Lawmakers Demand DOJ Probe Trump Meme Coin Dinner

U.S. lawmakers have called for a Department of Justice (DOJ) investigation into the ethics of an exclusive dinner hosted by former U.S. President Donald Trump for top investors in his $TRUMP meme coin. The event, held at Trump National Golf Club near Washington, D.C., has raised concerns about potential violations of federal bribery laws and the Constitution’s foreign emoluments clause.

Congressmen Sean Casten (IL-06) and Adam Smith (WA-09) led the effort, backed by 35 House Democrats, to demand the DOJ probe. In a letter dated May 22, the lawmakers expressed that the dinner "invites foreign influence over U.S. policy decisions and raises potential corruption and emoluments clause violations." They highlighted that the event could allow foreign governments to buy influence with the President without disclosing their identities, which is prohibited by U.S. law.

The lawmakers also pointed out that the recent announcement by Chinese Tron founder Justin Sun, who is the top investor in Trump’s namesake meme coin, has exacerbated concerns about foreign influence. Sun had faced fraud charges from the United States Securities and Exchange Commission over his Tron blockchain, which were dropped shortly after he invested millions in the Trump-affiliated crypto platform, World Liberty Financial.

In response to the controversy, ranking member of the House Financial Services Committee Maxine Waters (D-CA) introduced a new bill on Thursday that would prohibit elected officials from owning a substantial amount of cryptocurrency. However, it remains unclear whether Democrats have enough support to pass legislation against Trump’s crypto affairs.

This event underscores the ongoing debate surrounding the intersection of politics and cryptocurrency, particularly when it involves high-profile figures like Trump. The concerns raised by lawmakers highlight the potential for conflicts of interest and the need for greater transparency and regulation in the cryptocurrency space. The DOJ investigation, if pursued, could set a precedent for how such issues are handled in the future, ensuring that ethical standards are upheld and that the influence of foreign entities is properly monitored.