- President Donald Trump’s $TRUMP memecoin has surged in value after promotion offering exclusive presidential access to top tokenholders.
- A Bloomberg investigation found that more than half the top investors used exchanges that prohibit US users, raising concerns about foreign influence on the US government.
- Lawmakers are calling for investigations, questioning the ethics and legality of such ‘pay to play’ access to the president.
US President Donald Trump’s net worth has soared to US$2.9 billion (AU$4.5 billion) in recent weeks due to an influx of investment into his recently launched $TRUMP memecoin. Following an announcement that the top 220 holders of the coin will be invited to an exclusive dinner with President Trump at his private golf club in Washington, DC on 22 May, investors rushed to shore up their positions, driving up both the token’s price and Trump’s personal holdings.
However, a new Bloomberg investigation into the investments indicates that at least 56% of the top 220 coin holders have used foreign exchanges such as Binance, Bybit and OKX, which exclude US users.
Among the top 25 investors this number is even higher, with all but six investors making their investments through such sites.
This indicates that many of the largest investors are likely from overseas and raises questions about the influence of international money on an elected official – particularly because the top 25 investors are set to receive a private VIP tour and attend an exclusive reception before the main event.
Related: Crypto’s Bright Future: Why 2025 Could Shatter Records – If Politics Don’t Derail It
Democratic senators Adam Schiff and Elizabeth Warren have called for an investigation into the event and potential for corruption.
President Trump and other officials may be engaging in a ‘pay to play’ corruption by selling presidential access to individuals or entities, to include foreign nationals and corporate actors with vested interests in federal action while personally enriching the President and his family.
Senators Schiff and Warren in a letter to the US Government.
Token Surges, Drops, Following Announcements
Event organisers have claimed that attendees will be made to undergo extensive background checks and wallet screenings. However, since the identities of the investors are hidden behind 3 to 4 character usernames, the effectiveness of these measures remains unclear.
The $TRUMP memecoin surged as much as 58% in value, from around US$9 (AU$14) to US$14.32 (AU$22.18), in the days immediately following the announcement. The Trump family holds a significant portion of available $TRUMP and the rise in price directly boosts their portfolio on paper, even if they are restricted from selling them in the near future.
Democratic Senator Chris Murphy and The New Republic’s Michael Tomasky have blatantly called the promotional scheme “the most corrupt thing a president has done”.
Mounting Concerns Over Trump Family’s Crypto Involvement
As the Trump family’s wealth continues to grow, concerns mount over the extent of foreign investment tied to Trump’s memecoin and how it may impact his policy decisions and integrity as the line between political and financial interests continues to blur.
Questions remain about how the influence of foreign nationals will be managed when they are being given opportunities to buy access to the US President. With billions at stake, there appears to be little incentive for the Trump family to stop using cryptocurrency as a promotional tool anytime soon.
Related: Senator Jon Ossoff Backs Impeaching Trump Over Memecoin Access Scandal
Credit: Source link
