Amidst a whirlwind of criticism and renewed demands for impeachment, US President Donald Trump is planning to host a lavish gala for the top investors in his Official Trump (TRUMP) memecoin. The event is scheduled for May 22, according to a post by Trump on Truth Social on May 5.
The announcement follows a wave of apprehension expressed by various US lawmakers regarding this venture. In fact, by the end of April, Senator Elizabeth Warren of Massachusetts had already urged government officials to address the questions surrounding Trump’s memecoin and his media company. The concerns escalated when Trump declared plans for a dinner and White House tour for some major TRUMP memecoin holders.
“Trump’s announcement essentially promises privileged access to the presidency in return for significant investment in one of his business endeavors,” stated a letter co-signed by Democratic Senator Adam Schiff of California.
Senator Jon Ossoff also voiced support for impeachment during an April 25 town hall, pointing to Trump’s plan to host a private dinner for top TRUMP memecoin holders as a significant reason. He emphasized, “When the sitting president of the United States is basically selling access in exchange for what are essentially direct payments to him… That undoubtedly constitutes an impeachable offense.”
Pro-crypto Senator Cynthia Lummis, along with at least one other Republican in Congress, reportedly criticized Trump for offering a dinner and White House tour to the top investors in his memecoin. The idea of the US president offering privileged access to himself and the White House to those willing to pay for it “gives [her] pause,” Lummis reportedly said.
Warren also expressed concerns over foreign involvement in the US president’s finances, and suggested that the Senate should refrain from approving pro-crypto bills. This was in reference to a recent deal involving the Trump family’s stablecoin that saw a massive surge in market value following a “shady crypto deal with the United Arab Emirates.” The deal involved settling the investment using USD1, raising serious national security concerns.
Eric Trump announced the deal during a panel discussion at Token2049 in Dubai. He serves as the executive vice president of the Trump Organization and stressed the need for progress in the financial world.
Interestingly, the USD1 stablecoin has also faced significant criticism, with some US lawmakers even suggesting that Trump intends to replace the US dollar with USD1.
