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Democratic Senators, Elizabeth Warren of Massachusetts and Adam Schiff of California, have requested an ethics investigation after US President Donald Trump offered private access to holders of his meme coin, OFFICIAL TRUMP (TRUMP).
The promotion, announced on April 24, promised the top 220 holders of the TRUMP token a private dinner with President Trump at his National Golf Club on May 22. The top 25 token holders were offered an extra VIP meeting with him before the dinner.
In a letter sent to the Office of Government Ethics (OGE) on April 25, Warren and Schiff raised concerns that this setup could create a “pay-to-play” situation. They warned that selling access to a presidential candidate could break ethics rules and harm public trust.
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After the announcement, the TRUMP token price surged but quickly fell about 18% the next day. However, after Warren and Schiff’s letter was made public, the token’s price rose again from around $12 to about $15.20.
Warren and Schiff also raised concerns about foreign involvement. Their letter mentioned reports that an unknown investor spent about $13 million buying TRUMP tokens through a crypto exchange reportedly started in China. They warned this could allow foreign groups to gain influence without revealing who they are.
While organizers require attendees to give their real name, contact information, and wallet address, Warren and Schiff noted that this might not be enough to identify who is behind the purchases.
Meanwhile, Trump Media & Technology Group has signed deals with Crypto.com
$2.13B
and Yorkville America Digital, an asset manager, to launch ETFs focused on US-linked assets. What will these ETFs include? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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