Contest for $TRUMP meme coin has prompted accusations of president boosting family business and foreign influence<\/p>\n\n\n\n
On Monday, the top 220 buyers of a Donald Trump<\/a>-sponsored cryptocurrency<\/a> won access to an exclusive dinner with the president as a reward for pouring money into the coin. It was the culmination of Trump\u2019s weekslong promotion of the contest<\/a>, which has drawn allegations that he is using his position to enrich his family business while opening himself up to foreign influence.<\/p>\n\n\n\n The cryptocurrency, called $TRUMP, was created in mid-January and boasts a market capitalization of over $2bn after months of investors buying into the heavily promoted coin. A Trump family-linked company and another firm own a majority of the coins, according to Reuters<\/a>.<\/p>\n\n\n\n \u201cCongratulations, if you\u2019re in the top 220 on the leaderboard we will be contacting you in the next 24 hours. Check your inbox (and spam folder) and expect a phone call for the Trump Official Dinner invitation and details,\u201d the $TRUMP website announced mid-day on Monday. \u201cPresident Trump will see YOU on May 22 at the Gala Dinner in Washington D.C.\u201d<\/p>\n\n\n\n Trump\u2019s crypto enterprise has drawn criticism from Democrats, ethics watchdogs and even the Securities and Exchange Commission over potential conflicts of interest\u2002<\/a>and allegations of corruption<\/a>. The contest to dine with the president has intensified those concerns, as it has created what is essentially a bidding war for direct access to the president.<\/p>\n\n\n\n The dinner is being held at Trump National golf club in Virginia and will also include \u201can ultra-exclusive VIP reception with the president\u201d for the top 25 holders of the coin. The rules listed on the coin\u2019s website suggest that the person who bought the coin can also send someone else instead of themselves, stating that if the buyer can\u2019t attend they are able to list the name of a family member or friend to go in their place.<\/p>\n\n\n\n Although the coin\u2019s buyer leaderboard is public, it doesn\u2019t explicitly list the names of the winners. The site instead lists only the usernames and cryptocurrency wallet numbers of the buyers, which has led to speculation about who is vying for a place at the dinner and what political or financial interests they may harbor.<\/p>\n\n\n\n Many of the top $TRUMP holders used foreign cryptocurrency exchanges that ban US users from purchasing the coins, according to Bloomberg\u2019s analysis of the crypto wallets<\/a>. Democrats and government ethics groups have alleged that the meme coin<\/a> could allow foreign entities to purchase influence with the president, with Richard Blumenthal, a Connecticut senator, opening an ethics inquiry into Trump\u2019s cryptocurrency activities.<\/p>\n\n\n\n \u201c$TRUMP allows, and even invites, anyone in the world, including foreign governments and unscrupulous individuals, to directly enrich the President, while hiding potential payoffs in the pseudonymity of the blockchain,\u201d Blumenthal wrote in a letter last week to Bill Zanker, who named on the papers of incorporation for the Fight Fight Fight LLC sponsoring the coin.<\/p>\n\n\n\n The White House has claimed that the auction, which Trump has personally promoted on his Truth Social platform, will not influence the president\u2019s policy choices. White House press secretary Karoline Leavitt told reporters last week that Trump is \u201cabiding by all conflict of interest laws\u201d through his cryptocurrency endeavors.<\/p>\n\n\n\n The price of the $TRUMP coin has fluctuated wildly since it debuted on 17 January. It initially rose to around $75 a coin before plummeting downward in the following weeks and then hovering around $12 at the time of the auction\u2019s end. Around 750,000 buyers have lost money trading the coin, while the biggest buyers collectively spent millions<\/a> to reach the top of the leaderboard.<\/p>\n\n\n\n