U.S. President Donald Trump’s exclusive dinner for top $TRUMP meme coin investors has triggered a wave of criticism from congressional Democrats, who are now urging the Department of Justice (DOJ) to investigate the event for potential legal and constitutional violations.
Congressional Democrats Raise Red Flags Over Crypto-Funded Access
Reps. Sean Casten (IL-06) and Adam Smith (WA-09), supported by 35 fellow House Democrats, submitted a formal letter to the DOJ on May 22. The letter questions whether the $TRUMP investor gala held at Trump National Golf Club could violate federal bribery statutes or the Constitution’s Emoluments Clause, which bars presidents from accepting payments from foreign entities.
“The event appears to invite foreign influence into the highest levels of government,” the lawmakers wrote. “It’s a troubling example of the President monetizing public office to advance personal and political interests.”
Justin Sun’s Involvement Raises Foreign Influence Concerns
A major point of concern stems from Tron blockchain founder Justin Sun’s announcement that he was the largest backer of the $TRUMP coin. Although the SEC recently dropped fraud charges against Sun, lawmakers remain alarmed by the optics and timing of his multimillion-dollar investment in Trump-linked World Liberty Financial.
Casten and Smith warned that the use of a crypto-based platform like $TRUMP allows anonymous foreign actors to gain access to a U.S. president—potentially circumventing campaign finance laws.
“Promoting an event with exclusive presidential access in exchange for crypto investment is a dangerous precedent,” they said.
Democrats Double Down on Ethics Legislation
Meanwhile, Rep. Maxine Waters (D-CA), the ranking Democrat on the House Financial Services Committee, introduced new legislation aimed at preventing elected officials from owning significant cryptocurrency stakes. The bill, known as the “Stop Crypto Corruption Act,” was introduced just hours before the $TRUMP dinner.
Although the bill enjoys support among House Democrats, it faces an uphill battle in a politically divided Congress. Still, Democrats insist they will continue to raise awareness about ethical lapses in Trump’s crypto dealings.
“This isn’t just about digital currency,” said Smith. “It’s about ensuring that elected leaders cannot be bought with anonymous crypto wallets.”
