Donald Trump hosted a dinner for investors in his meme coin on Thursday, as critics warned the US president was putting personal profit first.
Some 220 of the biggest investors in the $TRUMP meme coin descended on the exclusive dinner at Mr Trump’s private country club in Northern Virginia.
As the US president arrived, more than a hundred protesters at the Trump National Golf Club held signs that included “America is not for sale”, “stop crypto corruption” and “release the list”.
Massachusetts senator Elizabeth Warren described the dinner, where the US president spoke for about half an hour before dancing to the song YMCA, as an “orgy of corruption”.
Access to the dinner, and the president, was earned by purchasing enough of his $TRUMP meme coin to secure a seat.
The White House insisted Mr Trump would attend the event “in his personal time”, but the lectern he stood behind had the presidential seal.
NBC News reported that during his remarks, Mr Trump did not unveil any new crypto policies but spoke in support of a potential bitcoin reserve and then left promptly afterward.
In total, investors spent an estimated $148m (£110m), with the top 25 holders of the coin spending more than $111m (£82.56m), according to crypto intelligence firm Inca Digital.
A company controlled by the Trump family, and a second firm, hold 80% of the remaining $TRUMP coins and have so far earned $320.19m (£238.14m), including at least $1.35m (£1m) after the dinner announcement, according to blockchain analytics firm Chainalysis.
‘Trump a very successful businessman,’ says White House
According to blockchain analysis, more than half of the 220 holders who attended the black-tie event are likely based outside the US.
This has led to claims the US president has auctioned off access to himself to foreign investors for personal gain.
In response to criticisms about Mr Trump using his office to enrich himself from the meme coin, White House press secretary Karoline Leavitt said: “All of the president’s assets are in a blind trust, which is managed by his children.
“And I would argue, one of the many reasons that the American people re-elected this president back to this office is because he was a very successful businessman before giving it up to publicly serve our country.”
Who was on the guest list?
One of those attending was China-born crypto entrepreneur and billionaire Justin Sun.
He won first place in the dinner contest with his $18.5m (£13.76m) wallet of the Trump meme coin and is the largest publicly known investor in the family’s crypto platform – which has made them hundreds of millions of dollars.
Mr Sun posted videos of himself visiting parts of the White House complex on Wednesday, and on Thursday of Mr Trump at the dinner event.
In February, the US Securities and Exchange Commission paused a 2023 fraud case against him, citing public interest.
However, the identities of the majority of the coin holders attending the event remain unknown.
Of those going, one was simply known as Ogle, a crypto security specialist who appears in video interviews with his face covered by a bandana and sunglasses.
He says this is to protect his identity.
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Even some pro-Trump crypto voices worried his personal involvement may hurt efforts to establish credibility.
“It’s distasteful and an unnecessary distraction,” said Nic Carter, a Trump supporter and partner at the crypto investment firm Castle Island Ventures.
“We would much rather that he passes common sense legislation and leave it at that.”
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The event was capped off with an after-party, called “Meme The Night,” thrown by a Singapore-based meme-coin engagement company called MemeCore.
