Donald Trump, accompanied by his wife Melania, attends a New Year's Eve event at Mar-a-Lago in Palm Beach, Florida, U.S., December 31, 2024. REUTERS/Marco Bello
U.S. President Donald Trump used his social media accounts on Monday to promote a scheduled private dinner for the top holders of the $TRUMP meme coin, effectively soliciting purchases of the crypto token that now accounts for a substantial portion of his net worth.
On both X and TruthSocial, Trump posted a promotional image for the May 22 "gala dinner," which will be held at his private golf club in Virginia. Only the top 220 investors in $TRUMP will get a seat at the dinner; the top 25 holders are promised a "VIP White House tour."
The meme coin's website displays a leaderboard with the usernames of the top holders, one of whom appears to be Chinese crypto billionaire Justin Sun. Earlier this year, the U.S. Securities and Exchange Commission paused a fraud case against Sun after he purchased tens of millions of dollars worth of tokens from World Liberty Financial—the Trump family's crypto venture.
The Trump family's net worth has reportedly grown by $2.9 billion over just the past six months thanks to crypto-related investments, and creators of the president's meme coin have raked in hundreds of millions from trading fees as people rush to purchase access to Trump. Late last month, a shipping logistics firm announced that it planned to purchase $20 million worth of $TRUMP coins as it seeks tariff relief.
"Those responsible for upholding the law, from federal prosecutors to members of Congress, can only ignore this at the expense of their own personal legacies."
The watchdog group Public Citizensaid Monday that Trump's promotion of the private dinner for investors in his meme coin "is a crime with no immunity."
"Federal criminal law (18 U.S.C. § 201; 5 C.F.R. § 2635) forbids the president from soliciting gifts; as this is not a presidential act, he does not enjoy immunity from prosecution," the group noted, alluding to the U.S. Supreme Court's sweeping immunity decision last year.
Bartlett Naylor, Public Citizen's financial policy advocate, said in a statement that "Trump's ongoing meme grift squats at the crest of his mountain of conflicts, corruptions, and debasements of the presidency."
"Those responsible for upholding the law, from federal prosecutors to members of Congress, can only ignore this at the expense of their own personal legacies," said Naylor, who co-authored a Monday letter imploring the Justice Department and Office of Government Ethics (OGE) to "intervene and end these gift solicitations."
The dinner giveaway is so brazenly corrupt that it's raising eyebrows even among some of Trump's Republican allies in the Senate.
"This is my president that we're talking about, but I am willing to say that this gives me pause," said Sen. Cynthia Lummis (R-Wyo.) last week.
Hours after promoting the private event for top $TRUMP holders, the president late Monday hosted a $1.5 million-per-plate fundraising dinner at his Virginia club. The dinner, which was closed to the press, was co-hosted by David Sacks, the Trump administration's crypto czar.
In a letter to OGE on Monday, Sen. Elizabeth Warren (D-Mass.) noted that Sacks "is financially invested in the crypto industry, positioning him to potentially profit from the crypto policy changes he makes at the White House."