On Monday, 220 investors in a cryptocurrency backed by Donald Trump were rewarded with exclusive invitations to have dinner with the former president. This promotion is part of Trump’s ongoing campaign for the coin, which has sparked concerns about potential conflicts of interest and foreign influence on the presidency.
Launched in January, the cryptocurrency, named $TRUMP, now has a market capitalisation exceeding $2 billion, primarily due to extensive marketing efforts. Two companies, linked to the Trump family, hold the majority of the coin’s supply. On the coin’s official website, it was announced, “If you’re in the top 220 on the leaderboard, we will be contacting you… President Trump will see YOU on May 22 at the Gala Dinner in Washington D.C.”
Trump’s crypto venture has attracted criticism from various quarters, including Democrats and ethics watchdogs, who are concerned about the implications of auctioning personal access to the president. The dinner, set to take place at Trump National Golf Club in Virginia, includes a special VIP reception for the top 25 coin holders. Interestingly, buyers have the option to send a friend or family member in their place if they cannot attend.
While the leaderboard of coin buyers is public, the identities of the winners remain anonymous, leading to speculation about their interests and connections. Notably, many top holders have used overseas cryptocurrency exchanges that prohibit US buyers, intensifying fears that foreign entities could gain undue influence over the president through the coin. Senator Richard Blumenthal has even initiated an ethics inquiry regarding this venture, suggesting that the pseudonymous nature of cryptocurrency could mask financial dealings that enrich Trump directly.
The White House has defended the auction, asserting that it does not affect Trump’s policy decisions and that he is adhering to conflict of interest laws. Meanwhile, the value of the $TRUMP coin has been highly volatile since its launch, shifting dramatically from an initial high of around $75 to approximately $12 by the time of the auction, resulting in financial losses for many investors.
The coin’s official page describes the event as a “high-security, high-status” occasion with Trump, emphasising that those invited “earned” their place. However, the contest’s structure has intensified scrutiny, raising questions about ethics and accountability in political engagements.