President Donald Trump will hold a gala dinner for his official Trump (Trump) Memecoin top holder despite bipartisan criticism and new calls for each.
In the Truth Social Post on May 5th, Trump announced that he will hold a gala dinner with Trump holders on May 22nd. The announcement follows several US lawmakers expressing concern over the initiative.
In late April, Massachusetts Sen. Elizabeth Warren called on government officials to address questions relating to Trump’s Memecoin and his media company. The controversy grew after Trump announced dinner and a tour of the White House for some owners of his Trump memokine.
“President Trump’s announcement promises exclusive access to the presidency in exchange for a hefty investment in one of his business ventures,” read a letter co-signed by California Democratic Sen. Adam Schiff.
Enquiries of Trump coins
Also in late April, Sen. John Ossoff expressed his support for a Trump bounce each at City Hall on April 25th, citing the president’s plan to hold a dinner for top Trump Memocoin Holder. He said:
“When the US sitting chairperson sells access for effective payments to him. It’s definitely going to rise to the level of perforable crime.”
Crypto Sen. Cynthia Ramis and at least one other Republican in Congress were reportedly criticised by Trump for offering dinner and tours of the White House to his Memecoin top holder. Lamis, Wyoming, reportedly said the US president is offering exclusive access for himself and those willing to pay for it.
In a May 4th post on X, Warren claimed that the Trump family’s stubcoin had skyrocketed in market value as “a suspicious crypto deal with the United Arab Emirates” entailed using USD1 to resolve investments. She argued that this raised serious national security concerns and warned the Senate against passing code-friendly laws.
Warren has expressed concerns about foreign involvement in the US president’s finances. She also suggested that the Senate should refrain from approving the custody bill.
“The Senate should not pass a crypto bill this week to promote this kind of corruption.”
Related: The American Crypto Renaissance has already failed. But we can fix it
Niko Demchuk, attorney general of Crypto Compliance Firm Amlbot, told the Cointelegraph “Senator Warren’s concerns about the ‘procrypt’ bill underscores tensions with promoting stable innovation and mitigating risks such as foreign influence and self-discovery by civil servants.” He said lawmakers could build safeguards such as disclosure requirements, disputes on clauses of interest, and independent audits. He added:
“These safeguards address Warren’s concerns by prioritizing transparency and accountability without thwarting the development of legitimate stability. They may ensure that the United States remains a hub of responsible innovation while protecting against misuse by civil servants and foreign artisans.”
Warren’s post included a clip from a recent interview where Trump gave a contradictory answer to whether he profited from the crypto memo coin he launched in January just days before Trump re-entered the White House. During the clip, the president claims he “not even looking” to see if he has benefited from his efforts.
Related: Elizabeth Warren joins Trump’s inquiry via crypto token
United Arab Emirates Trade
Warren is likely referring to a recent deal by Abu Dhabi-based investment firm MGX using USD1 to settle a $2 billion investment in Binance, the world’s largest cryptocurrency exchange. Stablecoin’s market capitalization rose from under $137 million on May 1 to nearly $2.13 billion on May 2, according to CoinmarketCap data.
Eric Trump announced the deal during a panel discussion at Token 2049 in Dubai. The president’s son, Trump is the executive vice president of the Trump organization. He said during the event:
“The US sees the financial world needs to advance. That’s a joke. Why do banks run 9-5 from Monday to Friday with an hour and a half lunch break? That makes no sense.”
Like Memecoin, USD1 Stablecoin attracted a significant portion of the criticism. In early April, some US lawmakers went so far as to insist that Trump wanted to replace the US dollar with USD1.
magazine: Trump’s crypto ventures cause conflicts of interest, insider trading questions
