Trump dinner for meme coin consumers activates senators to call for ethics probe

WASHINGTON — Senators Adam Schiff and Elizabeth Warren are caution that President Donald Trump’s personal dinner with holders of his meme coin would possibly represent “pay to play” corruption, and are calling for an ethics investigation.

The Democratic senators, from California and Massachusetts, respectively, despatched a letter on Friday to the U.S. Office of Government Ethics, soliciting for a probe to resolve if President Trump violated federal ethics regulations by means of providing unique get entry to to best buyers in his $TRUMP coin.

The letter relates to a promotion, introduced at the meme coin’s site on Wednesday, providing the highest 220 holders of the token dinner with the president on May 22 at his golfing membership in Washington, D.C. The coin jumped by means of 50% in worth after the invitation was once posted.

“President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures,” the senators wrote on Friday, in a letter shared with CNBC.

The worth of the coin surged by means of greater than $100 million after the announcement, elevating issues that Trump and his circle of relatives are in my opinion taking advantage of their political affect, the senators wrote.

“This latest action raises grave ethics and legal concerns, including the severe risk that President Trump and other officials may be engaging in ‘pay to play’ corruption by selling presidential access to individuals or entities, to include foreign nationals and corporate actors with vested interests in federal action, while personally enriching the President and his family,” the senators wrote.

They cite more than one public stories appearing that some $TRUMP buyers have ties to international exchanges or won price range from crypto platforms banned within the U.S., together with Binance.

Senators Schiff and Warren are asking ethics officers whether or not any steering has been supplied to Trump or his circle of relatives about taking advantage of virtual belongings whilst in place of work, and what safeguards exist to stop folks below investigation or in quest of pardons from purchasing political get entry to thru investments.

With the White House and each chambers of Congress managed by means of Republicans and with an ethics director appointed by means of the president, the letter from the Democratic senators is prone to fall on deaf ears.

Trump and his allies proceed to push deeper into crypto markets. Last month, the Trump circle of relatives introduced plans to release a stablecoin thru its World Liberty Financial undertaking.

Since its January debut, the $TRUMP meme coin has reportedly generated greater than $350 million in charges for entities tied to the president and his interior circle. The undertaking’s site claims that 80% of the token provide is held by means of the Trump Organization and affiliated entities.

The Office of Government Ethics did not right away reply to a request for remark.

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