tl;dr
Senators Elizabeth Warren and Adam Schiff have called for an ethics investigation into President Trump's invitation offering top holders of his meme coin, TRUMP Solana token, a private dinner at his golf club. They allege potential "pay to play" corruption and legal concerns, as the top 220 token ho...
Senators Elizabeth Warren and Adam Schiff have called for an ethics investigation into President Trump's invitation offering top holders of his meme coin, the TRUMP Solana token, an exclusive private dinner at his golf club. This move raises suspicions of "pay to play" corruption, as the top 220 token holders were promised access, with the top 25 earning VIP reception privileges.
The TRUMP Solana token saw a significant surge in value following the announcement of these exclusive access events, with its market capitalization soaring from $1.6 billion to over $3 billion within a week. However, the token's price exhibited volatility, jumping initially then plunging 18% the day after the news.
Critics, including the U.S. nonprofit watchdog Public Citizen, accuse President Trump of soliciting money without offering any real value in return. They warn this could set a dangerous precedent for leveraging public office for personal financial gain, with the token being touted by Trump as the "greatest of them all."
Further raising alarms, there are concerns about anonymous foreign investors potentially exploiting the meme coin to influence President Trump without transparency. Reports mention an investor purchasing around $13 million worth of tokens through a crypto exchange allegedly founded in China. The senators highlight the troubling possibility that foreign actors may be buying influence without public disclosure.
To mitigate some risks, event organizers require attendees to provide their legal names, contact information, and wallet addresses. Despite repeated requests, the White House Press Office has not provided any comments on the matter.