Ahead of a controversial dinner hosted by former President Donald Trump for top holders of his $TRUMP memecoin, Democratic lawmakers intensified their accusations of corruption, threatening lawsuits, proposing new legislation, and organizing protests.
“Auctioning Off the White House”
Senator Richard Blumenthal (D-CT) condemned the event, claiming Trump was effectively “putting a ‘for sale’ sign on the White House” by rewarding large token holders with access. He suggested legal action could be taken under the Constitution’s foreign emoluments clause, which bars officials from accepting gifts from foreign governments without congressional approval.
“He’s literally saying to investors, ‘the more you buy of my memecoin, the greater your chance of coming to dinner with me,’” Blumenthal said.
Blumenthal had previously sued Trump over emoluments violations during his first term and signaled readiness to do so again.
New Bill Targets Trump’s Crypto Dealings
Rep. Maxine Waters (D-CA) introduced the “Stop TRUMP in Crypto Act”, aiming to block senior officials from owning or promoting cryptocurrencies while in office. The bill’s acronym was deliberately crafted to target Trump’s memecoin venture.
“Trump exploits the Presidency to promote shady, fraudulent crypto schemes that serve no purpose but to enrich himself,” Waters stated.
Similar efforts include Sen. Chris Murphy’s (D-CT) “MEME Act” and a House bill from Rep. Sam Liccardo (D-CA), reflecting growing Democratic scrutiny over crypto-related conflicts of interest.
Protests Demand Transparency
Senators Elizabeth Warren (D-MA), Jeff Merkley (D-OR), and Chris Murphy held a press conference demanding Trump disclose the dinner’s attendees, citing concerns over foreign influence and anonymous transactions.
“With foreign-linked wallets, untraceable transactions, and no press allowed, this event raises alarming national security risks,” they warned.
Merkley also joined a protest near Trump National Golf Club, where the dinner took place.
Critics Slam “Pay-to-Play” Scheme
Reports revealed that some attendees bought tokens solely to gain access, while foreign buyers—barred from donating to U.S. campaigns—flocked to the memecoin. Tron founder Justin Sun, linked to the largest $TRUMP wallet, boasted about his holdings ahead of the event.
The White House did not immediately respond to requests for comment.
Democrats Divided on Crypto Crackdown
While some Democrats push for stricter crypto regulations, others recently backed a bipartisan stablecoin bill, highlighting internal divisions on how to handle digital assets.
As legal and political battles escalate, Trump’s memecoin venture continues to fuel accusations of corruption, foreign influence, and ethical breaches—setting the stage for a prolonged showdown.
