Source: Cointelegraph
Original: “Interest Groups and Legislators to Protest Trump’s Memecoin Dinner”
Democratic-leaning organizations and congressional members have announced plans to protest what they describe as the “sale of access to the office of the President of the United States,” in response to the memecoin dinner hosted by Trump on May 22. Reportedly, participants in the event spent over $100 million in total to gain the opportunity to meet with the President.
Since the announcement that the first 220 token holders of Trump’s memecoin project Official Trump (TRUMP) would have the chance to apply for an exclusive dinner with the President, many leaders in the cryptocurrency industry and U.S. lawmakers have criticized the event, claiming that Trump is opening the door to potential bribery and corruption for his office.
The memecoin dinner has prompted some Democratic lawmakers to withdraw their support for cryptocurrency-related legislation in Congress, including market structure and stablecoin bills.
“Trump accepting gifts from foreign governments is unconstitutional,” a spokesperson for the consumer advocacy organization Public Citizen told Cointelegraph, stating plans for a protest near the memecoin dinner on May 22. “Collecting investments from foreign governments through his memecoin is no better. U.S. foreign policy should not be for sale.”
Some figures in the cryptocurrency industry, such as Tron founder Justin Sun, Kronos Research Chief Investment Officer Vincent Liu, Hyperithm co-CEO Oh Sangrok, and Synthetix founder Kain Warwick, are expected to attend the dinner at Trump National Golf Club outside Washington, D.C., as token holders. The memecoin project stated that all applicants must pass a background check and cannot come from countries on the “Know Your Customer” (KYC) watchlist.
Public Citizen, in collaboration with the progressive political organization Our Revolution, will hold a rally near the golf club, with Oregon Senator Jeff Merkley expected to attend. Additionally, Arlington and Loudoun Democrats will host another independent event urging U.S. officials to “hold [Trump] accountable.” Congressional Democratic leadership has also scheduled two press conferences before the May 22 dinner.
“Americans cannot and will not accept President Trump’s view that positions of power exist solely to benefit those in power,” Loudoun County Democratic Committee Chair Ryan Ruzic told Cointelegraph. “We have a moral obligation to publicly oppose corruption, regardless of the outcome.”
Some lawmakers initially cited the memecoin dinner and the Trump family's association with the cryptocurrency platform World Liberty Financial as reasons to oppose the passage of the GENIUS Act, which aims to regulate payment stablecoins. World Liberty Financial began issuing its own USD1 stablecoin in March, raising concerns about Trump’s conflicts of interest. However, the legislation passed a key procedural vote in the Senate on May 19, receiving support from Democrats, paving the way for debate on the bill in the House.
“Many senators, including myself, have very real concerns about the Trump family using cryptocurrency to evade regulation, hide suspicious financial transactions, and profit at the expense of ordinary Americans,” Senator Mark Warner stated before the May 19 vote, adding, “But we cannot let this corruption blind us to the broader reality: blockchain technology is here to stay.”
Senator Chris Murphy voted against advancing the GENIUS Act, calling for bipartisan support to amend the bill to explicitly prohibit the U.S. President from issuing stablecoins. He also urged the White House to release the full list of participants in the memecoin dinner, suggesting that some or all of them may be “trying to get something from the President” in exchange for purchasing tokens.
Murphy and Senator Elizabeth Warren will attend a press conference on May 22 with representatives from Public Citizen. Ranking member of the House Financial Services Committee, California Congresswoman Maxine Waters, announced that she will hold another press conference on the same day, planning to introduce a bill to “stop Trump’s memecoin and put an end to his crypto corruption once and for all.”
As of May 21, the specific number of attendees for the dinner remains unclear. A small subset of 25 token holders is also eligible to apply for a “VIP tour” and reception with Trump—presumably at the White House—but as of the time of publication, the complete list of planned attendees is also unknown.
Related: Justin Sun to Attend Trump’s Dinner with Memecoin Supporters
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