What to know

  • Trump will host a private dinner for the top 220 holders of his $TRUMP memecoin on May 22, 2025.
  • The announcement led to a $100 million surge in the coin's value and over 60 percent price increase.
  • The top 25 investors will receive access to a VIP reception with Trump.
  • Lawmakers have raised ethics concerns about potential 'pay to play' and foreign investor involvement.

Donald Trump has announced a private gala dinner for the top 220 holders of his $TRUMP memecoin. The event is scheduled for May 22, 2025, at Trump National Golf Club in Washington, D.C. The announcement was made on April 23, 2025, through the official website for the $TRUMP coin.

The top 25 investors will also be invited to a special VIP reception with Trump. The invitation promises attendees an opportunity to hear directly from the former president. This announcement led to a surge in investment, increasing the value of the $TRUMP coin by about $100 million and pushing its price up by more than 60 percent.

Reports indicate that some of the largest investors in the coin are registered with foreign crypto exchanges, including one founded in China. There are also concerns that some investors may not be U.S. citizens, as some have received funds from Binance, a crypto exchange that does not allow U.S. customers.

The $TRUMP coin has generated at least $350 million in fees for entities connected to Trump since its launch earlier this year. The dinner offer has drawn criticism from lawmakers, who say it raises serious ethical and legal questions. They warn that offering exclusive access to Trump in exchange for large investments could be seen as 'pay to play' and may involve foreign nationals or corporate actors with interests in federal actions.

Senators have called for a federal ethics investigation into the event and the broader use of Trump's name and office for personal financial gain. The announcement comes shortly after news that Trump’s family plans to launch its own stablecoin, USD1.

Via: TheVerge