US President Donald Trump has been embroiled in a controversy surrounding his involvement with cryptocurrency. The president, who was once a skeptic of the industry, has now launched his own crypto venture called $TRUMP, which allows top buyers to win an exclusive dinner invitation at the White House.
The contest, which attracted 220 winners, was touted as “the most exclusive invitation in the world” and promised a private gala with Trump at his golf club in Washington DC. However, concerns have been raised about potential conflicts of interest and foreign influence.
One of the primary worries is that foreign actors could purchase influence with Trump through investment in his cryptocurrency. Multiple analyses have found that many of the top buyers used foreign crypto exchanges that prohibit US users from trading on their platforms, suggesting that the winners may be foreign residents.
The $TRUMP coin has also attracted investors beyond the contest, including a Chinese tech company that has secured $300m in funding to buy up coins. This has raised concerns about Trump’s ability to regulate the industry, as well as its impact on energy supply and environmental issues.
Trump’s involvement with cryptocurrency is seen as a unique combination of his personal interests and his role as president. His administration has been pushing for deregulation of the industry, which some argue could exacerbate existing problems such as scams and environmental concerns.
The controversy has sparked an ethics inquiry into Trump’s crypto operations by Connecticut Senator Richard Blumenthal, who has accused the president of running a “pay-to-play scheme” to provide access to the White House. The issue has also derailed a landmark bill to regulate some forms of cryptocurrency, known as the Genius act.
Source: https://www.theguardian.com/us-news/2025/may/14/trump-crypto-conflict-interest