Trump Hosts Crypto Dinners Amid $TRUMP Token Frenzy and Political Backlash

U.S. President Donald Trump is doubling down on crypto outreach, hosting two high-profile events this May that have drawn both excitement and controversy. On Monday, Trump attended a $1.5 million-per-plate “Crypto & AI Innovators Dinner” at his Virginia golf club, hosted by super PAC MAGA Inc. The exclusive, closed-door event featured figures like tech investor and “crypto czar” David Sacks.

The same day, Trump confirmed a May 22 black-tie dinner for holders of the Solana-based $TRUMP meme coin at his private club. Access is granted based on token holdings, with the top 220 wallets receiving invites and the top 25 promised a private reception and White House tour. A live leaderboard tracks wallet rankings, though most are pseudonymous.

The announcement caused a surge in $TRUMP’s price, but the token later plunged 18% amid market volatility. Despite terms that Trump’s attendance is not guaranteed, interest in the token jumped 50% following the news.

The events have sparked backlash. Lawmakers like Sen. Elizabeth Warren and Rep. Adam Schiff warned that the dinners appear to exchange political access for crypto investment. Warren also criticized USD1, a stablecoin linked to Trump’s son Eric and backed by UAE-based investors, calling a recent $2 billion investment “shady.”

Watchdog group Accountable.US called the $TRUMP dinner “the most nakedly corrupt self-enrichment scheme in U.S. presidential history,” raising concerns over anonymous wallets, potential foreign influence, and alleged holdings by figures like Tron founder Justin Sun.

While Trump’s team has not disclosed top holders, the events have reignited debate over transparency in political crypto fundraising. If the May 22 event is canceled, winners will receive Trump-branded NFTs instead.