Trump to Host Memecoin Gala Despite Impeachment Calls

Trump set to hold gala dinner for memecoin holders as criticism and impeachment talk grow.

In the face of bipartisan criticism, impeachment calls, and controversy over a $2 billion UAE-linked crypto deal, President Trump will host a May 22 gala for key TRUMP memecoin holders.

The Trump team announced the event after several U.S. lawmakers voiced concerns about the initiative.

Elizabeth Warren, a senator from Massachusetts, asked government representatives in late April to address concerns regarding Trump’s memecoin and his media company.

Trump sparked increasing controversy by announcing a dinner and White House tour for some TRUMP memecoin holders.

“President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures,” a letter co-signed by California Democratic Senator Adam Schiff read.

Meanwhile, Senator Jon Ossoff, during an April 25 town hall, endorsed impeachment for Trump and cited his plan to host a dinner for key holders of the TRUMP memecoin. He said,

“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense.”

Reportedly, Senator Cynthia Lummis, a pro-crypto ally, and at least one other Republican in Congress expressed disapproval of Trump’s plan to offer top holders of his memecoin a dinner and White House tour.

Lummis, representing Wyoming, stated that the president’s offer to sell exclusive access to himself and the White House “gives [her] pause.”

On May 4, Warren criticized the Trump family’s stablecoin on X, saying its market value soared due to a “shady crypto deal with the UAE,” which MGX settled using USD1.

She warned that the deal could jeopardize national security and urged the Senate to delay passing crypto-friendly bills.

She also expressed concern about foreign entities becoming involved in the US president’s financial affairs.

She urged the Senate to hold off on approving pro-crypto legislation.

“The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption.“

Niko Demchuk, head of legal at crypto compliance firm AMLBot, stated that “Senator Warren’s concerns about ‘pro-crypto’ bills highlight tensions between fostering stablecoin innovation and mitigating risks like foreign influence or self-dealing by public officials.”

He suggested that legislators could implement safeguards such as requiring disclosures, enforcing conflict of interest provisions, and conducting independent audits. 

“These safeguards address Warren’s concerns by prioritizing transparency and accountability without stifling legitimate stablecoin development. They might ensure the U.S. remains a hub for responsible innovation while protecting against misuse by public officials or foreign actors.“

In her post, Warren shared a clip from a recent interview where Trump gave contradictory statements about his earnings from the crypto memecoin he introduced in January, shortly before he reentered the White House.

In the clip, the president claims that he hasn’t “even looked” to verify if he gained any profit from his efforts.

Warren likely referred to the recent deal in which the Abu Dhabi investment firm MGX settled a $2 billion investment in Binance, the largest cryptocurrency exchange, with just USD1.

According to CoinMarketCap, the market cap of the stablecoin climbed sharply from under $137 million on May 1 to almost $2.13 billion on May 2.

Eric Trump disclosed the deal while speaking at a panel at Token2049 in Dubai. The president’s son, Eric Trump, currently serves as executive vice president at the Trump Organization.

While speaking at the event, he stated:

“The US is seeing that the financial world has to progress. It’s a joke. Why do banks run nine to five, Monday to Friday, with an hour and a half of lunch break? It doesn’t make sense.”

Like the memecoin, USD1 has drawn considerable backlash.

In early April, Rep Maxine Waters accused Trump of attempting to replace the dollar with USD1.