3 days ago
Congressional Democrats threatened lawsuits, introduced authorities and planned protests successful the lead-up to U.S. President Donald Trump's memecoin dinner.
Trump, whose affiliated businesses issued the $TRUMP memecoin conscionable days earlier helium was inaugurated for his 2nd term, announced helium would big the 220 largest holders of his token for a meal astatine the Trump National Golf Club successful Potomac Falls, Virginia connected Thursday, starring to a terms spike arsenic funny parties instantly bought much tokens to unafraid an invite.
Critics called the determination corrupt, pointing to the information that overseas buyers who different could not legally donate wealth to the president were purchasing tokens, arsenic good arsenic the opacity surrounding their buys — galore of the dinner's attendees are unknown, and immoderate adjacent pointed to the quality to support anonymity arsenic a origin successful their determination to go, according to the Washington Post.
Tron creator Justin Sun boasted astir being the apical holder of the token up of the dinner, with blockchain explorers suggesting that the wallet with the largest $TRUMP holding is tied to HTX, a crypto speech connected to Sun.
Legal action
Sen. Richard Blumenthal, the Connecticut Democrat who antecedently wrote unfastened letters to 2 Trump-affiliated businesses asking astir their crypto ventures, told reporters successful a property telephone organized by center-left watchdog Accountable US that Trump was "auctioning" entree to the White House with the memecoin dinner.
“What’s happening tonight…is successful effect, putting a ‘for sale’ motion connected the White House,” Blumenthal said. “It’s auctioning disconnected access. He’s virtually saying to investors, ‘the much you bargain of my memecoin, the greater your accidental of coming to meal with me.’”
Blumenthal suggested that a suit mightiness unit Trump to comply with astatine slightest immoderate rules astir overseas gifts oregon payments.
During Trump’s archetypal presidency, Blumenthal and different members of Congress sued Trump for allegedly violating the U.S. Constitution’s overseas emoluments clause, which forbids nationalist officials from taking gifts from overseas governments without the support of Congress. Though an appeals tribunal yet nixed the suit, Blumenthal said Thursday he’s acceptable to effort again.
"If determination were an authorization from Congress, members would bring a lawsuit. I would beryllium much than blessed to bash it. I'd beryllium anxious to bash it," helium said.
Even if Congress doesn't authorize this, backstage groups, similar nationalist involvement bodies, could besides bring a lawsuit, which lawmakers could enactment done Amicus briefs, helium said.
"And essentially, the allegation would be, he's violating the proviso of the United States Constitution that forbids payments oregon benefits from a overseas power, plenipotentiary," helium said. "It's specifically enumerated successful the Constitution, unless helium has consent with Congress and helium has nary consent."
New bills
Representative Maxine Waters, the ranking Democrat connected the House Financial Services Committee, pushed a caller measure connected Thursday that again seeks to marque the president's crypto dealings explicitly illegal. The authorities — labeled the Stop Trading, Retention, and Unfair Market Payoffs successful Crypto Act of 2025, cautiously named for purposes of an acronym arsenic the Stop TRUMP successful Crypto Act — prohibits elder authorities officials and lawmakers from owning, controlling oregon serving arsenic an serviceman of a crypto steadfast oregon token issuer, and besides from trading successful integer assets if they person peculiar penetration due to the fact that of their authorities role.
"Nowhere is Trump’s blatant disregard and disrespect for the regularisation of instrumentality much evident than successful the mode helium has exploited the bureau of the Presidency to beforehand shady, fraudulent crypto ventures that clasp nary existent value, and service nary existent intent different than to pad his pockets,” Waters said successful a connection erstwhile she announced the legislation.
A White House spokesperson didn't instantly respond to a petition for remark connected the backlash from Democrats.
Waters' measure is substantially akin to earlier efforts from Senator Chris Murphy, a Connecticut Democrat down the Modern Emoluments and Malfeasance Enforcement (MEME) Act, and Representative Sam Liccardo, who besides had a measure successful the House.
The Democrats protesting Trump's dinner, however, further uncover the party's crypto split. These are mostly the aforesaid lawmakers who person maintained absorption to crypto legislation, portion different faction of the enactment precocious joined with Republicans to beforehand a stablecoin measure successful the Senate. Their argument: Trump's actions whitethorn beryllium inappropriate — oregon adjacent amerciable — but caller authorities doesn't request to further underline that point.
Further protests
Democratic Senators Elizabeth Warren, Jeff Merkley and Murphy were acceptable to clasp a property league Thursday day alongside user advocacy groups to decry the president's meal plans. The lawmakers are demanding that Trump uncover the names of the evening's attendees.
"With foreign-linked wallets, untraceable transactions, and nary property allowed, the lawsuit raises alarming questions astir overseas influence, nationalist information and the increasing corruption astatine the bosom of Trump’s crypto empire," they said successful a connection announcing the property league astatine the U.S. Capitol.
Merkley was besides acceptable to articulation an evening protestation adjacent the gold-club meal location, conscionable extracurricular of Washington.
Read more: Trump's Memecoin Dinner Draws Crowded Cast of Democratic Protesters from Congress
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