U.S. Congressmen Sean Casten (IL-06) and Adam Smith (WA-09) are leading the charge in demanding that the Department of Justice (DOJ) investigate President Donald Trump’s $TRUMP meme coin dinner for potential violations of federal bribery laws and the Constitution’s foreign emoluments clause. The lawmakers, along with 35 House Democrats, penned a letter on May 22 urging the DOJ to look into the event, which they believe could invite foreign influence over U.S. policy decisions and raise concerns about corruption.
The dinner, which was attended by the top 220 $TRUMP investors, has sparked controversy due to its potential ethical implications. Casten and Smith argue that President Trump’s involvement in the event disregards ethics norms, introduces conflicts of interest, and could lead to self-enrichment. Of particular concern is Chinese Tron founder Justin Sun’s recent announcement that he was the top investor in the $TRUMP meme coin, raising questions about foreign influence.
Sun, who had previously faced fraud charges from the SEC over his Tron blockchain, saw those charges dropped shortly after investing millions in World Liberty Financial, a Trump-affiliated crypto platform. The lawmakers pointed out that U.S. law prohibits foreign individuals from contributing to U.S. political campaigns, but the $TRUMP meme coin and the exclusive access promised at the dinner could allow foreign governments to buy influence without disclosing their identities.
The $TRUMP gala dinner, held at Trump National Golf Club near Washington, D.C., has drawn criticism from Democratic lawmakers who are concerned about potential ethics violations. Maxine Waters, ranking member of the House Financial Services Committee, introduced a bill to prevent elected officials from owning large amounts of cryptocurrency, but it remains to be seen if Democrats have enough support to pass such legislation.
In light of these developments, the push for a DOJ investigation into the ethics of the $TRUMP coin gala continues. The controversy surrounding the event highlights the ongoing debate over the intersection of politics and cryptocurrency, and raises important questions about transparency and accountability in government affairs. The outcome of the investigation could have far-reaching implications for the future of crypto involvement in political circles.