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House Speaker Mike Johnson dismissed concerns surrounding President Trump’s dinner with top holders of his memecoin, refusing to disclose the attendee list despite calls for transparency from 35 House Democrats. Johnson, citing his focus on a federal budget bill, claimed ignorance of the event and declined to comment on its purpose or attendees. He further asserted that Trump is the “most transparent president” in history.
This May 22nd dinner, held at the Trump National Golf Club in Virginia, invited the top 220 holders of the “Official Trump” (TRUMP) memecoin. Democrats are demanding the release of the attendee list, suspecting potential violations of federal bribery statutes and the foreign emoluments clause. Their concerns stem from Bloomberg’s May 7th report suggesting a majority of attendees would be foreign nationals. This raises questions about the acceptance of foreign gifts without Congressional approval, a violation under the emoluments clause.
Notable attendees included Justin Sun, CEO of Tron and the largest TRUMP token holder, and Sheldon Xia, CEO of BitMart, who posted event photos on X. Australian crypto entrepreneur Kain Warwick also confirmed his attendance. The event has fueled further scrutiny, with Senator Elizabeth Warren labeling it an “orgy of corruption.”
The lack of transparency surrounding the event has prompted a formal response from Democrats. On May 22nd, a group led by Representative Maxine Waters introduced the “Stop TRUMP in Crypto Act,” aiming to prevent Trump and his family from profiting from cryptocurrency ventures while in office. The bill, supported by 14 other lawmakers, cites the TRUMP memecoin, allegedly increasing Trump’s net worth by over $350 million, along with his involvement in World Liberty Financial and its USD1 stablecoin, as reasons for concern. The bill highlights the potential conflict of interest and the use of the presidency to promote and profit from cryptocurrency investments. The ongoing debate underscores the increasing intersection of politics, cryptocurrency, and ethical concerns.
