Interest groups and lawmakers are planning to protest Donald Trump’s memecoin dinner, which is scheduled to take place on May 22. Here are the details:
Background of the Dinner
The dinner is hosted by President Trump for the top 220 holders of his memecoin, official Trump (TRUMP). The attendees are said to have collectively spent over $100 million for this opportunity. The event’s website describes it as “the most exclusive invitation in the world”. The top 25 investors will also enjoy additional perks, such as a private session with Trump before dinner and a White House tour.
Reasons for the Protest
Ethical and Constitutional Concerns: Critics argue that the dinner blurs the lines between politics and profit, and may lead to potential bribery and corruption. They believe it violates the emoluments clause of the Constitution, which bars federal officials from accepting gifts, payments, or other benefits from foreign governments without congressional consent. There are concerns that foreign actors could use the memecoin to buy favor with the government, influencing US foreign policy.
Impact on Crypto Legislation: The controversy surrounding the dinner has affected crypto – related legislation in Congress. Some lawmakers initially opposed the passage of the Genius Act, a bill to regulate payment stablecoins, citing the memecoin dinner and the Trump family’s involvement with the crypto platform World Liberty Financial.
Protest Plans
Organizations and Lawmakers Involved: Democratic – leaning organizations such as Public Citizen and Progressive political organization Our Revolution will hold a rally near the golf club. Oregon Senator Jeff Merkley is expected to attend. The Arlington and Loudoun Democrats will also host a separate event to urge US officials to “hold (Trump) accountable”. In addition, Democratic leadership in Congress has scheduled two press events on May 22 ahead of the dinner. Senator Chris Murphy and Senator Elizabeth Warren will attend a press event with representatives for Public Citizen. California Representative Maxine Waters will hold a separate press conference and plans to introduce a bill to “block Trump’s memecoin and stop his crypto corruption, once and for all”.
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