Amazing online announcement Called “the most exclusive invitation in the world,” he followed a tour of the White House with President Trump, a “intimate private dinner” at a Virginia member-only golf club.
Seats will be reserved for each of the top 220 investors in Trump, the cryptocurrency he launched the eve of his inauguration.
On Wednesday, the coin’s biggest buyers announced that they will be invited to meet him, in an astonishing escalation of the Trump family’s efforts to profit from Crypto, a website promoting Trump, the president’s so-called memo coin. The effort was effectively an offer of access to the White House in exchange for an investment in one of Trump’s crypto ventures.
“Get dinner with President Trump and the $Trump community!” the invitation said. “Please let the President know how many card coins you own!”
For months, Trump’s foray into the code has created ethical conflicts with almost precedent in presidential history. When he sold digital currency to the public, Trump also appointed regulators that were cutting crypto enforcement, calling for legislation to boost the outlook for the US industry.
As news of dinner invitations spread across social media, Memecoin’s prices have skyrocketed by over 60%, suggesting investors are in a hurry to accumulate enough coins to compete in the dinner table.
“This is really incredible,” said Corey Frayer, who oversaw the Securities and Exchange Commission’s crypto policy during the Biden administration. “They are making their payment agreements explicit.”
Business entities associated with Trump mean that at least on paper earn a personal profit whenever prices rise. Trump and his business partners also collect fees when the coins are traded. This is a windfall that reached around $100 million in the weeks since the coin debuted in January.
Victoria Haenman, a law professor at Clayton University, said the offer raised concerns about the ways Trump and his business could “manipulate to benefit from the presidency.”
Earlier this year, the SEC issued official guidance that MemeCoins, a kind of cryptocurrency based on online jokes and celebrity mascots, is not subject to agency surveillance. Crypto skeptics criticized the policy as a dangerous move that could open the door to ramp-stretched scams by the Memecoin promoter.
As president, Trump has broad immunity from laws governing conflicts of interest. It was pointed out In the past. White House representatives did not immediately respond to requests for comment. Trump’s son Eric declined to comment, helping to run the Trump organization, sponsoring $Trump’s coin.
Once a cryptocurrency skeptical, Trump embraced digital currency on last year’s campaign trail.
In the fall, Trump and his sons, Donald Jr., Eric and Baron, said they were starting World Liberty Financial, a company that offers digital currency called WLFI. So far, $550 million of these coins have been sold. According to the company.
Shortly afterwards, Trump’s social media company Trump Media and Technology Group was to provide crypto-related financial products to amateur investors and announced a partnership with digital trading platform crypto.com.
However, Trump’s Memecoin venture is gaining the most attention.
Just three days before taking office, Trump posted about his social media site Truth Social that he was selling coins. $Trump’s sales quickly surged, and the presidential election became a crypto billionaire on paper.
Memecoin tended to rise and fall quickly, and $Trump’s price quickly became a crater. Traders who accumulated coins suffered cumulative losses of over $2 billion.
The dinner announcement seemed calculated to ignite more interest in the coin.
When $Trump was sold in January, a large stash of coins was assigned to supporters of the project. However, rules built into the offering prevented insiders from selling coins Until last weekincreasing the fear that they’ll try to offload their holdings and lower the price of $Trump even further.
Instead, prices gradually rose a few days before the invitation was announced, and spiked when the announcement was published.
On the Memecoin website, the $Trump promoter set up the leaderboard of Coin’s biggest investors. This essentially allows buyers to track their locations in rankings. Dinner invitations will be sent to “the top 220 Trump owners with an average of $220” between April 23rd and May 12th, the website said. The top 25 buyers will get access to a reception with Trump and a White House VIP tour before dinner. (At this point, the 25th investor on the chart owns around 4,000 coins, worth around $54,000.
“The more you hold a card and the longer you hold it, the higher your rankings.” The website said.
Dinner with Trump is scheduled to take place at Trump National Golf Club on May 22, the website calls it “the most exclusive life invitation.”
Source: www.nytimes.com
