US President Donald Trump is ready to host a dinner for the highest traders in his private cryptocurrency enterprise at his Virginia golf membership on Thursday. The gala will host 220 largest holders of $TRUMP memecoin, a crypto memecoin launched by the US president in January. As per the occasion web site, the highest 25 traders will obtain a non-public viewers with Trump earlier than dinner and a tour of the official residence of the President, the White Home.One of many greatest traders is Justin Solar, a Chinese language-born crypto entrepreneur and founding father of the TRON blockchain. Solar says he invested $20 million within the coin and a complete of $93 million in Trump-related crypto. He’s additionally below investigation within the US for market manipulation, although the case was paused by Trump-appointed regulators earlier this 12 months.A couple of weeks earlier than that pause, Solar spent $30 million on digital property from a Trump family-backed firm. On social media, Solar stated he was “honored” to attend the dinner and keen to speak in regards to the crypto business.Political backlashWhereas some Republicans have expressed concern, most criticism has come from Democrats. Senator Chris Murphy known as the dinner a “secret assembly” the place rich folks, presumably overseas nationals, can attempt to affect the president.“It is essentially corrupt – a manner to purchase entry to the President,” Murphy posted on X.The White Home pushed again, with press secretary Karoline Leavitt calling the claims “ridiculous.” She stated Trump gave up an expensive enterprise life for public service.Crypto regulation and Trump’s turnaroundThe occasion comes because the Senate is advancing a brand new invoice to manage stablecoins—a sort of cryptocurrency tied to conventional cash. The GENIUS Act, which moved ahead this week, may assist convey extra guidelines to the crypto area.Trump, as soon as a crypto skeptic, shifted his views throughout the 2024 marketing campaign. Many within the crypto business, upset with the Biden administration’s dealing with of the market, turned main Trump donors.The business has confronted main scandals, just like the collapse of crypto alternate FTX and the 25-year sentence of its founder, Sam Bankman-Fried. Nonetheless, curiosity stays excessive—Bitcoin hit a report $109,500 this week.Trump household expands crypto tiesTrump’s sons, Donald Jr and Eric, have been main a number of new crypto ventures. They’ve invested in Binance, a significant alternate whose founder hopes for a presidential pardon.These investments are managed via World Liberty Monetary, an organization the Trump household launched final fall. The management crew contains Donald Jr., Eric Trump, and Zach Witkoff, the son of a Trump adviser.Trump has additionally taken steps to assist crypto on a nationwide stage, together with signing an govt order to create a “Strategic Bitcoin Reserve” for the US authorities.
