President Donald Trump is hosting a private dinner featuring the top investors of his memecoin, which is an “unbelievably illegal” act, according to U.S. Sen. Chris Murphy, D-Conn.
The president will host the top 220 holders of the $TRUMP memecoin at his Virginia golf club outside of Washington, D.C., on May 22, according to CNBC.
A memecoin is a form of cryptocurrency that is inspired by internet memes, characters, or trends.
The president launched $TRUMP on Jan. 17, according to Reuters.
A May 5 report from the Economic Times found that Trump made $320 million. One $TRUMP coin is equal to about $13 according to Coinbase.com.
Murphy, who recently laid the blame on Democrats for Trump’s election victory last fall, slammed the upcoming dinner in a video on X posted on May 19.
He accused the president of selling access to people who will pay him money.
“Donald Trump makes money off of every single transaction,” Murphy said. “So, these individuals who have bought thousands, tens of thousands, millions of dollars worth of memecoin have put a lot of money into Donald Trump’s pocket.”
The Connecticut senator also claimed that the majority of the investors coming to the dinner aren’t Americans.
An analysis conducted by Bloomberg News found that the top buyers of Trump’s memecoin are likely foreign.
“They are actually foreigners. They could be terrorists. They could be sanctioned oligarchs,” Murphy said. “The bottom line should be simple here. The president should not be selling access to himself or the Oval Office. But having already made the decision to do it, at the very least, we should all be demanding that the list of people Trump is meeting with in private is made public.”
Murphy isn’t the only senator who has zeroed in on Trump’s cryptocurrency in recent days.
U.S. Sen. Adam Schiff, D-Calif., called $TRUMP the “single most corrupt, self-serving act of any president in American history” in a speech on the Senate floor last week.
“The president’s most brazen cashing in, a corrupt effort that’s already made him and his family billions of dollars between its soaring values and the trading fees,” Schiff said. “This meme coin has gone up and down in value, but the thing is, every time it gets traded, every time it’s bought or sold, this guy gets a cut. He gets the fees estimated already at the value of hundreds of millions of dollars.”
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