President Trump attended an event marketed as a personal dinner focused on cryptocurrency, contradicting White House claims that it was not an official White House function. Despite being labeled as a private event, promotional materials described it as an opportunity to hear Trump speak about the future of crypto, reinforcing his identity as the “Crypto President.” His support for cryptocurrencies marks a significant turnaround from his 2019 criticism of the industry, where he called Bitcoin and similar assets “not money” due to their volatile nature.
The event, which stirred controversy, raised suspicions about its purpose, with claims that it provided wealthy attendees access to Trump in exchange for support of his $TRUMP coin. Critics, including former government employees and protesting groups, denounced the event as emblematic of corruption within political circles. Attendees like Kendall Davis defended their participation, claiming significant financial success through crypto and highlighting the unique opportunity of dining with a former president.
The $TRUMP coin’s structure suggests it is not intended as a traditional investment, as indicated in its fine print. Interest in the coin has been substantial among non-Americans, with many top holders purchasing it from foreign exchanges that exclude U.S. customers. Amid the event, the price of $TRUMP briefly dropped by 6% before stabilizing.
Protests occurred outside, led by groups advocating for legislation to prevent corruption in crypto endorsements, such as the End Crypto Corruption Act. Senator Jeff Merkley emphasized the principle of accountable governance, warning against the dangers of influence peddling within the crypto space. The juxtaposition of high-profile attendees and vocal dissent highlighted the polarized views surrounding Trump’s engagement with cryptocurrency.
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