This event is unlike any in modern American history—it is not a campaign fundraising event, but a gathering arranged by the president's business partners aimed directly at enriching the First Family.

Source: The New York Times

Translation and Compilation: BitpushNews

On Thursday evening, protesters gathered outside President Trump's golf course in Virginia, where he planned to hold a private dinner with hundreds of buyers of his cryptocurrency. The demonstrators held signs reading "Fraud Feast," "No Kings," and "No One is Above the Law," protesting the dinner that Trump is set to host at the Trump National Golf Club in Sterling, Virginia, where reportedly up to 220 top holders of his family's cryptocurrency purchased the opportunity to meet the president.

Before the protest outside Trump's private club, a smaller rally was held on Capitol Hill, where six Democratic members from the House and Senate condemned the dinner. Some called it one of the most corrupt acts in American history and demanded that Trump disclose the full list of his guests.

"This is the peak of corruption," said Oregon Democratic Senator Jeff Merkley. He then read excerpts from the Constitution and cited examples of presidential corruption schemes in early American history. "We must put a stop to this," he said.

Mr. Trump and his business partners announced last month what they called the "most exclusive invitation in the world," organizing this event: a contest to win a chance to meet the president by purchasing $TRUMP (a cryptocurrency token launched on the eve of Trump's inauguration). The top 220 buyers will dine with the president at the golf club, while the top 25 will attend a more private cocktail party the next day and tour the White House.

Mr. Trump posted on his social media platform Thursday evening, stating, "Heading to Loudoun County, Virginia for a cryptocurrency dinner. America is leading the way in cryptocurrency, Bitcoin, and more, and we will keep that momentum going!"

During the contest, a leaderboard on the meme coin (named $TRUMP) website allowed cryptocurrency investors to see how much they needed to purchase to improve their ranking and secure a spot.

Meme coins are cryptocurrencies associated with internet jokes or mascots; they typically have no other function beyond speculation. However, Trump's token has become a vehicle for investors (including some overseas) to funnel money to his family.

"Go for it, MAGA baby," shouted a Trump supporter as they left the club on Thursday, while Secret Service officials guarded the entrance.

White House Press Secretary Caroline Levitt dismissed any suggestions of wrongdoing regarding Trump's hosting of the dinner.

"Anyone suggesting the president is profiting from the presidency is ridiculous," Ms. Levitt said at the White House before Trump headed to his golf club. "This president achieved incredible success before serving the country, and he not only lost wealth but nearly lost his life. He sacrificed a lot to be here."

But this response did not impress the protesters.

"This is like a black market scheme," said Ross Fabia, a 66-year-old former federal employee from Arlington, Virginia. "He will use cryptocurrency to line his pockets."

The proposal for this dinner has sparked a frenzy among cryptocurrency executives worldwide, several of whom attended with the explicit intent of influencing U.S. policy. This event is unlike any in modern American history—it is not a campaign fundraising event, but a gathering arranged by the president's business partners aimed directly at enriching the First Family.

Many guests have a vested interest in how the U.S. regulates cryptocurrency. They view this dinner as an opportunity to hear directly from Mr. Trump and learn how they can expand their businesses in the U.S., following regulations from the Biden era that led many of them to avoid investing in the country.

This week, cryptocurrency billionaire Justin Sun, who operates the Tron platform, announced he would also attend the dinner—and he controls the account ranked first on the leaderboard, holding tokens worth over $20 million. Sun was charged with fraud by the U.S. Securities and Exchange Commission (SEC) in 2023 and is also a major investor in another cryptocurrency venture of the Trump family, World Liberty Financial.

Shortly after Trump took office in January, the SEC suspended its investigation into Sun's fraud case. "It’s an honor to support the president, and I appreciate the invitation," Mr. Sun wrote on X this week.

Some attendees are lower-profile entrepreneurs, influencers, or super fans of Trump who are willing to spend money for a chance to meet the president.

"If I can get a selfie, a handshake, or an autograph, that would be priceless to me," said 27-year-old consultant Vincent Drier, who is ranked 165th on the $TRUMP leaderboard.

A business entity associated with the Trump family holds a significant amount of $TRUMP cryptocurrency and charges fees every time these tokens change hands. According to cryptocurrency analysis firm Chainalysis, the token has generated at least $320 million in fees so far, which the Trump family shares with their business partners.

The contest was set up by a company called "Fight, Fight, Fight," which was established in January and named after Trump's response to an assassination attempt against him in July.

Initially, the "Fight, Fight, Fight" website, operated by long-time Trump family business partner Bill Zank, promised a "special VIP tour of the White House" for the top 25 token holders. However, references to the White House have since been removed from the site, which now only promises a "VIP tour" without specifying the location.

Mr. Zank did not respond to requests for comment. When asked about this change, a senior government official stated that the White House had not arranged special tours for these cryptocurrency investors and had "nothing to do" with the meme coin event.

However, the official indicated that the dinner organizers might still take guests on a tour of the publicly accessible East Wing of the White House.

A spokesperson for the Trump Organization also attempted to distance the company from the event, stating it was not involved. However, the Trump family itself profits from it through a company entity called CIC Digital, and the dinner is held at their owned golf club.

California Democratic Congressman Sam Liccardo called the dinner an affront to the principles of clean government in the U.S.

"No politician could devise a plan better suited to facilitate the corrupt actions of foreign individuals than issuing this digital asset that largely conceals the identity of its buyers," Mr. Liccardo said, a member of the House Financial Services Committee who typically supports the cryptocurrency industry.

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