House Speaker Defends Trump Amid Crypto Dinner Controversy

US House Speaker Mike Johnson has dismissed concerns about corruption surrounding President Donald Trump’s recent dinner with top holders of his memecoin. The event, which took place on May 22, has sparked calls for a Justice Department investigation from 35 House Democrats. Johnson, when questioned by CNN’s Jake Tapper on May 25, stated that he was unaware of the details of the dinner and chose not to comment on it. He mentioned that he had been focused on passing a $1.6 trillion federal budget funding bill and claimed that Trump was "the most transparent president" in history and "has nothing to hide."

Democrats have been vocal in their demands for transparency, calling for the release of the attendee list. They suspect that Trump may be accepting foreign investments in violation of federal bribery statutes or the foreign emoluments clause of the Constitution, which bars the US president from accepting any gift from a foreign state without Congressional approval. The attendees of the dinner, held at the Trump National Golf Club in Virginia, included notable figures such as the Chinese-born Tron CEO Justin Sun, the largest holder of the TRUMP token and a significant backer of the Trumps’ crypto platform World Liberty Financial. Other attendees included Sheldon Xia, the CEO of Cayman Islands-based crypto exchange BitMart, and Australian crypto entrepreneur Kain Warwick.

Several Democrats, including Senator Elizabeth Warren, have criticized the event, with Warren describing it as an “orgy of corruption.” In response to the controversy, several House Democrats, led by Maxine Waters, introduced the "Stop TRUMP in Crypto Act" on May 22. This bill aims to prevent Trump and his family from profiting off crypto while in office. Waters highlighted Trump’s involvement in the TRUMP memecoin and his role in World Liberty Financial and its stablecoin, USD1, as examples of how he has used the "power of the presidency to shamelessly promote and profit" from crypto ventures. The bill has garnered support from 14 additional US lawmakers, including Nydia Velázquez, Brad Sherman, and Gregory Meeks.

The controversy surrounding Trump’s cryptocurrency dinner underscores the growing scrutiny of the crypto industry by regulators and lawmakers. The event has raised ethical questions about transparency in political fundraising and lobbying, with critics arguing that the lack of disclosure about attendees raises serious concerns about potential conflicts of interest. The calls for a probe and the introduction of the "Stop TRUMP in Crypto Act" reflect the broader debate about the need for greater oversight and regulation in the crypto industry to ensure transparency and accountability. The situation highlights the importance of holding industry leaders to the same standards as everyone else and ensuring that the political process remains transparent and trustworthy.