$TRUMP Gala Selling Seats to 220 Investors Triggers Senators’ Corruption Probe

Regulation Trump Trump Family

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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April 28, 2025

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Senators Elizabeth Warren (D-MA) and Adam Schiff (D-CA) are urging Jamieson Greer, the acting director of the U.S. Office of Government Ethics, to launch an “urgent inquiry” into U.S. President Donald Trump’s gala dinner for top investors in his meme coin, $TRUMP.

Senators Warren, Schiff Demand Trump Meme Coin Inquiry

In the letter, the Democratic lawmakers argue that the May 22 gala could indicate “pay-to-play corruption” by Trump in which “presidential access” is sold to “foreign nationals and corporate actors with vested interests in federal action.”

According to the $TRUMP website, the top 220 holders of the namesake meme coin are slated to attend the exclusive dinner at Trump National Golf Club in Washington, D.C., where they will dine alongside the sitting U.S. president.

The top 25 investors will also be eligible to attend an “exclusive reception” alongside Trump ahead of the dinner, which includes a “special VIP tour” for attendees.

Following last Wednesday’s announcement, $TRUMP surged by more than 50%, prompting further scrutiny from U.S. lawmakers.

“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain,” the senators concluded.

The Trump Family’s Ties To Crypto

News of the dinner comes shortly after Trump-affiliated crypto firm World Liberty Financial, unveiled plans to launch its own stablecoin known as USD1 late last month.

The nascent crypto platform has ties to several members of the First Family, with Eric and Donald Jr. previously announced as the organization’s “Web3 ambassadors,” while Barron is listed as the company’s “DeFi visionary.”

Critics have argued that Trump’s crypto ventures may prove unethical, specifically expressing concern over foreign influences that may be trying to buy his favor.

According to Schiff and Warren’s letter, one $TRUMP dinner attendee is registered with a crypto exchange in China, while others are associated with crypto businesses operating outside of the United States.

However, whether the gala event warrants a probe is in the hands of the U.S. Office of Government Ethics.