Trump's Memecoin Events Spark Corruption Concerns and Crypto Regulation Fears

The US President, Donald Trump, is hosting a third 'exclusive' memecoin event for the top 185 holders of his Official Trump (TRUMP) token. This comes after a report that investors in his crypto ventures had lost a combined $4.7 billion. The event will take place on November 22 at Trump's National Golf Club in Washington, DC, and will feature three unnamed guests alongside the President.

The TRUMP token was launched shortly before Trump's January 2025 inauguration and initially surged to $70 before dropping below $20 within days. At the time of publication, the token was trading at $2.06. The price surged about 9% to $2.23 immediately after the dinner announcement on Wednesday.

Critics have accused Trump of selling access to the presidency through 'pay-to-play' schemes, with some calling the events 'corruption'. Public Citizen co-president Robert Weissman stated, 'In the best case, the dinner is unethical and unconscionable profiteering off the presidency... In the worst case, this is pay-to-play access to the President of the United States.'

The announcement of the event comes just weeks after lawmakers in the US Senate failed to advance the Digital Asset Market Clarity (CLARITY) Act, a bill expected to establish clear guidelines for financial agencies on the oversight and enforcement of cryptocurrencies.