Trump's Crypto Gala Dinner: Investors Meet the President!

Trump's Crypto Gala Dinner: Investors Meet the President!

US President Donald Trump recently caught the attention of the banking and crypto world when he hosted an exclusive gala dinner for 220 major investors in his cryptocurrency $TRUMP coin at the Trump National Golf Club in Virginia. The event not only revealed Trump's commitment to cryptocurrencies, but also sparked protests from activists demonstrating against what they described as "crypto-corruption." They voiced their concerns with slogans such as "Stop Crypto Corruption" and "USA Is Not for Sale" as the president and his guests gathered in the luxurious surroundings.

The guest list included international crypto billionaires, industry lobbyists and entrepreneurs looking to influence Trump's crypto agenda. Among those in attendance were Justin Sun, founder of crypto platform Tron, who acquired over $40 million worth of $TRUMP coins, as well as Sangrok Oh and Vincent Liu, chief investment officer of Taiwanese crypto firm Kronos Research. Investors were selected based on their coin investments made over a three-week period. In addition, the transaction fees of the $TRUMP coins have already brought in $320 million.

Regulatory relaxation and corporate structures

During the dinner, Trump announced that he wanted to loosen regulation of the crypto industry, which was met with widespread support within the crypto community. Trump owns shares in the cryptocurrency through the company structure CIC Digital. His press secretary, however, rejected allegations that the president would make personal gains from the dinner. However, this dynamic raises questions about possible conflicts of interest, especially since Trump's family has close ties to the company World Liberty Financial, which developed a new cryptocurrency system.

Trump serves as “Chief Crypto Advocate” for World Liberty, which offers a governance token called WLFI and a stablecoin called USD1. According to the company website, the tokens are not securities, although the structure and financing of the company raise many questions. Trump's family holds a controlling stake in World Liberty and receives 75% of the subsidiary's net sales, raising potential ethical concerns, especially given his previous skepticism about cryptocurrencies.

A popular dinner and rising concerns

The dinner will not only focus on the allegations of corruption in the room, but also because of the associated business models, which offer enormous opportunities to major investors such as Justin Sun and DWF Labs. A contest tied to the $TRUMP currency offered leading holders invitations to gala dinners with Trump, which can be interpreted as a way to buy influence. These practices are causing reservations among some senators about supporting crypto-friendly legislation amid concerns about Trump's profit-making interests.

Additionally, the Trump administration's recent reception of a luxury jet from Qatar raises questions about perceptions of ethics and the intertwining of politics and private interests. As the crypto industry booms and Trump looks to solidify his position as a leading cryptocurrency supporter, the shadows of corruption and concerns about foreign influence remain in focus.