US President Donald Trump hosted a dinner for top holders of his cryptocurrency token, TRUMP, at his golf club in Washington, D.C. The gathering, which included significant players from the cryptocurrency industry, has raised ethical questions regarding influence and access to presidential power
An ‘Orgy Of Corruption’
The dinner brought together approximately 220 of the largest TRUMP holders, but the White House has not released a complete guest list, labeling the event as private. Prominent among the attendees was Justin Sun, the founder of the blockchain company Tron and the top holder of TRUMP tokens.
In a post-dinner interview with the South China Morning Post, Sun expressed optimism about the event’s potential to reshape perceptions of cryptocurrency policymaking in the US, stating, “I think it’s really going to change a lot of people’s opinions about crypto policymaking here … it will have a global impact.”
The dinner has faced backlash, with critics accusing Trump of allowing individuals to “pay for influence” with access to his presidency. Senator Elizabeth Warren described the gathering as an “orgy of corruption.”
Sun, who holds over 1.4 million TRUMP tokens valued at approximately $19.8 million, noted that he did not have a chance to speak with Trump directly but viewed the dinner as a “historic moment for crypto”
Sun’s financial involvement with the President began shortly after his election, with an initial investment of $30 million in Trump’s decentralized finance (DeFi) firm, World Liberty Financial (WLFI), which later increased to $75 million.
This investment coincided with a pause in a lawsuit from the US Securities and Exchange Commission (SEC) regarding market manipulation claims tied to Sun’s TRON cryptocurrency.
Justin Sun Predicts US Policy Shifts With Trump
Sun speculated that US policy changes would significantly influence cryptocurrency regulations in China, saying, “I certainly believe it will have an impact on mainland China.” He drew parallels to historical rivalries, suggesting that movements in US policy would prompt responses from Chinese regulators.
The recent passage of the GENIUS Act by the US Senate, aimed at regulating cryptocurrencies, further underscores the urgency of establishing clear guidelines in the industry.
Concurrently, Bitcoinist reported earlier this week that Hong Kong has enacted a stablecoin bill requiring issuers to be licensed by the Hong Kong Monetary Authority, reflecting a global push for regulatory clarity.
Sun sees potential for the development of yuan-backed stablecoins in Hong Kong, emphasizing the region’s proactive stance on cryptocurrency regulation. He remarked on the urgency felt by policymakers to establish a framework that positions them ahead of global trends.
While addressing criticisms of potential influence-peddling, Sun argued that fostering collaboration among industry leaders could drive innovation. “We see more and more innovators, developers, and entrepreneurs move to the United States because of the Trump administration’s policies,” he stated.
Featured image from Bloomberg, chart from TradingView.com
