Quick Summary
- Reps. Sean Casten (IL-06) and Adam Smith (WA-09) are leading calls for a DOJ probe into Trump’s $TRUMP meme coin gala.
- 35 House Democrats allege the event may violate federal bribery laws and the Constitution’s foreign emoluments clause.
- Concern centers around foreign influence, particularly from Chinese crypto mogul Justin Sun, who claims to be the top investor.
- The gala offered exclusive access to Trump for top 220 $TRUMP investors at his National Golf Club.
- Rep. Maxine Waters introduced legislation to limit crypto holdings for elected officials.
DOJ Urged to Investigate Trump’s $TRUMP Coin Gala
In a sharp rebuke of former President Donald Trump’s latest crypto-linked venture, U.S. Congressmen Sean Casten and Adam Smith are leading a charge demanding that the Department of Justice investigate the legality and ethics of a recent gala dinner held in honor of $TRUMP meme coin investors.
Backed by 35 House Democrats, the lawmakers claim the exclusive dinner for the top 220 $TRUMP investors, hosted at Trump National Golf Club near D.C., may violate federal bribery laws and the foreign emoluments clause of the U.S. Constitution.
“It is just the latest example of President Trump disregarding ethics norms, introducing further conflicts of interest, and using his office for self-enrichment,” said Casten and Smith in their letter to the DOJ.
Foreign Influence Concerns: Spotlight on Justin Sun
The controversy intensified after Chinese crypto entrepreneur Justin Sun, founder of the Tron blockchain, claimed he was the top investor in the $TRUMP coin. This has fueled bipartisan alarm over potential foreign influence on U.S. policy decisions.
Sun previously faced fraud charges from the SEC, which were dropped shortly after he invested millions into Trump-affiliated World Liberty Financial — a move that raised more than a few eyebrows in Washington.
“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,” the lawmakers warned.
Crypto Ethics Under the Microscope
The $TRUMP dinner comes as Democrats ramp up scrutiny over political figures and their crypto entanglements. On the same day as the gala, Rep. Maxine Waters (D-CA) introduced a bill that would bar elected officials from holding substantial cryptocurrency assets — a direct response to growing concerns over transparency and ethical standards in the digital finance space.
What’s Next?
While the Democratic lawmakers have raised red flags, it remains uncertain whether they hold enough sway to enforce new legislation or bring about formal investigations. Nevertheless, the growing entanglement of crypto, politics, and foreign interests is likely to remain a hot-button issue in the months ahead.