U.S. President Donald Trump is planning to host a gala dinner on May 22 for top holders of his TRUMP memecoin.
According to a Truth Social post shared by the president, The event will take place in Washington, D.C., and includes a White House tour for select holders. The announcement has triggered strong reactions from lawmakers across both political parties. Meanwhile, Massachusetts Senator Elizabeth Warren and California Senator Adam Schiff have warned that the dinner offers private access to the presidency in exchange for financial investment.
In a joint letter, they stated, “President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures.” Senator Jon Ossoff, speaking at a town hall on April 25, said the move is “an impeachable offense.”
The TRUMP memecoin, which launched in January, has been marketed to supporters as a digital asset tied to Trump’s brand. Since the announcement of the gala, critics have argued that it blurs the line between public duty and private business. Pro-crypto Senator Cynthia Lummis also voiced concern, saying the president offering exclusive access “gives [her] pause.”
On May 4, Senator Warren posted on X, formerly Twitter, that the Trump family’s stablecoin, USD1, surged in value after a deal with the United Arab Emirates. According to her, the investment was settled using USD1 and raised serious national security concerns. The deal, worth $2 billion, was made by Abu Dhabi’s MGX investment firm and announced by Eric Trump at a crypto conference in Dubai.
According to CoinMarketCap data, the market cap of USD1 jumped from under $137 million on May 1 to more than $2.1 billion on May 2. Critics pointed to the deal as evidence of foreign financial involvement with the sitting US president. Warren added, “The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption.”
However, Eric Trump defended the crypto initiative panel discussion at Token2049 in Dubai. He said, “The US is seeing that the financial world has to progress… It doesn’t make sense.” A recent video clip shared by Warren showed Trump giving mixed answers when asked if he had made money from the memecoin. He replied, “I haven’t even looked.”
Also Read: Donald Trump got Criticised For Conflicting Answers on Memecoins
