Dem Senators Demand Ethics Probe Over The Felon’s Latest Grift Coin Scam: “Blatant Pay To Play Corruption”

April 25, 2025 Trump Corruption, Trump Lies

NBC News reports:

President Donald Trump and his allies have raked in over $1 million in trading fees over the past two days from the president’s $TRUMP cryptocurrency token, according to Chainalysis, a blockchain data company. The surge came after a Wednesday announcement in which the top 220 holders of the token were promised dinner with the president.

The $TRUMP memecoin jumped more than 50% on the dinner news, boosting its total market value to $2.7 billion. It was met with fierce criticism from some of Trump’s political opponents who said the move was further evidence that the president was using crypto to enrich himself.

Roughly 80% of the $TRUMP token supply is controlled by the Trump Organization and affiliates, according to the project’s website. Since its launch in January, trading activity has generated about $324.5 million in trading fees for insiders, Chainalysis found.

Just in via press release:

Today, U.S. Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) demanded that a federal ethics agency investigate President Donald Trump’s scheme to enrich himself by offering access to the President and other perks to individuals who have made significant investment in his personal meme coin.

In a letter to the Office of Government Ethics (OGE), the Senators ask the agency to open an urgent inquiry following the announcement on Wednesday that the President would hold a private dinner for top investors, which led to a surge of anonymous investment that caused the value of $TRUMP to rise nearly $100 million.

“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain,” the Senators wrote.

The letter also raises the possibility that the access promised by the president would violate federal ethics law, federal bribery statutes, and the emoluments clause of the U.S. Constitution.

Senators Schiff and Warren also note that the meme coin could be used by foreign actors to curry favor with the President using assets without public disclosure requirements.

“This new scheme is demonstrative of President Trump’s continued and concerning efforts to use his own name and likeness as President, as well as those of his family and the presidential office, for personal financial gain,” the Senators wrote.

The Washington Post reports:

Buyers have poured tens of millions of dollars into President Donald Trump’s meme coin since his team advertised Wednesday that top purchasers could join Trump for an “intimate private dinner” next month, a Washington Post analysis found. The holders of 27 crypto wallets have each acquired more than 100,000 $TRUMP coins, stakes worth about a million dollars each, since noon on Wednesday.

Crypto wallets are generally anonymous, making it challenging to identify who the purchasers were. The biggest buyer acquired 2 million coins worth about $24 million, according to The Post’s review of crypto data. The Trump-allied team that launched the meme coin also earns fees when the coins are bought or traded, including via a debit-card-friendly “buy now” button on the coin’s website. The team has earned $1.25 million in fees over the past week, the analysis found.

The biggest wallet on the leaderboard, calling itself “Sun,” has more than 1.1 million of the coins, a stake now worth more than $13 million on paper. The wallet is registered by HTX, a crypto exchange founded in China whose global advisory board includes the crypto billionaire Justin Sun. Sun invested $30 million in Trump’s World Liberty Financial last year while under investigation by the Securities and Exchange Commission on charges of fraud. The SEC asked a federal judge to halt the case in February.

Expect the Office of Government Ethics to be next on Elon Musk’s chopping block.



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