In Washington D.C., Democratic lawmakers have initiated a series of actions to voice their concerns regarding Donald Trump's memecoin dinner, which they deem as 'corrupt'. Trump, whose affiliated businesses launched the $TRUMP memecoin shortly before his second term inauguration, announced that he would be hosting the 220 largest holders of his token for a dinner at the Trump National Golf Club in Potomac Falls, Virginia, resulting in a price surge as interested parties swiftly purchased more tokens to secure an invitation.
Critics have labeled this move as corrupt, citing the fact that foreign buyers who are otherwise unable to legally donate to the president are purchasing tokens, as well as the lack of transparency surrounding these purchases. Many of the dinner attendees remain unknown, with some attendees citing the ability to maintain anonymity as a factor in their decision to attend, according to the Washington Post. Justin Sun, creator of Tron, boasted about being the top holder of the token ahead of the dinner, with blockchain explorers suggesting that the wallet with the largest $TRUMP holding is tied to HTX, a crypto exchange connected to Sun.
Senator Richard Blumenthal, a Connecticut Democrat who previously wrote open letters to two Trump-affiliated businesses inquiring about their crypto ventures, stated that Trump is 'auctioning' access to the White House with the memecoin dinner. 'What's happening tonight...is in effect, putting a 'for sale' sign on the White House,' Blumenthal said. 'It's auctioning off access.
He's literally saying to investors, 'the more you buy of my memecoin, the greater your chance of coming to dinner with me.' Blumenthal suggested that a lawsuit might force Trump to comply with at least some rules surrounding foreign gifts or payments. During Trump's first presidency, Blumenthal and other members of Congress sued Trump for allegedly violating the U.S. Constitution's foreign emoluments clause, which prohibits public officials from accepting gifts from foreign governments without congressional permission.
Although an appeals court eventually dismissed the suit, Blumenthal expressed his willingness to try again. Thirty-five members of Congress wrote a letter to the Department of Justice's Public Integrity Section, calling for an 'immediate investigation' into the dinner, specifically citing concerns about 'potential corruption and emoluments clause violations.' The letter, signed by crypto-friendly lawmakers like Ritchie Torres and Shri Thanedar, as well as more critical representatives like Brad Sherman, noted that companies have explicitly stated they would buy $TRUMP tokens to try and influence the president.
'U.S. law prohibits foreign persons from contributing to U.S. political campaigns,' the letter stated. 'However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities.' Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, introduced a new bill on Thursday that seeks to make the president's crypto dealings explicitly illegal.
The legislation, labeled the Stop Trading, Retention, and Unfair Market Payoffs in Crypto Act of 2025, prohibits senior government officials and lawmakers from owning, controlling, or serving as an officer of a crypto firm or token issuer, and also from trading in digital assets if they have special insight due to their government role. A White House spokesperson did not immediately respond to a request for comment on the backlash from Democrats. During a press briefing, White House Press Secretary Karoline Leavitt stated that Trump was 'attending [the dinner] in his personal time.' 'It is not a White House dinner, it's not taking place here,' she said when asked if the White House would share the names of the attendees. Democratic Senators Elizabeth Warren, Jeff Merkley, and Murphy held a press conference Thursday afternoon alongside consumer advocacy groups to denounce the president's dinner plans.
The lawmakers are demanding that Trump reveal the names of the evening's attendees. 'With foreign-linked wallets, untraceable transactions, and no press allowed, the event raises alarming questions about foreign influence, national security, and the growing corruption at the heart of Trump's crypto empire,' they said in a statement announcing the press conference at the U.S.
Capitol. During the press conference itself, Warren stood in front of a podium with posters saying 'release the guest list' and asking 'who's coming to dinner?' 'Tonight is the orgy of corruption,' Warren said at the Thursday press conference.
She singled out the expected attendance of Tron's Sun, saying he 'will be having an especially good time at tonight's dinner' after the Securities and Exchange Commission paused its Tron enforcement work under the Trump administration. 'Even if you release the names, it's still corrupt,' Murphy argued on Thursday, adding that at least sharing the attendee information will 'show us who has bought access to him.' 'This president is coin-operated, both literally and figuratively,' said Liccardo, who added that Trump's claim of attending in a personal capacity may open him up to legal charges. Merkley was also set to join an evening protest near the golf-club dinner location, just outside of Washington.