Crypto investor and $TRUMP token holder, Nicholas Pinto, attends gala dinner for contest winners.
Nicholas Pinto
The worth of President Donald Trump‘s meme coin plunged 16% as of Friday morning, simply hours after he hosted a black-tie gala at his Virginia golf membership for its largest patrons — an elite crowd that spent a mixed $148 million on the token for the prospect to be there.
It was billed as “probably the most unique invitation on this planet.”
Among the many 220 attendees have been crypto influencers, business executives like Sandy Carter of Unstoppable Domains, and former NBA star Lamar Odom, who used the event to reward Trump as “the best president” and promote his personal token, $ODOM.
The highest 25 wallets have been promised a non-public reception and guided tour. Others, like 25-year-old Nicholas Pinto — whose dad drove him to the occasion in his Lamborghini — left underwhelmed and nonetheless hungry.
“The meals sucked,” Pinto stated. “Wasn’t given any drinks apart from water or Trump’s wine. I do not drink, so I had water. My glass was solely crammed as soon as.”
Trump made solely a quick look. “He did not discuss to any of the 220 company — perhaps the highest 25,” Pinto stated.
All in, the president was there for 23 minutes, Pinto stated. Trump delivered a quick tackle re-hashing previous crypto speaking factors, then he left on a helicopter earlier than taking any questions or footage together with his meme coin contest winners.
Telephones weren’t locked in RFID pouches, and safety was lax, in keeping with Pinto.
“As soon as Trump left, they did not actually fear about the rest,” Pinto added.
The opulence was on full show.
“Richard Mille watches weren’t even uncommon,” Pinto stated. “I noticed not less than 16 folks carrying them. I by no means see that until I am at a high-end restaurant in Miami or Dubai.”
However the vibe was extra muted than anticipated, he stated: “A lot of folks did not even maintain the coin anymore. They have been checking their telephones throughout dinner to see if the value moved.”
Protests
For lawmakers and regulators, the dinner set off alarm bells.
The #1 token holder was Chinese language-born crypto mogul Justin Solar who’s at the moment going through Securities and Trade Fee fraud expenses that have been just lately paused, with the company citing “the general public curiosity.”
Solar holds over $22 million within the $TRUMP token and one other $75 million in World Liberty Monetary’s native token.
“As the highest holder of $TRUMP and proud supporter of President Trump, it was an honor to attend the Trump Gala Dinner,” Solar posted on Friday. “Thanks @POTUS in your unwavering assist of our business!”
Exterior the gates of Trump Nationwide Golf Membership in Potomac Falls, Va., a couple of hundred protesters gathered, in keeping with NBC Information. Sen. Jeff Merkley, D-Ore., joined them, backing a brand new Finish Crypto Corruption Act with Senate Minority Chief Chuck Schumer, D-N.Y.
Indicators learn “Crypto Corruption” and “Trump is a traitor.”
President Donald Trump speaks at dinner for meme coin contest winners at his golf membership in Virginia.
Nicholas Pinto
Crypto on Capitol Hill
“The Trump household exercise within the memecoin house makes my work in Congress extra difficult,” Rep. French Hill, R-Ark., advised CNBC Friday.
Hill, who’s main negotiations on a bipartisan stablecoin invoice often called the GENIUS Act, referred to as the gala “a distraction from the nice work we have to do.”
Now, the GENIUS Act, a invoice to control stablecoins, is in danger.
Sen. Josh Hawley, R-Mo., just lately added a controversial rider to the invoice that might cap bank card late charges — what’s seen as a poison tablet that might alienate banking allies and stall last approval.
On Thursday night time because the meme coin contest dinner was underway, a bloc of Senate Democrats introduced they’d be pushing for a brand new provision that might ban presidents and senior officers from profiting off crypto ventures whereas in workplace — a direct problem to the Trump-linked stablecoin USD1 that launched this spring.
in Washington, there’s rising concern that political infighting over Trump’s crypto ventures may derail the stablecoin invoice altogether. That poses an excellent greater danger.
Based on the Wall Road Journal, JPMorgan, Financial institution of America, Citi, and different main banks are in early talks to problem a unified digital greenback to compete with Tether, the foreign-controlled stablecoin that now instructions over 60% of worldwide market share.
These plans hinge on authorized readability.
If the GENIUS Act stalls, the U.S. may lose its window to regain floor within the world race for digital funds.
The White Home has tried to attract a line between Trump the president and Trump the non-public businessman.
“The president is attending it in his private time. It’s not a White Home dinner,” press secretary Karoline Leavitt advised reporters when pressed on attendee transparency.
The administration declined to launch a visitor record. However blockchain knowledge — and a patchwork of visitor photographs — inform a part of the story.
A Bloomberg Information evaluation discovered that every one however six of the highest 25 wallets used international exchanges, ostensibly off-limits to U.S. customers. Greater than half of the highest 220 wallets have been linked to related offshore platforms.
One Nasdaq-listed penny inventory, Freight Applied sciences, disclosed in an SEC submitting that it spent $2 million on Trump’s token to push U.S.-Mexico commerce coverage. It did not make the reduce for the dinner — ending 250th.
Since its January debut, the $TRUMP coin has generated greater than $324 million in buying and selling charges. Roughly 80% of the $TRUMP token provide is managed by the Trump Group and associates, in keeping with the challenge’s web site.
WLFI, the Trump’s parallel token, has offered $550 million in two token gross sales.
Nonetheless, White Home AI & crypto czar David Sacks remained bullish on “important bipartisan assist” for stablecoin laws.
“We have already got over $200 billion in stablecoins — it is simply unregulated,” Sacks advised CNBC’s “Closing Bell Additional time” on Wednesday. “If we offer the authorized readability and authorized framework for this, I feel we may create trillions of {dollars} of demand for our Treasuries virtually in a single day, in a short time.”
“Now we have each expectation now that it’ll go,” added Sacks, although he did not reply a query about issues from Democrats that there aren’t ample safeguards in place to maintain the president and his household from making the most of laws.
Whereas Sacks offered $200 million in crypto-related holdings earlier than taking his White Home job, in keeping with a disclosure submitting, Trump and his household have been leaning into constructing a crypto empire.
The Trumps are monetary backers of World Liberty Monetary, which is behind the UDS1 stablecoin that’s backed by Treasuries and greenback deposits.
Abu Dhabi’s MGX funding fund just lately pledged $2 billion in USD1 to Binance, the world’s largest digital belongings change. It is the corporate’s largest-ever funding made in crypto.
