On May 22, 2025, US President Donald Trump hosted a private dinner for top holders of his Official TRUMP memecoin at the Trump National Golf Club. The event has stirred significant political controversy, with 35 House Democrats calling on the Justice Department to investigate potential ethical breaches, including possible violations of bribery laws and the Constitution's emoluments clause which prohibits the acceptance of gifts from foreign states without Congressional approval.
Speaker of the House Mike Johnson has remained silent on the matter, stating in a May 25 CNN interview that he was unaware of the event and declining to comment on the undisclosed guest list. Notable attendees reportedly included foreign nationals such as Tron CEO Justin Sun, who holds the largest share of TRUMP tokens, BitMart CEO Sheldon Xia, and Australian crypto entrepreneur Kain Warwick.
Democrats express concern that foreign money may have been funneled into the event, raising legal and ethical questions. Representative Maxine Waters and 14 colleagues introduced the “Stop TRUMP in Crypto Act” to bar Trump and his family from profiting from any crypto ventures while in office, citing over $350 million in fees and profits linked to Trump’s crypto platform, World Liberty Financial, and its stablecoin USD1.
The dinner caused a 60% surge in TRUMP token prices upon announcement, reflecting investor enthusiasm but also adding to scrutiny. The political fallout extends to potential regulatory amendments being considered by the Senate to limit public officials’ involvement in cryptocurrencies.