Trump defies ethics warnings with private meme coin dinner

Screenshot via Truth SocialThe president planned to host a highly anticipated "exclusive" dinner for the largest holders of his meme coin, Official Trump, at his golf club in Virginia on Thursday night.Why it matters: Fight Fight Fight, LLC — a company linked to President Trump's family — sold a digital token that gave anyone in the world a chance to pay for a night of access to the commander-in-chief.The promotion has stunned ethics experts. One Democrat called it "the biggest corruption scandal in the history of the White House."White House press secretary Karoline Leavitt denied any conflicts of interest but refused to release the list of attendees, telling reporters: "The president is attending it in his personal time. It is not a White House dinner."Between the lines: Wealthy donors have long used campaign contributions to gain access to elected officials — but with key guardrails and oversight.U.S. law bars foreign money and prohibits politicians from using campaign funds for personal gain.What they're saying: "We've never had a president actually try to raise money and get people to buy an interest in a venture of his at the same time that he's sitting in the White House," Richard Painter, President George W. Bush's ethics lawyer, told Politico.Democrats have proposed at least five bills that would block activity like this, but none of them are likely to see action in a GOP-controlled Congress.As Sen. Kirsten Gillibrand (D.-NY) points out, there are already laws against this kind of thing — but enforcement of those rules is murky, especially with Trump loyalists in charge.By the numbers: Inca Digital, a data intelligence firm, estimates that the top 220 holders collectively spent more than $140 million to ensure they got a spot in the meme coin celebration.The most spent was $16.4 million.The contest was announced on April 23 and ran through May 12. To qualify to attend, a wallet owner had to register with Fight Fight Fight, pass a background check, and hold a high enough average amount of Official Trump over the contest period. The token had lost considerable value since its pre-inauguration release, but it's up more than 50% since the dinner was announced.Between the lines: That price increase has held even after the contest ended, suggesting that holders might expect more perks or access ahead. The intrigue: Only a few attendees were known ahead of time. Crypto billionaire Justin Sun, who at one point was under investigation by the SEC, is probably the best known. Kain Warwick, an Australian crypto investor and creator of the decentralized finance platform, Synthetix, told the New York Times that he had a spot. So did the meme coin startup MemeCore, which acquired a massive stockpile in order to send someone to the event.How it works: Other buyers haven't been publicizing their attendance, but blockchain analysis suggested that much of the buying was happening outside the U.S., according to an analysis by Bloomberg.What we're watching: Fight Fight Fight still controls 80% of the supply of Official Trump, which it can sell off over time.

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