The price of President Donald Trump’s meme coin fell 16% by Friday morning, just hours after he hosted an exclusive black-tie gala at his Virginia golf club for the token’s biggest buyers. The event was touted as “the most exclusive invitation in the world,” drawing 220 attendees, including crypto influencers, industry leaders, and celebrities such as former NBA player Lamar Odom, who praised Trump as “the greatest president” and promoted his own token. The top 25 wallet holders were given special access to a private reception and guided tours, while others, including a 25-year-old attendee named Nicholas Pinto, left underwhelmed by the event’s offerings, particularly criticizing the food and limited drink options.
Trump himself made a brief 23-minute appearance, delivering a short speech that recycled familiar crypto talking points before departing via helicopter without taking questions or engaging much with guests. Security appeared lax, and there was no strict control on phones or photography during the event. Despite the luxurious atmosphere—with many guests displaying high-end watches rarely seen outside elite venues—the overall mood was subdued as attendees frequently checked their phones to track the meme coin’s fluctuating price rather than fully engaging with the event.
The gala triggered alarm among lawmakers and regulators, particularly due to the involvement of Chinese-born crypto mogul Justin Sun, the largest token holder, who currently faces Securities and Exchange Commission fraud charges that were recently paused citing “the public interest.” Sun holds over $22 million in the Trump token and an additional $75 million in the World Liberty Financial token. He publicly expressed gratitude for Trump’s support of the crypto industry after attending the gala.
Protests erupted outside the Trump National Golf Club in Virginia, where around a hundred demonstrators, including Senator Jeff Merkley, called for stricter crypto regulations through the proposed End Crypto Corruption Act. The Trump family’s involvement in the meme coin space complicates ongoing legislative efforts. Representative French Hill, who is working on bipartisan stablecoin legislation known as the GENIUS Act, criticized the gala as a distraction from important regulatory work. The bill itself faces challenges after Senator Josh Hawley added a controversial rider capping credit card late fees, a move that risks alienating banking allies and delaying approval.
Amid the gala, Senate Democrats announced plans to introduce a provision banning presidents and senior officials from profiting from crypto ventures while in office, targeting Trump-linked stablecoin projects like USD1. The political infighting around Trump’s crypto interests threatens to stall stablecoin legislation altogether. This delay could jeopardize the U.S.’s ability to compete in the global digital payments market, where major banks such as JPMorgan, Bank of America, and Citi are reportedly exploring a unified digital dollar to challenge dominant stablecoins like Tether.
The White House has sought to separate Trump’s presidential role from his private business activities, stating the event was a personal engagement and not an official White House dinner. However, blockchain analysis shows most top token holders use offshore exchanges, raising questions about regulatory oversight. Additionally, some companies have spent millions on Trump’s tokens to influence trade policies but failed to secure access to the gala.
Since its launch in January, the $TRUMP coin has generated over $324 million in trading fees, with around 80% of its supply controlled by Trump’s organization and affiliates. Parallel tokens like WLFI have raised substantial sums, with recent investments reaching hundreds of millions. Despite regulatory uncertainty, White House crypto advisor David Sacks remains optimistic about bipartisan support for stablecoin regulation, emphasizing the need for clear legal frameworks to unlock significant financial growth. Meanwhile, the Trump family continues to expand its crypto ventures, including backing the USD1 stablecoin, which recently attracted a $2 billion investment from Abu Dhabi’s MGX fund to Binance, the world’s largest digital asset exchange.
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