Trump to host two crypto-themed dinners in May, sparking controversy over potential conflicts of interest

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Trump to host two crypto-themed dinners in May, sparking controversy over potential conflicts of interest

05-06 00:16

Odaily News US President Trump has recently been caught in a public opinion storm due to crypto-related activities. It was revealed that Trump plans to hold two crypto-themed events in May: a dinner for the top 25 holders of TRUMP memecoin on May 22, and a "Crypto and AI Innovators Dinner" organized by the MAGA Inc. super PAC, with a single seat price starting at $1.5 million. This has triggered questions from many politicians, including Senator Elizabeth Warren, who believe that this move may involve an exchange of interests of "exchanging presidential privileges for business investment." On-chain data shows that 80% of the supply of TRUMP tokens is controlled by the Trump Group, and about $325 million has been transferred to internal wallets through built-in mechanisms since it went online in January. Although industry lawyer Olta Andoni believes that the token is "no different from other memecoins," Wormhole legal counsel Cathy Yoon pointed out that this raises "serious ethical issues." In response to the doubts, Trump emphasized that he "did not profit from it" and regarded the crypto industry as a strategic area of competition between China and the United States. The price of TRUMP tokens surged 50% after the dinner was announced, but Trump claimed that he had "no idea" about its valuation. (The Block)

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