Trump’s crypto dinner, where plates cost $1.5m, draws ethics concerns as president could make millions from meme coin

Your support helps us to tell the story From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it. Your support makes all the difference. Read more President Donald Trump is expected to bring in millions of dollars over the next month as he hosts two cryptocurrency-focused, lucrative dinners – one of which costs a whopping $1.5 million to attend. On Monday evening, Trump will attend the “Crypto & AI Innovators Dinner,” hosted by MAGA Inc., a super PAC that supports the president. The event, which costs $1.5 million per plate, will feature special guest David Sacks, NBC News reported. Though MAGA Inc. supports Trump, he is unable to run for a third term, so it’s unclear where that funding will go. Then on Thursday, May 22, Trump is slated to attend a dinner for the top 220 investors in his memecoin, $Trump. Around 80 percent of the memecoin’s supply is controlled by the Trump Organization and its affiliates. open image in gallery Both events are part of Trump’s push to get more people invested in crypto and make the United States the “crypto capital of the world.” In January, Trump signed an executive order establishing a Strategic Bitcoin Reserve for the U.S. and directed his administration to promote the use of blockchain. But the president’s desire to integrate crypto more with the U.S. has worried some who believe his personal endeavors with his memecoin and crypto company, World Liberty Financial, could pose a conflict of interest. State Democracy Defenders Action, a nonprofit dedicated to fighting election sabotage and autocracy, said in a recent report that Trump will “likely profit from the very policies he is pursuing.” “The regulation of digital assets is in its nascency, but rather than divest his crypto assets to avoid any possible conflict of interest, President Trump seems to have positioned himself to maximize profiting from them by adopting a less aggressive regulatory and enforcement program than his predecessor,” the group wrote. open image in gallery Accountable.US, a nonpartisan advocacy group that checks powerful individuals in Washington, criticized the president for holding a dinner for top investors in his memecoin. “Never in U.S. presidential history has there been a more nakedly corrupt self-enriching scheme,” Tony Carrk, the executive director at Accountable.U.S., said in a statement. “The President is openly inviting investors to have a bidding war over who can buy the most access to him while he laughs all the way to the bank. There has never been a clearer case of a President using their office to put money in their pocket, or greater potential for special interests to buy an administration’s favor that could threaten the public interest,” Carrk added. Trump’s memecoin peaked in value at approximately $70 after launching in January, but since announcing his exclusive dinner competition, it’s surged around 60 percent. Trump has likely made millions from his memecoin, with one Reuters report from February estimating the president had $100 million in trading fees alone. Source: https://www.independent.co.uk/news/world/americas/us-politics/trump-crypto-dinner-ethics-b2745231.html