Sens. Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) asked a federal ethics watchdog Friday to investigate a dinner President Trump is set to attend next month with the top investors in his meme coin.
The two Democratic senators requested that U.S. Trade Representative Jamieson Greer, who also serves as acting director of the Office of Government Ethics, open a probe into the dinner, which prompted a significant surge in the price of the president’s token, $TRUMP.
“This latest action raises grave ethics and legal concerns, including the severe risk that President Trump and other officials may be engaging in ‘pay to play’ corruption by selling presidential access to individuals or entities, to include foreign nationals and corporate actors with vested interests in federal action, while personally enriching the President and his family,” Schiff and Warren wrote in the request.
The official website for $TRUMP announced Wednesday that the president would attend the “intimate private dinner” with the top 220 holders of his meme coin at his golf club near Washington.
The top 25 investors will also receive an invitation to an “exclusive” reception with Trump and a “special” White House tour.
Immediately after the announcement, the price of $TRUMP jumped nearly 60 percent, rising from around $9 to almost $15. The token currently sits at about $14.5.
The news of the dinner boosted the value of crypto wallets owned by a firm associated with the Trump Organization by about $100 million, according to an estimate from The Washington Post.
Schiff and Warren suggested the move could implicate federal ethics laws, as well as laws barring federal officials from taking bribes or profiting from public office. They also warned it could be used by foreign actors to anonymously buy influence with the president.
“This new scheme is demonstrative of President Trump’s continued and concerning efforts to use his own name and likeness as President, as well as those of his family and the presidential office, for personal financial gain,” they added.
The senators asked Greer whether the ethics office has provided guidance about digital assets, such as meme coins.
They are also seeking information about what mechanisms exist to determine whether the president is exchanging access for investment, as well as what safeguards are in place to block certain individuals, such as foreign actors, from making investments to gain influence.
“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain,” the senators said.
Trump launched his meme coin shortly before his inauguration. The price of $TRUMP initially shot up to $70 before falling in the ensuing months.
The president, who has vowed to make the U.S. the “crypto capital of the planet,” has fully embraced the industry in his second term. In his first few months in office, he has named numerous crypto-friendly candidates to key positions in the administration and hosted industry leaders at the White House.
However, Trump’s personal foray into crypto has drawn scrutiny. His meme coin launch received a mixed response from the industry, as some worried it could reflect negatively on his efforts to boost digital assets.
In recent months, the president and his family have continued to expand their crypto footprint.
World Liberty Financial, the crypto venture Trump launched with his sons last fall, recently announced plans to launch a stablecoin. Trump Media and Technology Group, the parent company of Truth Social, also unveiled a partnership with Crypto.com to launch several exchange traded funds.
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