Source: Cointelegraph
Original: “Donald Trump's Memecoin Dinner Expectations Revealed”
On May 22, U.S. President Trump is expected to host a private event in Washington, D.C., for approximately 220 individuals who purchased the largest quantity of his memecoins.
Although the exact number of attendees had not been confirmed as of May 19, related reports and blockchain data have revealed the identities of some token holders eligible to apply for the May 22 dinner, "VIP tour," and reception (speculated to be held at the White House). A Bloomberg report on May 7 indicated that more than half of these 220 wallets may be controlled by foreign citizens.
These memecoin dinner applicants may need to undergo a rigorous background check before receiving final confirmation of their meeting with the president, including Synthetix founder Kain Warwick, consulting advisor Vincent Deriu, and cryptocurrency user Morten Christensen, who reportedly spent only $1,200 to gain this opportunity.
Other applicants include a World Liberty Financial advisor using the alias "Ogle," as well as representatives from the Singapore startup MemeCore. Cointelegraph has also learned that Vincent Liu, Chief Investment Officer of the Taiwan-based company Kronos Research, plans to attend the event.
Even before the official announcement of the dinner and reception, Trump's memecoin has drawn criticism from several members of Congress.
Some lawmakers have stated that the president's allowance for individuals potentially linked to foreign governments to directly funnel money to him without transparency poses risks of bribery and conflicts of interest for the White House.
This controversy has affected several proposed bills related to digital assets, including a Senate bill aimed at establishing a regulatory framework for stablecoins and a House market structure draft bill. Some Democrats have explicitly stated that they will not support any related legislation until the issue of "Trump's cryptocurrency corruption" is addressed.
A BlueSky post about Trump's memecoin on May 14. Source: Elizabeth Warren
"Democrats see this as a form of official corruption," said Rebecca Liao, co-founder and CEO of Layer 1 blockchain Saga, in an interview with Cointelegraph. "A bill that originally had bipartisan support and was expected to gain widespread recognition has now evolved into a proxy war between Democrats and the Trump administration."
Multiple organizations plan to organize protests during the memecoin dinner on May 22. The Democratic branch in Arlington, Virginia, has announced that its members will gather to protest those who "exploit public office for personal gain" at the White House. Cointelegraph has reached out to the organization for comment but has not received a response as of publication.
Reports indicate that the top 220 token holders collectively spent $148 million to qualify for participation in the event, with the leaderboard finalized on May 12. Notably, even after the dinner concludes, anyone with a digital wallet can still purchase TRUMP tokens, potentially influencing presidential policies.
"The decision to acquire TRUMP tokens is not based on political factors," said Vincent Liu, an executive at Kronos Research planning to attend the memecoin dinner, in an interview with Cointelegraph. "It is entirely based on professional judgment regarding early market momentum, cultural relevance, and potential market catalysts."
In April, Freight Technologies announced it would invest $20 million in TRUMP tokens, suggesting this could influence the president's formulation of U.S.-Mexico trade policy, as part of the company's operations are based in Mexico. Subsequently, in May, GD Culture Group announced that the memecoin would be included in its planned $300 million cryptocurrency asset reserve program.
"The core issue is the conflict of interest between the Trump family's cryptocurrency investments and the government's shift towards crypto-friendly policies," Liao pointed out. "The Trump family has publicly invested in the cryptocurrency space and launched its own crypto project. This creates a cognitive dilemma, where any policy adjustment favorable to cryptocurrency may be perceived as self-serving rather than in the national interest."
If the stablecoin bill (GENIUS Act) becomes the first litmus test for Republicans and Democrats to address Trump's potential conflicts of interest in the cryptocurrency industry, clear divisions in positions have emerged between the two parties.
House Speaker Mike Johnson has largely avoided questions regarding the president and his family's connections to the industry, stating he is "not an expert in the field." White House Deputy Press Secretary Anna Kelly has reportedly stated that there is "no conflict of interest" because Trump's children manage his assets through a trust.
Lawmakers are expected to vote on the GENIUS Act within days, possibly before the memecoin dinner and reception take place. As of publication, it remains unclear whether Republicans plan to respond to Democrats' concerns about Trump's relationship with cryptocurrency or push for a vote without making significant changes to the bill.
Related: SEC's Crenshaw says agencies are playing "regulatory whack-a-mole" with the cryptocurrency industry.
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