'Pay to play': Trump hammered for 'explicit' attempt to 'profit off the presidency'
President Donald Trump is selling his $TRUMP cryptocurrency with a White House tour and a private dinner.
The New York Times reports President Donald Trump is hawking his $TRUMP cryptocurrency with a White House tour and a private dinner.
An online announcement with an AI-generated image of the president invites guests to “HAVE DINNER WITH PRESIDENT TRUMP” at “the most EXCLUSIVE INVITATION in the World,” at Trump’s members-only golf club in Virginia, followed by the White House tour.
Reservations are limited to the top 220 investors in $TRUMP, a cryptocurrency that President Trump launched on the eve of his inauguration. Trump's meme coin generated nearly $100 million in trading fees in February, despite small traders losing money on investments. The coin's value plummeted in early March with investors losing roughly $12 billion, but value was up nearly 50% today upon news that the biggest $TRUMP holders get a dinner with President of the United States. This suggests investors may be running to buy the coin to qualify for a dinner seat.
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“This is really incredible,” said Corey Frayer, who oversaw crypto for the Securities and Exchange Commission during the Biden administration, told the New York Times. “They are making the pay-to-play deal explicit.”
A business entity linked to Trump owns a large reservoir of $TRUMP, so Trump personally profits when the price increases, and he makes additional revenue through collection fees when the coins are traded.
Victoria Haneman, a law professor at Creighton University told the NYTimes she was concerned Trump “may maneuver to profit off the presidency.” However, the S.E.C. ruled memecoins are a cryptocurrency based on an online joke or celebrity mascot and are not subject to SEC oversight.
Dan Hughes, of crypto firm Radix, told the BBC that Trump and his family launching meme-coins undermined the whole crypto industry, while other critics said the “potential conflicts of interest” undermines “the dignity of the president and the first lady.”
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"This pattern of celebrity-driven token launches, particularly from political figures, potentially marks a concerning trend in crypto markets where influence and liquidity manipulation could overshadow fundamental value creation," he said.
Read the full New York Times story here.
