Representative Maxine Waters (D-CA) is pushing back against President Donald Trump’s expanding crypto ventures with a new bill aimed at blocking top U.S. officials from profiting off digital assets. Introduced on May 22, the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act of 2025 would bar current and former presidents, vice presidents, lawmakers, and their families from launching or financially benefiting from crypto projects while in office.
Waters cited recent activity by the Trump family—including the launch of $TRUMP and $MELANIA memecoins, a Trump-linked stablecoin called USD1, and policy proposals like a national Bitcoin reserve—as signs of deepening conflicts of interest. She specifically warned that Trump’s exclusive May 22 dinner for top $TRUMP holders presents a “backdoor” for foreign influence.
“Donald Trump is preparing to dine with the top donors of his memecoin who’ve made him, and his family, richer,” Waters said.
“Trump’s crypto con is not just a scam to target investors. It’s also a dangerous backdoor for selling influence over American policies to the highest foreign bidder.”
The dinner, hosted at Trump National Golf Club in Virginia, is reportedly restricted to the top 220 $TRUMP wallet holders. Entry was determined by token ownership, raising ethical concerns about pay-for-access politics and foreign participation.
Foreign Guests Attend as Dinner List Stays Hidden
Despite widespread attention, the full guest list for the $TRUMP token dinner has not been released—fueling speculation over potential foreign influence. Several well-known crypto figures have confirmed attendance, including Tron founder Justin Sun, who posted from the Eisenhower Executive Office Building a day before the dinner.
Others reportedly on-site include Oh Sangrok, co-CEO of Korea-based Hyperithm; Vincent Liu, CIO of Kronos Research; and Kain Warwick, founder of Synthetix. According to Bloomberg, more than half of the qualifying attendees for the event and a separate VIP experience are believed to be foreign nationals.
The absence of transparency has alarmed watchdogs and lawmakers. Critics argue that the close proximity of foreign figures to the sitting president—facilitated by token-based access—raises questions about constitutional prohibitions on foreign emoluments and the use of cryptocurrencies to circumvent traditional campaign finance restrictions.
White House Denies Link to Controversial Crypto Event
Amid escalating scrutiny, White House Press Secretary Karoline Leavitt confirmed during a May 22 briefing that the event was “a personal engagement” and not affiliated with any government operations. This came after promotional material suggested that top $TRUMP holders would receive a White House tour, further blurring lines between official and private activity.
The clarification follows mounting calls for transparency. The Wall Street Journal published an editorial urging President Trump to cancel the dinner and release the attendee list, citing ethical risks and the appearance of impropriety.
The $TRUMP token, launched in January, has rallied sharply despite controversy. With nearly 80% of supply reportedly controlled by two Trump-linked wallets, analysts warn of price manipulation and investor vulnerability. Still, the token jumped 11% in the past 24 hours, trading at $15.76, according to CoinGecko.
Quick Facts
- Maxine Waters proposes a bill to block crypto profits by U.S. officials.
- Trump’s memecoin dinner drew foreign attendees and major scrutiny.
- The White House distanced itself from the event on May 22.
- $TRUMP token surged 11%, despite controversy over token ownership.
