Senators Adam Schiff and Elizabeth Warren have expressed serious concerns regarding President Donald Trump’s private dinner with the top holders of his meme coin, $TRUMP. The Democratic senators are calling for an ethics investigation to determine whether this arrangement constitutes “pay to play” corruption.
In a letter sent on Friday to the U.S. Office of Government Ethics, the senators urged officials to investigate whether President Trump violated federal ethics rules by providing exclusive access to top investors in his cryptocurrency. The letter highlights a promotion announced on the $TRUMP coin’s website, offering the top 220 token holders a dinner with the president on May 22 at his golf club near Washington, D.C. Following the announcement, the coin’s value surged by 50%, adding over $100 million to its market capitalization.
Schiff and Warren cited concerns that Trump and his family may be profiting personally from their political influence. They referenced reports indicating that some $TRUMP investors are connected to foreign exchanges or have received funds from U.S.-banned crypto platforms such as Binance.
The senators are questioning ethics officials about any guidance that may have been provided to Trump and his family regarding profiting from digital assets while in office. They also inquired about the safeguards in place to prevent individuals under investigation, or those seeking pardons, from gaining political access through their investments.
Given that the White House and both chambers of Congress are controlled by Republicans, along with an ethics director appointed by the president, it is likely that the concerns raised by the Democratic senators will not receive significant traction. Trump and his allies continue to delve deeper into the cryptocurrency market. Recently, the Trump family announced plans to launch a stablecoin through their World Liberty Financial project.
Since its launch in January, the $TRUMP meme coin has reportedly generated over $350 million in fees for entities linked to the president and his inner circle. The project’s website claims that 80% of the token supply is held by the Trump Organization and affiliated entities. The White House did not respond to requests for comment, while the Office of Government Ethics declined to provide a statement.
Previous guidance from the OGE has indicated that, although the president and vice president are exempt from federal conflict-of-interest laws applicable to other government employees, they are advised to voluntarily adhere to ethical standards set forth by executive order. Despite being able to issue recommendations, the ethics office lacks the authority to enforce financial divestment or prosecute conflicts involving a sitting president.
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