Democratic Senators Call for Ethics Investigation After Trump Meme Coin Gala

Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) requested an investigation from a federal ethics oversight body into a scheduled dinner where President Trump plans to meet with key investors in his meme coin next month.

The two Democratic senators asked U.S. Trade Representative Jamie Greer, who additionally acts as the interim head of the Office of Government Ethics, to initiate an investigation into the dinner. This event led to a substantial increase in the value of President Trump's token, denoted as $TRUMP.

"This recent move has sparked serious ethical and legal worries, particularly because President Trump and other officials might be involved in 'pay to play' corruption by offering presidential access to individuals or organizations—such as foreign nationals and corporations with stakes in government decisions—in exchange for personal financial gain for the President and his relatives," said Schiff and Warren. wrote in the request .

The official site for $TRUMP declared on Wednesday that the president will be attending the event. “intimate private dinner” Among the top 220 owners of his meme coin gathered at his golf club close to Washington.

The highest-ranking 25 investors will get an invite to an exclusive gathering with Trump as well as a special guided tour of the White House.

Right after the announcement, the value of $TRUMP surged roughly 60 percent, climbing from approximately $9 to close to $15. At present, the token is trading around $14.5.

The announcement regarding the dinner increased the worth of cryptocurrency holdings linked to a company connected with the Trump Organization by roughly $100 million, as per an estimation provided. The Washington Post .

Schiff and Warren indicated that the action might conflict with federal ethics statutes, as well as regulations prohibiting federal employees from accepting bribes or benefiting financially from their official positions. Additionally, they cautioned that this could enable foreign entities to covertly purchase sway over the president.

"This new initiative underscores President Trump's ongoing and troubling attempts to leverage his identity as President, along with that of his family and the presidency itself, for private monetary benefit," they noted.

The senators inquired of Greer if the ethics office had offered any advice concerning digital assets, including meme coins.

They are similarly looking into the methods used to assess whether the president is trading access for financial backing, along with the protective measures designed to prevent specific people, like international entities, from investing to exert undue sway.

"The American people are entitled to the firm guarantee that access to the presidency cannot be purchased by the wealthiest bidders at the expense of the President’s personal profit," the senators stated.

Trump introduced his meme coin just prior to taking office. The value of $TRUMP quickly climbed to $70 but then declined over the following months.

The president, determined to establish the U.S. as the "cryptocurrency hub of the world," has wholeheartedly supported the sector during his second term. Within just a few months after taking office again, he appointed several pro-crypto individuals to significant roles within his administration and welcomed prominent figures from the cryptocurrency community for meetings at the White House.

Nevertheless, Trump’s individual venture into cryptocurrency has attracted attention. The release of his meme coin garnered a varied reaction within the sector, with concerns raised that it might adversely affect his attempts to promote digital currencies.

Over the past few months, the president along with his relatives has been broadening their involvement in cryptocurrency.

World Liberty Financial, the cryptocurrency initiative started by Trump along with his sons last autumn, has recently declared intentions to introduce a stablecoin. Additionally, the parent firm of Truth Social, known as Trump Media and Technology Group, disclosed a collaboration with Crypto.com aimed at launching multiple exchange-traded funds.

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