United States President Donald Trump will host a private event on Thursday for hundreds of top investors in his crypto meme coin.
The gala will take place at Trump’s Virginia golf club near Washington, where the 220 biggest purchasers of the $TRUMP meme coin he launched in January will have dinner with the president.
According to an event website, the top 25 investors will receive a private session with Trump before dinner and a tour of the White House.
Critics argue that this arrangement creates a concerning loophole in political influence rules.
Some Republicans have raised red flags about the dinner, but most criticism has come from Democrats.
Senator Chris Murphy on Wednesday blasted the exclusive dinner as an opportunity for the world’s wealthy, including “foreign oligarchs”, to get a “secret meeting” with the US president as they seek favours and influence.
“It’s fundamentally corrupt — a way to buy access to the President,” Murphy posted on X.
The White House, however, ripped into those who have made insinuations of impropriety.
“I think it’s frankly ridiculous that anyone in this room would even suggest that President Trump is doing anything for his own benefit,” Press Secretary Karoline Leavitt said last week.
“He left a life of luxury and a life of running a very successful real estate empire for public service.”
The dinner came as the Senate pushed legislation to regulate cryptocurrencies more clearly, which was a long-sought industry request.
Senators on Monday advanced the GENIUS Act, a landmark bill that proposes a regulatory framework for stablecoins.
This type of crypto token is seen as more predictable for investors as its value is pegged to hard currencies like the dollar.
Trump’s enthusiasm for digital currencies has expanded into multiple ventures led primarily by his eldest sons.
Their growing portfolio includes investments in Binance, a major crypto exchange whose founder seeks a presidential pardon to re-enter the US market.
This investment flows through World Liberty Financial, a Trump family-backed venture launched last September with significant Mideast deals.
The company’s founding team includes Donald Jr. and Eric Trump, along with Zach Witkoff, the son of Trump’s diplomatic adviser.
President Trump has taken concrete steps to reduce regulatory barriers, including establishing a “Strategic Bitcoin Reserve” for government holdings of the leading digital currency.
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