Source: Cointelegraph
Original: “Justin Sun to Attend Trump Dinner with Memecoin Backers”
After weeks of speculation among crypto enthusiasts and news media, Justin Sun, the founder of Tron, claimed to have the wallet that purchased the most Donald Trump memecoins, qualifying him to attend a dinner and reception with the U.S. president.
In a post on X on May 19, Sun stated that he received an invitation to attend a dinner hosted by Trump at a golf club in the suburbs of Washington, D.C., as a reward for the top 220 memecoin holders. Sun claimed that he controls the top wallet on the TRUMP token leaderboard, with the username displayed as “Sun,” which holds approximately $19 million worth of memecoins, priced at $13.20 each.
According to Sun, he plans to socialize at the memecoin dinner on May 22, “talk about cryptocurrency,” and “discuss the future of the industry.” It remains unclear why Sun chose to announce his plans to attend the event now, as the leaderboard was finalized on May 12.
Cointelegraph reached out to Sun's spokesperson for comment but had not received a response by the time of publication.
While it may not be surprising for many who speculated that Sun was a buyer of the memecoins, his attendance at the dinner further deepens his ties to the Trump administration and the presidential family. In addition to the dinner for the 220 token holders, Trump also indicated that he would host a reception and “VIP tour” for the top 25 wallet holders on the leaderboard.
Sun invested $75 million in tokens through World Liberty Financial, a crypto platform supported by Trump’s three sons, including a $30 million investment just weeks after the 2024 election. The Tron founder is also an advisor to the company.
Before Trump won the November election, Sun faced a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in 2023, accusing him of “orchestrating unregistered offerings and sales, manipulating trades, and illegally promoting crypto asset securities.” About a month after Trump took office and appointed Commissioner Mark Uyeda as acting chairman of the SEC, the agency and Sun jointly filed a motion to suspend the case with a federal judge, which was granted.
Sun's involvement in Trump’s crypto project has prompted many Democratic lawmakers to call for investigations and oversight, believing that some individuals may be using digital assets to essentially purchase influence with the president. These concerns initially slowed the Senate's progress on the stablecoin regulatory bill, the GENIUS Act, which became complicated due to World Liberty Financial’s own stablecoin, USD1. The Senate voted to advance the bill on May 19, just hours before Sun's announcement.
According to Bloomberg, Massachusetts Senator Elizabeth Warren stated, “What a coincidence: the day after the Senate advances the GENIUS Act, Justin Sun—major investor in the Trump family crypto project—announces he will receive a private dinner as the president's top crypto buyer. It is crucial for everyone to understand that the GENIUS Act does not prevent this corruption—it actually gives it a green light.”
During a supervisory hearing on May 20, Maryland Congressman Glenn Ivey questioned SEC Chairman Paul Atkins about the suspension of Sun's case and his investments in World Liberty Financial and Trump memecoins. Although the case had been suspended before Atkins took office, Ivey expressed concerns about the timeline between Sun's investments and the SEC's lack of enforcement action.
Applicants for the memecoin dinner may still need to undergo background checks before meeting Trump in person. As of May 20, those planning to attend include Vincent Liu, Chief Investment Officer of Kronos Research; Oh Sangrok, Co-CEO of Hyperithm; Kain Warwick, founder of Synthetix; advisor Vincent Deriu; crypto user Morten Christensen; a person known as “Ogle,” an advisor at World Liberty Financial; and representatives from the startup MemeCore.
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