California Consultant Maxine Waters, rating member of the US Home Monetary Companies Committee, has introduced plans to introduce laws “to dam [Donald] Trump’s memecoin and cease his crypto corruption.”
In a Might 22 discover, Waters mentioned the Cease Buying and selling, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act of 2025 invoice can be aimed toward blocking the US president, vp, members of Congress and their households from participating in “crypto crime.” The US lawmaker referred to Trump and his spouse, Melania, issuing private memecoins in January, his household launching a stablecoin, USD1, by way of the crypto platform World Liberty Monetary, and the president trying to ascertain a nationwide Bitcoin (BTC) reserve as his sons back a BTC mining enterprise.
“Donald Trump is getting ready to dine with the highest donors of his memecoin who’ve made him, and his household, richer,” mentioned Waters, including:
“Trump’s crypto con isn’t just a rip-off to focus on buyers. It’s additionally a harmful backdoor for promoting affect over American insurance policies to the very best overseas bidder.”
Waters’ invoice was certainly one of many actions introduced to oppose the president’s dinner to reward memecoin holders. Senators Chris Murphy and Elizabeth Warren are anticipated to attend a press occasion with representatives for the buyer advocacy group Public Citizen, and two Democratic organizations are set to protest at the Trump National Golf Club outdoors Washington, DC, the place the memecoin dinner shall be held.
Majority of members have stayed nameless forward of dinner
The quantity and names of attendees to the Might 22 dinner had been nonetheless largely unknown, however a number of revealed their intentions by way of social media and information retailers to use for background checks and meet the president. Bloomberg reported that more than half of the members eligible for the dinner and “VIP Tour” — a separate expertise restricted to the highest 25 memecoin holders — had been probably overseas nationals.
Amongst these claiming to attend included Tron founder Justin Solar, Hyperithm co-CEO Oh Sangrok, Kronos Analysis chief funding officer Vincent Liu, and Synthetix founder Kain Warwick. Solar posted to X on Might 21, displaying him showing to achieve entry to the Eisenhower Govt Workplace Constructing in Washington, DC, which is a part of the White Home compound.
Associated: What to expect at Trump’s memecoin dinner
Addressing members of the press on Might 22, White Home Press Secretary Karoline Leavitt said Trump was attending the dinner “in his private time.” She denied that the occasion can be happening on the White Home, regardless of the memecoin venture’s web site beforehand stating the highest 25 holders can be eligible for a tour of the federal government constructing.
Because the launch of the TRUMP memecoin on Jan. 17, many lawmakers and trade figures, together with some typically supportive of the president’s insurance policies, have criticized the venture. In a Might 20 article, The Wall Avenue Journal Editorial Board called on the White Home to reveal the names of these attending the dinner, including that Trump would “assist himself by calling off his Thursday gala.”
Two organizations behind the TRUMP token are tied on to the president and management roughly 80% of the full provide, opening up the potential for a rug pull sooner or later. Within the earlier 24 hours, the worth of the memecoin has risen greater than 11%, to $15.76 from $14.13.
Journal: Trump’s crypto ventures raise conflict of interest, insider trading questions