California representative Maxine Waters, a ranking member of the U.S. House Financial Services Committee, has announced plans to introduce legislation “to block Trump’s Memecoin and stop crypto corruption.”
In a May 22 notice, Waters said that the Crypto Act 2025 in return for suspension, maintenance and unfair markets (Trump) aims to ensure that the US president, vice president, members of Congress, and their families engage in “crypto crime.” US lawmakers issued personal memokine to Trump and his wife Melania in January, and his family launched Stubcoin, USD1 through the crypto platform World Liberty Financial, and the president attempted to set up the National Bitcoin (BTC) Reserve as a BTC mining venture for their sons.
“Donald Trump is preparing to eat with his top Memecoin donors, who have become richer,” Waters said.
“Trump’s Crypto Con is not a scam to target investors, and it is also a dangerous backdoor to sell its influence on American policy to the best foreign bidders.”
The Waters bill was one of many actions announced to reward Memocoin holders for opposing the president’s dinner. Senators Chris Murphy and Elizabeth Warren are expected to attend a press conference with public citizen representatives of consumer advocacy groups, with the two democratic organisations set to protest at Trump National Golf Club outside of Washington, D.C.
Most participants remain anonymous prior to dinner
The number and names of attendees for the May 22nd dinner were still largely unknown, but some revealed their intentions through social media and news outlets, and applied for background checks to meet the president. Bloomberg reported that over half of participants were eligible for dinner and that the “VIP Tour” (another experience limited to the top 25 Memocoin holders) is likely foreigners.
Among those claiming to attend include Tron founder Justin Sang, Hypermuchun’s co-Theo Oha Sanglock, Chronos Research’s chief investment officer Vincent Liu, and Synthetics founder Kain Warwick. Sun was posted on X on May 21, showing that it appears to be accessible to Eisenhower’s executive office building in Washington, DC, which is part of the White House compound.
Related: What to expect from Trump Memocoin Dinner
Speaking to media members on May 22, White House spokesman Caroline Leavitt said Trump was attending dinner “at his personal time.” She denied that the event will be held at the White House, despite the Memecoin Project website previously saying that the top 25 owners are eligible to tour government buildings.
https://www.youtube.com/watch?v=umum1btcrdq
Since Trump’s Memocoin was launched on January 17th, many lawmakers and industry figures, including those in general support of the president’s policies, have criticised the project. In a May 20th article, the Wall Street Journal editorial board called on the White House to disclose the names of those attending dinner, adding that Trump “helps himself by canceling Thursday’s gala.”
The two organizations behind the Trump Token are directly linked to the president, managing around 80% of the total supply, opening up the possibility of future lagpur. Over the past 24 hours, Memecoin’s price has risen by more than 11%, moving from $14.13 to $15.76.
magazine: Trump’s crypto ventures cause conflicts of interest, insider trading questions
