Trump's Memecoin Dinner: Sun's Attendance Raises Eyebrows
Following weeks of speculation, it's been confirmed that Tron founder Justin Sun will attend Donald Trump's exclusive dinner for top holders of a Trump-branded memecoin. Sun publicly claimed ownership of the wallet holding approximately $19 million worth of the token, securing him a spot among the 220 invited guests.
Sun's Crypto Connections and the Trump Dinner
Sun's May 19th announcement on X revealed his intention to network and discuss the future of the crypto industry at the May 22nd event. This announcement came after the May 12th deadline for the leaderboard, raising questions about the timing. His presence deepens his existing ties to the Trump administration and family, following his $75 million investment in World Liberty Financial, a crypto platform backed by Trump's sons. Sun also serves as an advisor to the company.
This significant investment came just weeks after the 2024 election and followed a previous $30 million investment. This close relationship with the Trump family comes at a time when Sun is also facing a lawsuit from the SEC regarding alleged unregistered securities offerings and manipulative trading. Notably, the SEC and Sun jointly filed a motion to stay the case in February, a month after Trump took office.
Political Fallout and Regulatory Scrutiny
Sun's involvement, along with others', in Trump's crypto ventures has fueled calls for investigations from Democratic lawmakers. Concerns center on the potential for using digital assets to influence the president. These concerns initially hampered progress on the GENIUS Act, a bill to regulate stablecoins, due to World Liberty Financial's own stablecoin, USD1. The Senate subsequently voted to move forward with the bill.
Senator Elizabeth Warren publicly criticized the situation, highlighting the potential for corruption and stating that the GENIUS Act doesn't prevent this type of influence peddling. Representative Glenn Ivey also questioned SEC Chair Paul Atkins about the stayed case against Sun, expressing concern about the timeline and potential conflicts of interest.
Other attendees at the dinner include prominent figures in the crypto space, further highlighting the event's significance and the potential for both opportunity and controversy. Attendees are reportedly subject to background checks before meeting with President Trump.
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