- Senators Schiff and Warren are demanding an ethics probe into Trump’s $TRUMP coin dinner offer, calling it potential “pay to play” corruption.
- The $TRUMP coin surged 50% after announcing a private dinner for top holders, raising concerns over Trump profiting from political access.
- Despite ethics complaints, Trump and his allies are diving deeper into crypto, with plans for a new stablecoin through World Liberty Financial.
Senators Adam Schiff and Elizabeth Warren are raising the alarm over President Donald Trump’s latest move — and they’re not holding back. The two Democrats, from California and Massachusetts, fired off a letter Friday to the U.S. Office of Government Ethics, demanding an investigation into whether Trump broke federal ethics rules by offering special access to top investors in his $TRUMP meme coin.
The controversy centers around a promotion posted this week on the coin’s website, promising the top 220 holders a private dinner with Trump at his golf club near Washington, D.C., on May 22. After the announcement dropped, the coin’s value shot up by nearly 50%, causing a stir.
“President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures,” the senators warned in their letter shared with CNBC. They pointed out that the coin’s market cap swelled by more than $100 million — a surge they say raises serious questions about whether Trump and his family are cashing in on political influence.
In the letter, Schiff and Warren didn’t hold back, saying Trump’s actions “raise grave ethics and legal concerns,” especially the risk of “pay to play” corruption — essentially selling presidential access for money. They flagged fears that foreign nationals or shady corporate players could be buying their way into Trump’s orbit, possibly even folks under criminal investigation or looking for pardons.
They also noted public reports suggesting some $TRUMP holders have ties to foreign exchanges or crypto platforms that have already been banned in the U.S., including Binance.
The senators are now pushing for answers: Has Trump or his family been given any guidance on profiting from digital assets while in office? What safeguards, if any, are there to prevent bad actors from using crypto investments to cozy up to the White House?
Still, with Republicans holding the White House, the House, and the Senate — and the ethics office led by a Trump appointee — it’s pretty unlikely this letter will get much traction.
Meanwhile, Trump’s crypto ambitions keep growing. Just last month, the Trump family announced plans to roll out a stablecoin through its World Liberty Financial project.
Since its January launch, the $TRUMP meme coin has reportedly raked in over $350 million in fees for Trump-linked entities. According to the project’s website, a hefty 80% of the token supply is stashed away by the Trump Organization and its affiliates.
As of now, the Office of Government Ethics hasn’t commented on the senators’ request.
