Former President Donald Trump recently hosted an exclusive dinner in the U.S. for top holders of his $TRUMP memecoin, attracting over $150 million in investments and sparking significant political backlash. Democratic lawmakers, including Senator Chris Murphy, criticized the event as commodifying political access, especially since some wealthy donors with foreign ties participated. The controversy has led to the introduction of the Modern Elements and Feasance (MEME) Act, which aims to prevent federal officials from profiting through digital assets.
The incident has heightened scrutiny over crypto-related political fundraising, delaying stablecoin legislation and prompting protests under banners such as "America Is Not for Sale". The rally features prominent Democratic figures opposing what they call "crypto corruption." While White House officials have defended the Trump family’s crypto activities as lawful, opponents highlight potential conflicts of interest, especially related to World Liberty Financial’s USD1 stablecoin, associated with the Trump family.
This growing political and regulatory push focuses on increased transparency in crypto fundraising, governance tokens, and banning presidents from issuing stablecoins. The saga has stalled key legislative support, including for the GENIUS Act targeting payment stablecoins. The $TRUMP memecoin is at the center of this controversy, drawing both significant investment and widespread criticism for its political use.