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WASHINGTON – Senators Adam Schiff and Elizabeth Warren warn that President Donald Trump’s private dinner with the owner of his meme coin constitutes corruption that “pay to play” and calls for ethical investigations.
Democrat senators from California and Massachusetts respectively wrote to the U.S. Government Ethics Office on Friday to ask for an investigation to determine whether President Trump violated federal ethics regulations by providing exclusive access to top investors on Trump’s coins.
The letter relates to a promotion announced on the Meme Coin website on Wednesday, offering the top 220 owners of token dinners with the president on May 22 at a golf club near Washington, DC, and the coin rose 50% after the invitation was posted.
“President Trump’s announcement promises exclusive access to the presidency in exchange for a hefty investment in one of his business ventures,” the senator wrote Friday.
The value of the coin has skyrocketed over $100 million since its announcement, raising concerns that Trump and his family are personally profiting from their political influence, the senator wrote.
“This latest action raises serious ethical and legal concerns, including the serious risk that President Trump and other officials are engaged in “wage” corruption by selling presidential access to individuals or groups, and includes a wealth of abundance of the president and his family while having a vested interest in federal action.”
They cite multiple public reports showing that several $Trump investors have connections with foreign exchange or are receiving funds from US banned crypto platforms, including Binance.
Senator Schiff and Warren are asking ethics whether guidance has been provided to Trump or his family about profiting from digital assets during their tenure, and what safeguards exist to prevent them from purchasing political access through investments during investigation or seeking pardons.
Letters from Democrat senators may be deaf, along with both the White House and the Ethics Director, ruled by the Republicans and appointed by the president.
Trump and his allies continue to push deep into the crypto market. Last month, the Trump family announced plans to launch stablecoin through the global Liberty Financial Project.
Since its debut in January, The $Trump Meme Coin reportedly generated more than $350 million in fees for the president and the entities associated with his inner circle. The project’s website claims that 80% of the token supply is held by the Trump organization and associated organizations.
The government’s Ethics Bureau did not immediately respond to requests for comment.
Watch: Trump Meme Coin “Clearly Bad”, says Timothy Massad of Harvard
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