Donald Trump held his long-awaited dinner for $TRUMP holders on Thursday, but the black tie event has left a bitter taste in the mouths of many Americans… not to mention several people in the crypto industry.
Protesters braved the rain to brandish placards demanding an end to “Trump’s crypto corruption” — and shouted “shame, shame, shame” as attendees, many of them from abroad, made their way to the president’s golf club.
While black tie was optional for those who paid millions for a seat at the table, many were clad in tuxedos. That prompted Trump, dressed in his usual suit, to quip that he felt underdressed.
“They’re all dressed up. Why didn’t you tell me that? I would have worn a tuxedo. I just want to tell you it’s an honor to be with you. We’ve been pushing the market of crypto, and Bitcoin, and all of it… everything.”
He insisted that his push for looser regulations wasn’t for his own personal gain (despite the president’s crypto interests now representing a substantial chunk of his net worth) and said he believed pro-Bitcoin policies “were the right thing to do.”
Despite a suggestion that McDonald’s would be on the menu, the 220 invitees instead dined on filet mignon and halibut. Several executives there made it clear they weren’t interested in the food, they wanted to talk business.
Perhaps one of the best-known attendees was Justin Sun, who topped the leaderboard of $TRUMP holders and received a gold watch for the privilege. He rolled up in Washington DC despite previously fearing arrest.
In a breathless post on X, accompanied by an overly produced video of the TRON founder laughing and taking photographs, he declared he was a “proud supporter” of the president and it was an honor to attend.
Back in the White House briefing room, Press Secretary Karoline Leavitt was doing her best to deny claims that this dinner was inappropriate, with one senator describing it as “the Mount Everest of corruption.” She said:
“It’s absurd for anyone to insinuate that this president is profiting off of the presidency. This president was incredibly successful before giving it all up to serve our country publicly.”
But not everyone agrees. Some prominent Republicans have argued that this dinner was a mistake, while a top crypto lobbyist told Fortune:
“It’s a horrible look for him, the industry, and the country. No one really seems to care in the Trump administration.”
The White House is now facing growing calls to publicly release the names of all 220 people who were in attendance, as a leaderboard on the $TRUMP website only disclosed usernames and wallet addresses. In a major opinion piece, the Wall Street Journal editorial board argued:
“If the contest is as above board as the president says, why not reveal the real names of the winners? Some of their identities are bound to come out anyway.”
The dinner also caught the attention of late night hosts on U.S. television, where crypto is often used as a punchline. Jimmy Fallon quipped:
“Tonight, President Trump hosted a private dinner for the top 200 holders of his memecoin. Yep, over 200 crypto bros in one room. Even Satan’s like, ‘Now, that’s hell.’”
That’s a bit rich coming from Fallon, who infamously pumped Bored Ape Yacht Club NFTs on his show alongside Paris Hilton three years ago.
Questions have also been asked about Trump’s decision to fly to the event in the presidential Marine One helicopter, as this ultimately means taxpayers are footing the bill for his travel during a business event. That attracted short shrift from White House spokeswoman Anna Kelly, who said:
“This is pathetic, transparent selective outrage because the Post is constantly pining for new ways to push fake news against President Trump.”
Make no mistake: anti-corruption campaigners and politicians wary of crypto’s rising influence will now be watching this industry like a hawk.
Should Trump unveil some additional policies that benefit the digital asset industry in the future, accusations will swirl that they are linked to what unfolded at this dinner. That could stymie progress in the long run.
With so much excess on show, the crypto world has taken another beating. This dinner has made the industry look divorced from reality — at a time when many hard-working Americans are continuing to struggle.
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