Concerns are mounting among Senate Republicans regarding President Donald Trump’s exclusive dinner and tour of the White House that he is offering to top investors in his $TRUMP meme token. Senator Cynthia Lummis from Wyoming, who has been a notable advocate for cryptocurrency regulation, expressed unease about the implications of such an event, stating, “This gives me pause.”
The invitation, extended to the top 220 holders of the meme coin, includes an intimate dinner at Trump’s golf club near Washington, D.C., as well as a VIP White House tour for the top 25 investors the following day. This recent announcement significantly boosted the token’s value, increasing it by over 50% and bringing its market value to approximately $2.7 billion.
Republican Senator Lisa Murkowski echoed concerns about the ethics of charging for access to government officials and noted that tours of the Capitol should not come with a price tag. She remarked, “I don’t think it would be appropriate for me to charge people to come into the Capitol and take a tour.”
While there are currently no laws preventing Trump and the organization behind the meme token from hosting the event, questions about using cryptocurrency to pay for such access remain among lawmakers. Senator Lummis highlighted the need for a regulatory framework surrounding digital assets, advocating for clear guidelines to prevent what she referred to as a “Wild West” scenario regarding their usage.
Amid this scrutiny, few Senate Republicans have openly questioned the ethics of the dinner, with most expressing their general trust in the president to act within legal boundaries. However, the situation has drawn stark criticism from Democrats. Senators Elizabeth Warren and Adam Schiff have called for an ethics investigation, labeling the event as potentially corrupt. Schiff’s office has not yet received a response regarding their request.
Senator Jon Ossoff has gone as far as suggesting support for impeaching Trump over the meme coin event, while others like Senator Cory Booker insist that the sale of the token infringes upon constitutional norms.
In observing the backdrop of heightened scrutiny, the Senate is preparing to review the GENIUS Act, which proposes a regulatory framework for stablecoins. This bill represents significant bipartisan progress in addressing cryptocurrency regulation.
Ultimately, the ongoing discussions around Trump’s meme token dinner reflect broader issues of ethics, regulation, and the evolving landscape of cryptocurrency in American politics. As lawmakers grapple with these challenges, the future of digital asset governance remains an urgent issue in Congress.