News 
May 23, 2025 
6 min. 
A $150M meme coin connected to former President Donald Trump has triggered a wave of criticism, as Democratic lawmakers and ethics watchdogs accuse him of using cryptocurrency to sell political access. During a Thursday press conference, Senator Chris Murphy (D-CT) demanded transparency and accountability, arguing that the crypto-driven fundraiser crosses ethical boundaries.
The controversy intensified just hours before a private dinner scheduled at a Trump-owned property. According to reports, only the top 220 buyers of the $TRUMP meme coin received invitations. These individuals collectively contributed more than $150 million. Although the event promised exclusive access to Trump, organizers have not revealed the names of the attendees.
- Start Trading with Nigeria’s Most Trusted Crypto Exchange – Fast, Secure & Easy. Join Now!
Lawmakers Sound Alarm Over Trump’s Alleged Crypto Pay-to-Play Scheme
Consequently, lawmakers are accusing Trump of establishing a secretive pay-to-play pipeline using digital assets. At the center of the dispute lies the high-dollar fundraising dinner linked to the meme coin, which offers token holders private time with the former president.
Senator Chris Murphy strongly criticized the arrangement. He described it as “a backdoor for bribery” and warned that anonymous investors, possibly including sanctioned individuals or foreign nationals, could use crypto to buy influence. “If you buy his coin, you get secret access to the president to plead your case,” he stated.
Senator Elizabeth Warren (D-MA) echoed the concern. She called the event “an orgy of corruption” and linked it to recent actions by the Trump administration. Specifically, she cited the closure of the DOJ’s crypto enforcement unit and personnel changes at the SEC. According to Warren, these developments align too closely with Trump’s personal crypto interests. “He’s showing everyone exactly how to purchase political favors, and criminals are already reaping the benefits,” she said.
Furthermore, Warren spotlighted TRON founder Justin Sun, who reportedly invested heavily in Trump’s meme coin. “Sun just learned that the SEC paused its fraud investigation into him. He is also a top buyer of the coin and a key investor in Trump’s crypto ventures. That’s no coincidence,” she added.
Meanwhile, Senator Jeff Merkley (D-OR) focused on national security. He referenced past debates about foreign influence in U.S. politics and argued that cryptocurrency now offers new ways to bypass accountability. “There is a for-sale sign hanging over American democracy,” Merkley warned. “And foreign actors are ready to pay.”
Lawmakers Push to Expand Ethics Rules Amid Trump Crypto Controversy
As the backlash grows, lawmakers are intensifying efforts to reform federal ethics laws. They want to ensure elected officials cannot personally benefit from emerging crypto markets.
Representative Sam Liccardo (D-CA) emphasized the financial harm to retail investors. He said more than 746,000 individuals lost money in a coin that directly benefited Trump and his family. “The American people were exploited,” Liccardo declared. He also pointed to the MEME Act, a newly proposed bill that would ban public officials from profiting through meme coins or similar schemes.
In addition, Senator Richard Blumenthal (D-CT) criticized Republican lawmakers for blocking efforts to increase transparency. He said they repeatedly stopped his attempts to mandate the disclosure of both donors and any foreign investments tied to Trump’s crypto activities. “We must apply the Emoluments Clause and update stablecoin laws to include presidential conduct,” Blumenthal argued.
Moreover, advocacy groups such as Public Citizen, CREW (Citizens for Responsibility and Ethics in Washington), and End Citizens United backed the lawmakers. They urged immediate reforms to address the unregulated nature of political fundraising via blockchain platforms.
Several speakers also expressed concern about international crypto exchanges funding the meme coin. These platforms, they noted, help buyers remain anonymous, making it harder to trace foreign influence and enforce ethical standards.
The immediate focal point remains Thursday evening’s exclusive dinner at Trump National Golf Club. Organizers limited attendance to high-level crypto investors, offering them in-person access to Trump. The event takes place as scrutiny grows over Trump’s involvement in meme coins, related stablecoin projects, and their possible influence on upcoming crypto regulations in Congress.
Frequently Asked Questions (FAQs)
What is the MEME Act introduced by Representative Liccardo?
The MEME Act is a new House bill that aims to stop elected officials from personally benefiting through meme coins or cryptocurrency-based fundraising. Lawmakers designed it to close gaps in existing ethics laws related to digital asset promotion.
How does this connect to current cryptocurrency legislation?
This controversy coincides with Senate debates over stablecoin regulation. Critics argue that the proposed laws do not include safeguards to prevent presidents from becoming financially entangled in crypto ventures, raising major conflict-of-interest concerns.
Are there existing laws that prevent this kind of fundraising?
Although the U.S. Constitution’s emoluments clauses prohibit certain types of influence, they are difficult to enforce. Lawmakers now call for clear, enforceable rules that specifically address digital assets and political influence.
