Protesters Accuse Trump of Corruption at Crypto Gala Dinner
San Francisco, CA – Former President Donald Trump hosted a controversial gala dinner on Thursday night, bringing together top investors of a cryptocurrency that shares his name, $TRUMP. The event, which took place at a golf course near Washington, D.C., drew significant criticism and protests from opposition politicians and activists who labeled it as a display of "corruption."
$TRUMP Cryptocurrency
$TRUMP, a meme coin that launched shortly before Trump’s inauguration in January, initially saw a surge in value—rising to $75—before experiencing a sharp decline, trading around $12.50 at the time of the event. As the dinner unfolded, Bitcoin was reportedly reaching a new dollar price record of nearly $112,000, though it later dipped slightly.
“We’re bringing [crypto] back into the USA where they belong,” Trump stated in a video shared on social media from the dinner. He further insisted, “I always put the country way ahead of the business.”
Accusations of Corruption
Democratic Senator Chris Murphy took to the social media platform X to express his condemnation of the dinner, calling it “fundamentally corrupt— a way to buy access to the President.” Outside the event, protesters gathered, waving signs with messages such as “stop crypto corruption” and “no kings,” reflecting a wider discontent with the perceived influence of wealth in politics.
Senator Elizabeth Warren echoed similar sentiments during a press conference earlier in the day, dubbing the dinner an “orgy of corruption” and accusing Trump of leveraging his presidency for personal profit through cryptocurrency.
Who Attended?
The invitation-only gala attracted a select group of 220 top purchasers of the $TRUMP coin, who were welcomed to the "black-tie optional" affair. Among attendees was billionaire crypto entrepreneur Justin Sun, who has faced legal issues with the U.S. Securities and Exchange Commission but has been a prominent supporter of Trump, branding himself as the “TOP fan” of the former president.
Concerns about Foreign Influence
Senator Murphy voiced concerns during a Senate hearing regarding the transparency of the event attendees, suggesting that affluent foreign individuals could gain undue access to Trump. “There’s clearly a way around the State Department for foreign individuals of significant influence and wealth to be able to directly lobby the president of the United States,” he stated.
In contrast, Secretary of State Marco Rubio responded that he was unaware of the dinner and did not foresee any security threats stemming from Trump’s social engagements.
Changing Views on Cryptocurrency
Trump’s relationship with cryptocurrency has evolved significantly. In 2021, he publicly denounced Bitcoin as a "scam." However, his stance has shifted as he now not only endorses various digital currencies but actively participates in the market. The Trump family holds a majority stake in the crypto exchange World Liberty Financial, and Trump has expressed ambitions to be the nation’s first “Crypto President” during his campaign for the 2024 election.
A recent report by State Democracy Defenders Action estimates Trump’s investments in cryptocurrencies have substantially boosted his wealth, potentially increasing his net worth by as much as $2.9 billion. "As a stakeholder in crypto assets, President Trump will likely profit from the very policies he is pursuing," the report cautioned.
The White House Responds
In defense of Trump’s actions, a White House official stated that the $TRUMP coin is unrelated to the administration, insisting the president is focused on striking beneficial deals for Americans rather than his personal financial gain. White House spokesperson Anna Kelly emphasized, “The President is working to secure GOOD deals for the American people, not for himself.”
Conclusion
As the debate over the role of cryptocurrency and its influence on politics intensifies, the controversy surrounding Trump’s gala dinner highlights ongoing tensions surrounding the intersection of wealth, access, and governance in the United States. Protests and political criticisms suggest that this issue is far from resolved, as both supporters and opponents of cryptocurrency continue to navigate the complex landscape that it presents.
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