Thu, 22 May 2025

Thu, 22 May 2025 Trump to host investors in his cryptocurrency despite ethical concerns

Critics say he is trading access for personal profit - a suggestion rejected by the White House.
The $TRUMP cryptocurrency was launched shortly before Trump's inauguration and initially skyrocketed in value before plummeting. Its price peaked at $75 in January and has since fallen to around $12.50. Justin Sun, the top investor in $TRUMP and a billionaire crypto entrepreneur, has announced that he will attend the dinner and called himself Trump's "TOP fan!" The event is being held at one of Trump's golf courses near Washington D.C. and is advertised as "the most EXCLUSIVE INVITATION in the World." Critics argue that the event highlights the lack of transparency and potential conflicts of interest in the crypto industry, with some comparing it to a form of "buying access" to the president. The White House has pushed back against these allegations, but concerns have been raised about the potential impact on national security. Some have also questioned Trump's change of heart on cryptocurrency, given his previous comments calling Bitcoin a "scam." The event is not just a gathering of crypto enthusiasts; it also highlights the growing influence of the industry in politics. As the report by State Democracy Defenders Action notes, Trump's investments in crypto have helped boost his net worth by as much as $2.9 billion. A former financial regulator has likened the meme coin to gambling, stating that it "has no value" but enriches Trump through speculation on its price. The dinner has also sparked concerns about lobbying and access to the president, with some arguing that it's a way for wealthy individuals to influence policy without transparency.
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