Hadisur Rahman, JadeTimes Staff
H. Rahman is a Jadetimes news reporter covering the USA
A private, black-tie dinner hosted by President Donald Trump at his Sterling, Virginia golf club has ignited a political firestorm, as ethical watchdogs and lawmakers question the president’s deepening ties to the cryptocurrency industry and the millions it appears to generate for him personally.
On May 22, over 220 top investors in Trump’s meme cryptocurrency, $TRUMP, attended an exclusive dinner with the president. These individuals collectively poured in a staggering $148 million into the coin, and the top four investors each received a limited-edition Trump Tourbillon watch, reportedly valued at $100,000.
Trump, arriving via Marine One and spending just over an hour at the event, hailed the crypto venture as part of his vision to make the U.S. "the crypto capital of the planet." However, critics argue that this blending of personal profit with presidential privilege represents a glaring ethical breach.
“This is one of the most blatant and appalling instances of selling access to the presidency I’ve ever seen,” said Donald Sherman, executive director of Citizens for Responsibility and Ethics in Washington.
Though the White House insisted the event was not an official function and therefore did not require public disclosure of the guest list protesters, lawmakers, and ethics experts aren’t buying the defense. About 100 demonstrators lined the entrance to the Trump National Golf Club, waving signs that read “Stop Crypto Corruption” and “America is Not for Sale.”
Among the notable attendees was Justin Sun, a Chinese-born crypto billionaire currently under SEC scrutiny. Sun has invested at least $75 million in Trump-affiliated crypto and publicly shared his excitement to attend the dinner.
The Trump Organization and its affiliate Fight LLC are reported to own 80% of the $TRUMP coin. Analysis by Chainalysis found that Trump-connected entities made over $1.3 million in trading fees in the days following the dinner’s announcement.
Sen. Jeff Merkley (D-Ore.) called the event “a stunning public display of corruption,” while Sen. Richard Blumenthal (D-Conn.) announced a preliminary investigation into Trump’s crypto dealings. “It’s auctioning off access,” Blumenthal declared. “It’s putting a ‘For Sale’ sign on the White House.”
White House spokesperson Anna Kelly dismissed the criticism, stating: “President Trump only acts in the best interests of the American public which is why they overwhelmingly re-elected him to this office.”
Trump's transformation from crypto skeptic to industry champion is striking. In addition to launching multiple Trump-themed digital coins, he has signed an executive order to establish a national Strategic Bitcoin Reserve and dismantled a Justice Department unit focused on crypto fraud.
Meanwhile, World Liberty Financial in which Trump holds a 60% stake recently announced a partnership with an Abu Dhabi firm for a $2 billion crypto investment. Analysts suggest this deal alone could net the company $27 million annually, further deepening concerns about conflicts of interest.
As Trump continues to blur the lines between private enterprise and public office, calls for transparency and accountability are growing louder. Whether these controversies will lead to legislative action or fizzle out amid partisan divides remains to be seen. But for now, the crypto dinner has once again thrust the ethical questions surrounding Trump’s presidency into the national spotlight.
