U.S. House Speaker Mike Johnson has sidestepped growing scrutiny over a private dinner hosted by former President Donald Trump for top holders of his meme cryptocurrency, $TRUMP. The event, held on May 22 at Trump’s Virginia golf club, has raised ethical concerns among lawmakers—particularly regarding the lack of transparency about who attended and whether any foreign interests were involved.
Appearing on CNN’s State of the Union on May 25, Johnson told host Jake Tapper he was unfamiliar with the dinner and declined to take a stance on whether the guest list should be made public.
“I don’t know anything about the dinner,” he said.
“I was a little busy this past week working on the federal budget.” Johnson avoided commenting on potential conflicts of interest, instead praising Trump as “the most transparent president” with “nothing to hide.”
The response comes amid mounting pressure from 35 House Democrats who have called on the Department of Justice to investigate the gathering. Critics argue that the lack of disclosure around the event—combined with Trump’s ongoing financial ties to the $TRUMP token—could pose ethical and constitutional concerns, especially if foreign money was involved.
Democrats Demand Guest List Over Foreign Money Fears
Rep. Johnson’s comments come as Democratic lawmakers are intensifying pressure on Trump to disclose the guest list from the memecoin dinner, citing serious concerns over potential foreign influence and violations of federal ethics laws. The private event, held at Trump National Golf Club in Virginia, was reportedly open to the top 220 holders of the $TRUMP token—a group that includes prominent international figures.
At the center of the controversy is the U.S. Constitution’s Foreign Emoluments Clause, which prohibits a sitting president from accepting gifts or payments from foreign states without congressional approval. Lawmakers are questioning whether the crypto-themed gathering could have allowed foreign nationals to gain influence by financially supporting Trump’s crypto ventures, including his new platform, World Liberty Financial.
Bloomberg previously reported that many of the top $TRUMP token holders—those eligible for the exclusive dinner—are not U.S. citizens. Among them was Tron founder Justin Sun, a Chinese-born entrepreneur and the largest known $TRUMP holder. Sun’s appearance at the event has sparked particular scrutiny, given his close involvement in the project and his status as its biggest financial backer.
Other attendees included BitMart CEO Sheldon Xia, who shared photos of himself at the dinner, and Australian crypto investor Kain Warwick, who confirmed he purchased enough $TRUMP to rank among the top 25 holders and gain access.
At a May 22 press conference, a group of Democratic lawmakers, led by longtime crypto critic Senator Elizabeth Warren, called the dinner an “orgy of corruption” and demanded full transparency around its guest list. The group warned that failure to release this information could signal a troubling overlap between political influence and financial gain, particularly involving international actors.
Democrats Propose Ban on Trump’s Crypto Profits
In a further escalation of the $TRUMP memecoin controversy, a group of House Democrats led by Representative Maxine Waters has introduced new legislation aimed at cutting former President Donald Trump’s financial ties to the crypto industry if he returns to office. The proposed “Stop TRUMP in Crypto Act,” unveiled on May 22, seeks to prohibit Trump and his family from personally profiting from digital assets while holding public office.
In a statement accompanying the bill, Waters accused Trump of leveraging the presidency to promote and profit from his crypto ventures. “Donald Trump has used the power of the presidency to shamelessly promote and profit from a range of crypto ventures,” she said, citing the explosive rise of the $TRUMP memecoin and Trump’s stake in World Liberty Financial.
According to Waters, the $TRUMP token alone has allegedly boosted Trump’s net worth by more than $350 million. She also pointed to the launch of USD1, a stablecoin tied to Trump’s crypto ecosystem, as evidence of an expanding financial empire built on political capital.
The legislation has gained the support of at least 14 additional lawmakers, including Representatives Nydia Velázquez, Brad Sherman, and Gregory Meeks. The group argues that stronger ethical boundaries are needed to ensure public service is not used as a vehicle for personal enrichment—particularly in unregulated markets like crypto.
Quick Facts
- Speaker Mike Johnson declined to comment on Trump’s crypto dinner
- The event was attended by top $TRUMP holders, some non-U.S. citizens
- Democrats warn of foreign influence and emoluments violations
- Tron’s Justin Sun and BitMart’s Sheldon Xia were reportedly present
- New bill aims to block Trump’s crypto profits if re-elected
