A prominent Democratic member of the House, Jamie Raskin, has called for Donald Trump to disclose the guest list from a recent private dinner held for major investors in his cryptocurrency, a digital asset known as $TRUMP. This request comes amid growing scrutiny regarding the close, often opaque ties between the Trump administration and the cryptocurrency sector, especially as the administration actively promotes a pro-cryptocurrency agenda at a high-profile conference in Las Vegas.
Raskin, who is a senior figure on the House Judiciary Committee, raised concerns that foreign governments might be indirectly financing Trump through anonymous cryptocurrency transactions. In a letter reported by the Washington Post, he emphasised the need for transparency about who is investing substantial amounts of money into Trump’s ventures. The dinner, hosted at his golf club in Virginia, catered exclusively to the top 220 holders of Trump’s meme coin, who collectively invested around $148 million.
This gathering is distinct from traditional fundraising incidents, as it directly benefited Trump’s personal business interests without necessitating the same level of transparency required for political donations. Raskin expressed particular interest in Justin Sun, a major cryptocurrency entrepreneur, who stands out as the top buyer of Trump coins and has significant investments in Trump-associated ventures.
Concerns extend beyond mere funding; Raskin fears that such transactions could breach the constitution’s emoluments clause, which restricts federal officials from accepting gifts from foreign entities without congressional consent. Furthermore, there are questions regarding whether the sources of funds used for these cryptocurrency purchases have been properly vetted.
The recent dinner is part of a broader narrative involving Trump’s cryptocurrency drive, which has faced criticism for potential ethical violations. Credible reports indicate that roughly half of the dinner attendees were likely from overseas, raising additional legal and regulatory implications as many transactions traced back to cryptocurrency exchanges that prohibit US customers.
In the wake of this, the State Democracy Defenders Fund has suggested that Trump’s cryptocurrency enterprises, established less than a year ago, could now be worth about $2.9 billion. Critics, including key senators, have labelled Trump’s engagement with cryptocurrencies as corrupt, alleging that he is effectively selling access to his administration to further enrich himself.
While the White House has downplayed concerns regarding conflicts of interest, asserting that Trump participated in the dinner in a personal capacity, calls for investigations into his business dealings continue to intensify. Various Democratic representatives have proposed measures aimed at curtailing the ability of public officials to profit from significant cryptocurrency holdings, reflecting ongoing unease about the intersection of politics and private profit in the cryptocurrency landscape.