US President Donald Trump is set to host a dinner for the top investors in his personal cryptocurrency venture at his Virginia golf club on Thursday. The gala will host 220 largest holders of $TRUMP memecoin, a crypto memecoin launched by the US president in January.
As per the event website, the top 25 investors will receive a private audience with Trump before dinner and a tour of the official residence of the President, the White House.
One of the biggest investors is Justin Sun, a Chinese-born crypto entrepreneur and founder of the TRON blockchain. Sun says he invested $20 million in the coin and a total of $93 million in Trump-related crypto. He’s also under investigation in the US for market manipulation, though the case was paused by Trump-appointed regulators earlier this year.
A few weeks before that pause, Sun spent $30 million on digital assets from a Trump family-backed company. On social media, Sun said he was “honored” to attend the dinner and eager to talk about the crypto industry.
Political backlashWhile some Republicans have expressed concern, most criticism has come from Democrats. Senator Chris Murphy called the dinner a “secret meeting” where wealthy people, possibly foreign nationals, can try to influence the president.
"It's fundamentally corrupt - a way to buy access to the President," Murphy posted on X.
The White House pushed back, with press secretary Karoline Leavitt calling the claims “ridiculous.” She said Trump gave up a luxurious business life for public service.
Crypto regulation and Trump’s turnaroundThe event comes as the Senate is advancing a new bill to regulate stablecoins—a type of cryptocurrency tied to traditional money. The GENIUS Act, which moved forward this week, could help bring more rules to the crypto space.
Trump, once a crypto skeptic, shifted his views during the 2024 campaign. Many in the crypto industry, upset with the Biden administration’s handling of the market, became major Trump donors.
The industry has faced major scandals, like the collapse of crypto exchange FTX and the 25-year sentence of its founder, Sam Bankman-Fried. Still, interest remains high—Bitcoin hit a record $109,500 this week.
Trump family expands crypto tiesTrump’s sons, Donald Jr and Eric, have been leading several new crypto ventures. They’ve invested in Binance, a major exchange whose founder hopes for a presidential pardon.
These investments are managed through World Liberty Financial, a company the Trump family launched last fall. The leadership team includes Donald Jr., Eric Trump, and Zach Witkoff, the son of a Trump adviser.
Trump has also taken steps to support crypto on a national level, including signing an executive order to create a “Strategic Bitcoin Reserve” for the US government.
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