On May 22, 2025, President Trump hosted a private dinner at his Virginia golf club for the top 220 holders of the $TRUMP memecoin, a cryptocurrency linked to him. Attendees, including crypto mogul Justin Sun and former NBA star Lamar Odom, spent significant amounts, though exact figures like the $1.8 million average mentioned are not confirmed. The event was controversial, with protests outside calling it a “Grift Gala” and raising concerns about corruption. The White House says Trump attended in his time, denying conflicts, but critics see it as pay-for-play, with related legislation like the “Stop TRUMP in Crypto Act of 2025” proposed.
President Donald Trump hosting a controversial crypto gala for holders of a specific cryptocurrency, with notable spending and political implications. This section provides a comprehensive overview of both topics, drawing on the latest information as of 02:04 AM PDT on Friday, May 23, 2025, and reflecting the complexity and public interest in these developments.
Trump’s Crypto Gala: Event Details and Controversy
The second part of the query involves Trump hosting a controversial crypto gala, attended by top holders of a specific cryptocurrency, with significant spending reported. The details, as of May 23, 2025, are as follows:
On Thursday, May 22, 2025, President Donald Trump hosted a private dinner at his Trump National Golf Club in Sterling, Virginia, for the top 220 holders of the $TRUMP memecoin, a cryptocurrency branded with his name. The event was described as a “Gala Dinner” in The New York Post, with additional coverage from Decrypt and NBC News. The top 25 holders were also invited to a cocktail reception on Friday evening, as noted in The Wall Street Journal.
Attendees and Spending: As reported in Decrypt and The New York Times, confirmed attendees include crypto mogul Justin Sun and former NBA star Lamar Odom. The user mentioned an average spending of $1.8 million, which aligns with reports suggesting significant investment, though exact figures per attendee are not explicitly confirmed. CNN noted that the top buyers collectively spent an estimated $148 million on the token, indicating high stakes.
Controversy and Protests: The event drew significant controversy, with more than 100 protesters from groups like Americans for Tax Fairness, Public Citizen, and Our Revolution, carrying signs like “Grift Gala,” “America is not for sale,” and “Stop Crypto Corruption,” as detailed in Inside Nova and MSNBC. Protesters chanted “Shame!” and displayed a giant golden coin with Trump’s face, highlighting concerns about corruption and pay-for-play, as covered by The Independent.
White House Response: The White House has defended Trump’s attendance, with press secretary Karoline Leavitt stating it was “absurd” to suggest enrichment from the presidency and that Trump attended in his time, as Yahoo News and The Wall Street Journal reported. They emphasized that his assets are in a blind trust managed by his sons, denying conflicts of interest, as noted in The Washington Post.
Legislative and Industry Reaction: The event has spurred legislative action, with Rep. Maxine Waters (D-CA) introducing the “Stop TRUMP in Crypto Act of 2025,” aiming to ban presidents and their close relatives from owning or profiting from cryptocurrencies, as mentioned in Decrypt. Crypto lobbyists privately acknowledge that Trump’s actions could hurt their policy goals, as reported in Fortune, indicating potential industry backlash.
Market Impact: During the event, $TRUMP dropped by about 6%, indicating significant sales volume, as noted in NBC News, reflecting market volatility tied to the gala.
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