Democratic Senators, Elizabeth Warren of Massachusetts and Adam Schiff of California, have requested an ethics investigation after US President Donald Trump offered private access to holders of his meme coin, OFFICIAL TRUMP (TRUMP).
The promotion, announced on April 24, promised the top 220 holders of the TRUMP token a private dinner with President Trump at his National Golf Club on May 22. The top 25 token holders were offered an extra VIP meeting with him before the dinner.
In a letter sent to the Office of Government Ethics (OGE) on April 25, Warren and Schiff raised concerns that this setup could create a “pay-to-play” situation. They warned that selling access to a presidential candidate could break ethics rules and harm public trust.
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After the announcement, the TRUMP token price surged but quickly fell about 18% the next day. However, after Warren and Schiff’s letter was made public, the token’s price rose again from around $12 to about $15.20.
Warren and Schiff also raised concerns about foreign involvement. Their letter mentioned reports that an unknown investor spent about $13 million buying TRUMP tokens through a crypto exchange reportedly started in China. They warned this could allow foreign groups to gain influence without revealing who they are.
While organizers require attendees to give their real name, contact information, and wallet address, Warren and Schiff noted that this might not be enough to identify who is behind the purchases.
Meanwhile, Trump Media & Technology Group has signed deals with Crypto.com
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