Donald Trump faces ethics scrutiny over $TRUMP coin dinner for top investors, senators demand probe

President Donald Trump is facing mounting criticism after announcing a private dinner for the top 220 holders of his newly launched $TRUMP meme coin — a move several U.S. Senators have blasted as potential corruption.

The event, promoted on the $TRUMP coin homepage, promises a private reception with Trump and a VIP White House tour for the top 25 investors. Winners will be selected based on how much $TRUMP they own and how long they hold the tokens between April 23 and May 12.
“The more $TRUMP you hold — and the longer you hold it — the higher Your Ranking will be,” the promotion states.

Initially priced at $75.35 the day before Trump’s latest inauguration, the token plummeted by 88% to $9.18 before the contest was announced. Following the announcement, $TRUMP surged over 50%, reaching a peak of $14.32, and adding roughly $100 million in value, according to CBS.

Democratic lawmakers immediately raised red flags. “This is the most brazenly corrupt thing a President has ever done,” Senator Chris Murphy (D-CT) posted on X.

Senators Elizabeth Warren (D-MA) and Adam Schiff (D-CA) penned a letter, obtained by CNBC, urging the U.S. Office of Ethics to open an investigation. They warned the dinner could represent a “pay-to-play” scheme, allowing individuals, including foreign nationals and corporate entities, to purchase presidential access while enriching Trump and his family.
“Trump officials may be engaging in ‘pay to play’ corruption,” they wrote.

Despite the uproar, the chances of an investigation moving forward appear slim. Republicans currently control both chambers of Congress, and Trump previously dismissed the director of the Office of Ethics in February, a move that undercuts the likelihood of formal accountability.

Trump’s embrace of the crypto sector has only deepened over recent years. His administration appointed David Sacks as “crypto czar,” created a “Bitcoin Strategic Reserve,” and dismantled the Justice Department unit tasked with prosecuting crypto-related frauds. In return, crypto firms have funnelled millions into Trump’s campaign and inauguration activities.