts of interest and corruption allegations. The contest to dine with the president has reinforced these concerns as they created what is essentially a bid war for direct access to the president.
Dinner is being held at Trump National Golf Club in Virginia, and includes a “ultra-exclusive VIP reception with the President” for the top 25 owners of the coin. The rules listed on the Coin website suggest that those who purchase the coin can also send others on their behalf, and state that if the buyer is unable to attend, they can go to their place by listing the names of family members and friends.
Coin’s buyer leaderboard is public, but does not explicitly list the winner’s names. Instead, the site only lists the buyer’s username and cryptocurrency wallet number, leading to speculation about who was fighting for dinner and what political or economic benefits they could have.
According to an analysis of Bloomberg’s crypto wallet, many of the top $$ owners used foreign cryptocurrency exchanges that ban US users from purchasing coins. Democrats and government ethics groups argue that memecoin can allow foreign entities to purchase influence with the president. Connecticut Sen. Richard Blumental is launching an ethical investigation into Trump’s cryptocurrency activities.
“$Trump allows and even invites anyone in the world, including foreign governments and uncruel individuals, to directly enrich the president, hiding the potential rewards of blockchain pseudonyms.”
The White House argues that the auctions Trump personally promoted on his true social platform will not affect the president’s policy choices. White House spokesman Caroline Leavitt told reporters last week that Trump has “been stuck with all laws of conflict of interest” through his cryptocurrency efforts.
The price of $Trump Coin has fluctuated significantly since it debuted on January 17th. It first rose to about $75 per coin, then plunged downward the following week, hovering about $12 at the end of the auction. Approximately 750,000 buyers lost money trading coins, and the biggest buyers collectively spent millions reaching the top of the leaderboard.
“This is a security, high status event with President Trump,” Coin’s website said. “If you get a seat at a table, that’s you I won it. ”