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Source: Fortune

Trump is hosting a private dinner for the top 220 buyers of his memecoin tonight—and even the crypto lobby is grumbling

Leo Schwartz
Thu, May 22, 2025 at 5:21 PM EDT 4 min read

When Donald Trump embraced blockchain technology during his presidential campaign, the crypto industry celebrated that they finally had an ally running for the top U.S. office. They didn’t expect to also get a competitor.

On Thursday, the president will host a “Gala Dinner” for the top 220 holders of his $TRUMP memecoin at his golf club in Virginia—an unprecedented blend of public duties and private business dealings, especially with most of the attendees remaining pseudonymous.

The formal dinner, which will begin at 7 p.m. and requires a background check, has sparked an outcry from Democrats and ethics experts, who have pointed out that Trump’s family business, which launched the coin, controls the vast majority of the cryptocurrency’s holdings and trading fees. But they are not the only ones expressing concern: The crypto lobby, which Trump wooed on the campaign trail and during his first few months in office, is starting to privately voice its displeasure, partly owing to fear that the optics of the dinner could derail proposed crypto legislation that is at a pivotal juncture in Congress.

“It’s a horrible look for him, the industry, and the country,” said one crypto lobbyist representing major industry firms, who spoke with Fortune on the condition of anonymity to discuss sensitive client relationships. “No one really seems to care in the Trump administration.”

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Read more: https://www.yahoo.com/news/trump-hosting-private-dinner-top-212127777.html