{"id":25119,"date":"2025-05-12T09:08:04","date_gmt":"2025-05-12T09:08:04","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/auction-to-dine-with-trump-creates-foreign-influence-opportunity\/"},"modified":"2025-05-12T09:08:04","modified_gmt":"2025-05-12T09:08:04","slug":"auction-to-dine-with-trump-creates-foreign-influence-opportunity","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/auction-to-dine-with-trump-creates-foreign-influence-opportunity\/","title":{"rendered":"Auction to Dine With Trump Creates Foreign Influence Opportunity"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The sale of face-to-face access to President Trump using the Trump family\u2019s own cryptocurrency has done more than benefit him financially, though it has certainly done that.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump announced last month that leading buyers of a digital coin his family is marketing would be rewarded with a private dinner with him at one of his golf courses and that the very top bidders would win a tour of the White House.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The auction, which ends Monday, has set off a spectacle that has drawn bipartisan criticism, triggered a suspicious trading pattern, and left a sitting United States president wide open to attempts to corruptly influence him.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Since the announcement, crypto investors around the world have raced to expand their holdings of $TRUMP \u2014 a digital currency called a memecoin, which is typically treated more as a novelty investment than an actual currency.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Certain buyers, in interviews and statements, have said they bought the coins or entered the dinner contest with the intention of securing an action by Mr. Trump to affect United States policy.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The contest has pushed up the memecoin\u2019s trading price, adding billions of dollars, at least on paper, to the value of a $TRUMP stash controlled by the Trump family and its business partners. And in a matter of weeks, the Trumps and their partners have reeled in more than $1.3 million in fees, taking a cut every time the coins changed hands, according to Chainalysis, a crypto data firm.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Certain other large traders, sensing an opportunity to cash in, have moved quickly to sell their $TRUMP holdings, exploiting the run up in price caused by Mr. Trump\u2019s promotional push as new money poured in from people enticed by <a class=\"css-yywogo\" href=\"https:\/\/gettrumpmemes.com\/dinner\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">his offer<\/a> of \u201cthe most exclusive invitation in the world.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But the blitz of profit-seeking by Mr. Trump and his family is also provoking a backlash.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Last week, it <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/05\/05\/us\/politics\/trump-crypto-senate-investigation.html\" title=\"\">helped derail<\/a> a major piece of crypto legislation pending in Congress, as the sale prompted objections from crypto <a class=\"css-yywogo\" href=\"https:\/\/x.com\/mikewchan\/status\/1920177337888354687\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">industry executives<\/a> and <a class=\"css-yywogo\" href=\"https:\/\/www.cbsnews.com\/news\/senate-to-take-key-vote-on-crypto-bill-as-democratic-opposition-threatens-path-forward\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">lawmakers<\/a>, including some Republicans.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIt does give me pause because it complicates our work here,\u201d Senator Cynthia Lummis, Republican of Wyoming, said in an interview last week after some Democrats began to balk on the crypto bill over Mr. Trump\u2019s involvement in the industry. \u201cThe optics are challenging.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Trading records examined by The New York Times show that a <a class=\"css-yywogo\" href=\"https:\/\/solscan.io\/tx\/34KjpRFok5aGstxMty3mg5VBGK7xDACg6QRCtKuuW6rCVR6EPFTs618dJkKdMtxdxhef2Viz5yUPMS2kz1zHUUXR\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">flurry<\/a> of purchases of the $TRUMP token started the day before the coin\u2019s backers disclosed the contest. Information <a class=\"css-yywogo\" href=\"https:\/\/x.com\/trenchdiver101\/status\/1913492038151987682\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">had leaked<\/a> about the upcoming promotion, allowing certain parties to make early bets that the market price was about to jump, the records suggest.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The aggressive effort by Mr. Trump and his partners to promote the dinner has also drawn scrutiny from former securities regulators, who assert that Mr. Trump may be violating federal securities laws. However, he would almost certainly not be targeted for investigation, now that his administration has curtailed crypto enforcement efforts at both the Securities and Exchange Commission and the Justice Department.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThis absolutely would have triggered an initial investigation,\u201d said John Reed Stark, an enforcement attorney who spent 18 years at the S.E.C., including as chief of its unit that examined cybercrimes. \u201cOr at least it certainly would have under norms from prior Republican and Democratic eras.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">White House officials have rejected the criticism. One senior official called the dinner \u201ca private event\u201d that would take place during the president\u2019s personal time. At a news conference on Friday, the White House press secretary, Karoline Leavitt, said Mr. Trump is \u201cabiding by all conflict-of-interest laws.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cI can assure you the president acts with only the interests of the American public in mind, putting our country first and doing what\u2019s best for our country. Full stop,\u201d Ms. Leavitt <a class=\"css-yywogo\" href=\"https:\/\/rollcall.com\/factbase\/trump\/transcript\/donald-trump-press-conference-briefing-karoline-leavitt-may-9-2025\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">said.<\/a><\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">A spokesman for the Trump Organization declined to comment.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump started selling $TRUMP on Jan. 17, three days before Inauguration Day, prompting the coin\u2019s price to soar briefly, before it crashed. The memecoins were one facet of a wide array of crypto ventures that he has pursued since he embraced the industry on the campaign trail last year.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Over months, he has made repeated <a class=\"css-yywogo\" href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/114455169386927049\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">efforts<\/a> to <a class=\"css-yywogo\" href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/114212473050636851\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">prop up<\/a> the memecoin\u2019s value, culminating in the dinner announcement.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A <a class=\"css-yywogo\" href=\"https:\/\/gettrumpmemes.com\/dinner\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">website tied to the coin<\/a> announced last month that the top 220 buyers would be invited to a \u201cgala dinner\u201d with him on May 22. Even more enticing, the top 25 would win access to a \u201cPrivate V.I.P. Reception\u201d with Mr. Trump, as well as a White House tour, the website said. And the top four would <a class=\"css-yywogo\" href=\"https:\/\/x.com\/GetTrumpMemes\/status\/1917207115967451647\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">receive<\/a> a Trump-branded timepiece \u2014 \u201cthe most beautiful watch ever made.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-5\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The auction has been playing out for nearly a month now, with an <a class=\"css-yywogo\" href=\"https:\/\/trumpdinner.gettrumpmemes.com\/leaderboard\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">arcade-like leaderboard<\/a> on the memecoin\u2019s website that tracks the rankings, allowing crypto investors to game out how much they would have to buy to win a ticket before the contest closes.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-6\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">But since the coin went on sale, it has been a losing bet for the vast majority of buyers, even as it has enriched the Trump family, according to a review by Chainalysis.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Over the last four months, at least 764,000 buyers have lost money on $TRUMP, as its price dropped precipitously not long after it hit the market.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">At the same time, investors who bought the coin quickly when it launched and then sold it to less sophisticated buyers saw huge windfalls. Fifty-eight investors who bought the coin each earned at least $10 million, data showed.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Most of the coin\u2019s buyers are impossible to identify. The leaderboard lists only a long string of letters and numbers next to each crypto account, along with a nickname like \u201cREKT\u201d or \u201cHYPE.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-7\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\"><a class=\"css-yywogo\" href=\"https:\/\/x.com\/DOMINHT1494344\/status\/1920163277679833368\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">But the bidders\u2019 buying patterns<\/a>, documented on a public ledger called the blockchain, suggest that a large share of the investors are based abroad. Many of the purchases <a class=\"css-yywogo\" href=\"https:\/\/www.bloomberg.com\/graphics\/2025-trump-memecoin-foreign-crypto-traders\/?sref=zVYYYI5e\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">took place<\/a> on overseas crypto platforms like Binance or Bybit that do not allow United States-based users.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Working with Nansen, a crypto data firm, The Times was also able to uncover the identities behind several of the top accounts, including traders in Australia and Singapore.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIt would be great to be able to meet the president,\u201d Kain Warwick, a crypto entrepreneur in Sydney who is on the leaderboard, said in an interview. \u201cThat\u2019s something that I wouldn\u2019t have expected I would have the opportunity to be even in the position to do.\u201d<\/p>\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-604bff61\">An Unusual Auction Opens<\/h2>\n<p class=\"css-at9mc1 evys1bk0\">The architect of Mr. Trump\u2019s memecoin venture is Bill Zanker, a longtime business partner who worked with him on the 2007 book \u201cThink Big and Kick Ass.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Zanker is listed as \u201cauthorized person\u201d on <a class=\"css-yywogo\" href=\"https:\/\/static01.nyt.com\/newsgraphics\/documenttools\/6ab5ae69333e4497\/e1518b4a-full.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">incorporation papers<\/a> filed in Delaware in January for Fight Fight Fight L.L.C., the sponsor of the memecoin. It pays an undisclosed cut of its proceeds to CIC Digital L.L.C., a company that was <a class=\"css-yywogo\" href=\"https:\/\/static01.nyt.com\/newsgraphics\/documenttools\/0b05f2bf9f8a8441\/0324ee4d-full.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">entirely owned<\/a> by Mr. Trump according to his most recent financial disclosure, from last year, but controlled by his two oldest sons.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-8\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The week before Mr. Trump announced the crypto dinner, industry analysts <a class=\"css-yywogo\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-04-16\/trump-memecoin-unlock-raises-risk-of-further-slide-by-once-hot-token?sref=zVYYYI5e\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">worried that<\/a> the price of $TRUMP was about to crash. That is because a large tranche of the digital coins, controlled by Mr. Zanker, the Trump family and others, was set to \u201cunlock,\u201d meaning that the insiders would be free to sell them.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-9\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Then rumors <a class=\"css-yywogo\" href=\"https:\/\/x.com\/followin_io\/status\/1913496618852393377\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">started<\/a> to spread online.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">An anonymous account on X <a class=\"css-yywogo\" href=\"https:\/\/x.com\/trenchdiver101\/status\/1913492038151987682\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">posted<\/a> on April 19 that Mr. Trump was planning a dinner for \u201clarge token holders,\u201d citing a password-protected web page that looked as if it might be related to the memecoin.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Traders rushed to buy the coin, spending hundreds of thousands of dollars, according to Bubblemaps, a crypto data provider. <a class=\"css-yywogo\" href=\"https:\/\/solscan.io\/account\/9n6UbNsVjzCzWUexaSdn5RANiwsSLpY9E2j8ZCUSUC2w?exclude_amount_zero=true&amp;remove_spam=true#transfers\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">One trader<\/a> spent $160,000 on the coin the day before the dinner was announced. (The Times confirmed the trades by examining the blockchain.)<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The price of $TRUMP jumped 12 percent even before the auction started.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The dinner website then <a class=\"css-yywogo\" href=\"https:\/\/gettrumpmemes.com\/dinner\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">went live<\/a> on April 23, broadly publicizing news of the contest. \u201cHave Dinner with President Trump and the $TRUMP Community!\u201d it said. \u201cLet the President know how many $TRUMP coins YOU own!\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-10\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Immediately, another much larger wave of buyers started to stock up on $TRUMP, competing for spots on the leaderboard and pushing up the price.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Most of these buyers were anonymous. But some either claimed public credit for their trades or were identified by Nansen and The Times.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In Singapore, a crypto company called MemeCore surged to second on the leaderboard, with nearly 1.4 million coins, worth a total of $19.3 million.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Cherry Hsu, the company\u2019s chief business officer, said in an interview that MemeCore was hoping to share its \u201cvision and mission\u201d with Mr. Trump and other prominent figures at the dinner.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThey might be famous people from the crypto industry,\u201d Ms. Hsu said. \u201cIt\u2019s a very, very good opportunity.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-11\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Just above MemeCore in the rankings was a crypto user identified simply as \u201cSun.\u201d According to two crypto forensics firms, the account <a class=\"css-yywogo\" href=\"https:\/\/x.com\/arkham\/status\/1915369751401922766\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">belongs<\/a> to an overseas exchange called HTX, where the billionaire crypto mogul Justin Sun serves as <a class=\"css-yywogo\" href=\"https:\/\/www.globenewswire.com\/news-release\/2025\/03\/31\/3052262\/0\/en\/Justin-Sun-Forbes-Cover-Marks-New-Beginning-Vows-40-Year-Commitment-to-Crypto-Industry.html\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">global adviser.<\/a> Mr. Sun was the target of a fraud suit from the S.E.C. in 2023; the agency paused the case against Mr. Sun, who has invested heavily in Mr. Trump\u2019s other crypto venture, World Liberty Financial.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A spokeswoman for Mr. Sun declined to comment, and a representative for HTX did not respond to a request for comment. Mr. Sun has previously told The Times, in a text message, that his World Liberty investment was simply a vote of confidence in the Trump family\u2019s \u201cexcellent project.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-12\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The contest has presented a straightforward opportunity for foreign-based investors to interact with the president. Under federal law, noncitizens are barred from donating to political campaigns. But nothing stops them from buying a $TRUMP memecoin.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In Mexico, Javier Selgas, the chief executive of a transportation logistics company, announced last month that he intended to buy <a class=\"css-yywogo\" href=\"https:\/\/s3.amazonaws.com\/sec.irpass.cc\/3005\/0001641172-25-007246.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">$20 million worth<\/a> of $TRUMP tokens to try to convince Mr. Trump to lower tariffs targeting Mexico, which would benefit his company. (After the announcement drew international attention, a spokesman said the firm \u201ccurrently does not have plans\u201d to send a representative to Mr. Trump\u2019s dinner.)<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-13\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">On the other side of the world, Mr. Warwick, the Australian entrepreneur, has made his own plan to capitalize on an evening with the president.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The founder of the crypto firm Infinex, Mr. Warwick stocked up on $TRUMP coins in January, accumulating a large enough stash to secure a spot on the leaderboard.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Now, as crypto\u2019s regulatory prospects have improved, he is considering expanding his company\u2019s presence in the United States.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">At the dinner, he said, he hopes to get a few minutes with Mr. Trump or perhaps his son Eric to push them on crypto policy and champion \u201cdecentralized finance,\u201d a branch of the crypto industry that allows people to borrow and lend money using digital currencies.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIf you assume Trump and 10 people within the Trump team are there, now you\u2019ve got a one in 15 shot of having a conversation with one of them,\u201d Mr. Warwick said.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-14\">\n<div class=\"css-53u6y8\">\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-13fc0219\">Profits for Trump\u2019s Family<\/h2>\n<p class=\"css-at9mc1 evys1bk0\">Not everyone who bought the coin seemed interested in attending Mr. Trump\u2019s dinner.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Some large traders, who had held on to coins hoping that they might rise in value, used the hype over the dinner as an opportunity to profit. One trader who goes by the nickname \u201cABC\u201d <a class=\"css-yywogo\" href=\"https:\/\/app.nansen.ai\/profiler?address=72C98wU5aPwdmTvuX9oRmp2ZbjXdt3V7Jp9Q17dPDrX9&amp;chain=solana&amp;tab=transactions\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">purchased 126,000 $TRUMP<\/a> coins as soon as the dinner was announced and then <a class=\"css-yywogo\" href=\"https:\/\/app.nansen.ai\/profiler?address=72C98wU5aPwdmTvuX9oRmp2ZbjXdt3V7Jp9Q17dPDrX9&amp;chain=solana&amp;tab=transactions\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">sold them<\/a> all just eight days later, pocketing $407,000 in profits.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Even though the ABC wallet now contains zero $TRUMP coins, the trader might still receive an invitation to the dinner because the winners are picked based on their average holdings over the course of the contest.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">All the frantic trading has enriched Mr. Trump and his family.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Each time someone sells a $TRUMP coin, the family and its partners receive a cut. Since January, the memecoin has generated $320 million in fees for them, according to Chainalysis.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-15\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">That is just a tiny share of the family\u2019s potential profits. A business entity tied to Mr. Trump also owns 800 million of the coins. The value of that stash has jumped by $4.1 billion since the rumors of the pending promotion started to circulate in April. For now, though, those gains are largely theoretical. If the family sold its holdings all at once, the price would immediately crash.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-16\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">But the mere prospect of such a windfall has created an intense backlash in Washington and even from some crypto executives.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump, as president, is exempt from a federal <a class=\"css-yywogo\" href=\"https:\/\/www.oge.gov\/web\/oge.nsf\/Resources\/Analyzing+Potential+Conflicts+of+Interest\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">conflict of interest law<\/a> that makes it a crime to take an action on a specific matter that financially benefits himself or his family. The Supreme Court <a class=\"css-yywogo\" href=\"https:\/\/www.supremecourt.gov\/opinions\/23pdf\/23-939_e2pg.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">last year<\/a> also ruled that presidents are <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/07\/01\/us\/politics\/supreme-court-trump-immunity.html\" title=\"\">immune<\/a> from prosecution associated with official acts. But there are still limits, such as a provision in the Constitution that makes it an impeachable offense for a president to <a class=\"css-yywogo\" href=\"https:\/\/constitution.congress.gov\/browse\/essay\/artII-S4-4-1\/ALDE_00000690\/#:~:text=Article%20II%2C%20Section%204%3A,other%20high%20Crimes%20and%20Misdemeanors.\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">accept a bribe<\/a>.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Senator John Kennedy, Republican of Louisiana, said in an interview last week that he would support a ban on \u201call public officials\u201d using their position to profit from crypto.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Democrats were more explicit. \u201cIt looks very corrupt,\u201d Senator Ron Wyden of Oregon said in an interview.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-17\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Late Friday night, as questions intensified over Mr. Trump\u2019s moves, a crypto wallet linked to the $TRUMP executives moved about $50 million worth to an account where the coins would be easier to sell off, creating <a class=\"css-yywogo\" href=\"https:\/\/blockchain.news\/flashnews\/trump-team-linked-wallet-deposits-3-5m-trump-52-66m-to-exchanges-impact-on-crypto-market-liquidity-and-price-action\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">fears<\/a> that the price was about to crash.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Executives <a class=\"css-yywogo\" href=\"https:\/\/x.com\/gettrumpmemes\/status\/1921018449515434246?s=46\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">took to social media<\/a> to reassure investors that they were simply adding coins to the circulating supply to keep the market liquid, given the surge of trading. \u201cDemand for <a class=\"css-yywogo\" href=\"https:\/\/x.com\/search?q=%24TRUMP&amp;src=cashtag_click\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">$TRUMP<\/a> has been tremendous,\u201d the <a class=\"css-yywogo\" href=\"https:\/\/x.com\/gettrumpmemes\/status\/1921018449515434246?s=46\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">statement said.<\/a><\/p>\n<p class=\"css-at9mc1 evys1bk0\">Investors like Mr. Warwick were poised to buy even more.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">By investing another half a million dollars or so, Mr. Warwick might break into the top 25, securing a seat at the more intimate meeting with Mr. Trump.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIt\u2019s definitely on my mind,\u201d Mr. Warwick said. \u201cObviously that would be a much better opportunity to have a conversation with Trump.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/05\/12\/us\/politics\/auction-to-dine-with-trump-creates-foreign-influence-opportunity.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The sale of face-to-face access to President Trump using the Trump family\u2019s own cryptocurrency has done more than benefit him<\/p>\n","protected":false},"author":1,"featured_media":25120,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[3347,6507,502,114,3345,3344,113,1893,176],"class_list":["post-25119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us","tag-binance","tag-coins","tag-conflicts-of-interest","tag-donald-j","tag-justin-1990","tag-sun","tag-trump","tag-trump-organization","tag-virtual-currency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Auction to Dine With Trump Creates Foreign Influence Opportunity - World News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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sale of face-to-face access to President Trump using the Trump family\u2019s own cryptocurrency has done more than benefit 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