In Washington, best traders in one of President Donald Trump‘s crypto projects were invited to sit with him at his luxurious golf club in Northern Virginia as a result of the Senate’s push to pass important pro-crypto policy, which has long been welcomed. However, the meal for the 220 largest investors in the$ Republican meme coin on Thursday night has sparked uneasy concerns about potential covert customers buying into the president’s anonymity using the secrecy of the internet. Yet some pro-Trump crypto enthusiasts worry that the mayor’s force into meme coins isn’t helping their efforts to gain the trust, stability, and legitimacy they had anticipated his administration would provide to their businesses, despite the accusations that Democrats make that Trump is using the presidency to increase profits for his family business. The sector has rapidly grown to be a powerful political power, giving enormous sums of money to Trump and crypto-friendly politicians after initially being unfairly targeted by the Biden administration. However, that also serves to tie the sector to a leader who is using crypto as a program to generate income for his brand in extraordinary ways, which is sometimes uncomfortable. Nic Carter, a Trump supporter and partner at Castle Island Ventures, claimed the leader is “hugging us to death” with his personal crypto companies.” It’s disagreeable and an unwanted distraction,” Carter said. We prefer that he pass straightforward policy and leave it alone. Three times before he took office on January 20, Trump announced the development of the image coin$ TRUMP in order for his followers to “have fun.” At the luxurious Crypto Ball held down the street from the White House. The black sheep of the crypto industry are meme coins. They are frequently made as a joke, lacking any real purpose, and are susceptible to wildly unpredictable price movements, which favor a small group of insiders over less educated investors. However, the meme coin for the president has a clear use: access to Trump. The top four investors will receive$ 100, 000 in crypto-themed and Trump-branded watches on Thursday at a private reception with the president. Initial gains for Trump‘s meme coin were followed by a steep decline. After the announcement of the dinner contest, the price significantly increased. The Trump Organization’s creators, which include an organization whose members collect fees on trades, have made hundreds of millions of dollars from them. First lady Melania Trump, who owns her own meme coin, and Donald Trump‘s sons Eric and Don Jr., who are running the Trump Organization while their father is president, announced they are collaborating with an existing company to launch a crypto mining company. Additionally, the Trump family owns about 60 % of World Liberty Financial, a crypto project that offers yet another avenue for investors to invest in and enrich the president’s relatives. USD1 is World Liberty’s own stablecoin. World Liberty recently announced that an investment fund in the United Arab Emirates would be using$ 2 billion worth of USD1 to buy a stake in Binance, the world’s largest cryptocurrency exchange. Stablecoins, a rapidly expanding type of crypto, have values that are correlated to fixed assets like the U.S. dollar. The interest on the Treasury bonds and other assets used to support the stablecoins is collected by issuers. One of the most significant sources of the Trump family’s wealth is now Crypto. James Thurber, an American University professor emeritus who has spent years studying and teaching about corruption around the world, said,” He’s becoming a salesman-in-chief.” It “affords foreign influence easily.” At this dinner, and in other ways, it allows for crypto lobbying. It opens up significant conflicts of interest. Trump‘s change of heart on crypto” I’m a big fan,” Trump told reporters aboard Air Force One last week while traveling in the Middle East. ” I’ve been that from the beginning, right up until the campaign.” That wasn’t always accurate. Trump stated in his first term in July 2019 that cryptocurrencies were” not money” and had a “highly volatile and based on thin air” valuation. Unregulated Crypto Assets can encourage illicit behavior, including drug dealing, he continued. Trump claimed that bitcoin, the most widely used cryptocurrency in the world,” seems to be a scam” even after leaving office in 2021. Trump started to change in May 2024 at a crypto event at his Mar-a-Lago club in Florida, where he was promised lavish spending by industry supporters to win him back. Trump also made a significant accomplishment last June when he attended a$ 20,000 fundraiser at David Sacks ‘ home in San Francisco. When Trump met with bitcoin miners at Mar-a-Lago several weeks later, he also cooled off. He made the promise to make Nashville the” crypto capital of the world” the month after speaking at a major crypto conference that month. Trump‘s supporters, including his sons and billionaire Elon Musk, helped to further his support of the sector. Many Cabinet members, including Commerce Secretary Howard Lutnick and Defense Secretary Pete Hegseth, have long been enthusiastic crypto boosters, and Sacks is now the Trump administration’s crypto czar. Transportation Secretary Sean Duffy stated in a 2023 interview that” I don’t have faith in the dollar.” ” I’m optimistic about bitcoin,” I say. Trump and crypto: a convenient political union Many prominent crypto supporters were naturally skeptical of traditional politics, but Trump gained popularity last year. They blasted Democratic President Joe Biden for aggressively bringing civil lawsuits against a number of well-known crypto companies. Since Trump took office, many of these allegations have been dropped or halted, including one alleging that Justin Sun, a Chinese-born crypto entrepreneur, and his business engaged in market manipulation and paid celebrities for unidentified promotions. Sun, who once paid$ 6.2 million for a banana-themed piece of art that was taped to a wall and then consumed, helped the Trumps launch World Liberty Financial with an early$ 75 million investment. Sun has made it known on social media that he is the biggest user of$ TRUMP meme coins and that he will be attending Thursday’s dinner. Sun said,” I’m excited to connect with everyone, talk crypto, and talk about the future of our industry.” Are the profits of the Trump family hurting other crypto investors? Trump has signed executive orders calling for the establishment of a government bitcoin reserve in addition to these. Trump held his first cryptocurrency summit at the White House in March. However, some of the biggest names in the sector, who are frequently brash and outspoken, have kept a low profile with regards to Trump‘s meme coins and other projects. At a recent public event, Coinbase CEO Brian Armstrong said,” It’s not my place to really comment on President Trump‘s activity.” A bill clarifying how digital assets are regulated has gained popularity in the Senate, which is a top legislative priority for crypto-backers. However, some Democrats have attempted to halt other anti-crypto legislation because of the president’s private dealings. During a contentious House hearing earlier this month, Democratic Rep. Stephen Lynch of Massachusetts stated that “never in American history has a sitting president so blatantly violated the ethics laws.” The Trump Organization, which didn’t provide a list of attendees, was contacted by the White House regarding inquiries about dinner attendees. The President is working to secure GOOD deals for the American people, not for himself, according to White House spokeswoman Anna Kelly in a statement. However, some attendees have made it known that they were qualified for the dinner in addition to Sun. Sheldon Xia, the creator of a cryptocurrency exchange called BitMart that is registered in the Cayman Islands, will be the next one. ” Proud to back President Trump‘s pro-crypto strategy.” On social media, Xia shared her writing in both Chinese and English. The expert on government and ethics, Thorber, claimed that Trump‘s “personal attention to crypto at this dinner helps the crypto industry.” They could all lose a lot of money, he said,” but it’s also risky.”
