US President Donald Trump hosted an exclusive black-tie gala at his Virginia golf club for top crypto investors, featuring a $148 million token sale. The event drew criticism from lawmakers and regulators, with some calling it “crypto corruption.” Attendees included industry executives like Sandy Carter and former NBA star Lamar Odom.
The price of the meme coin plunged 16% hours after the event, as attendees left underwhelmed by the experience. Many guests said they were more interested in their phones than the token itself. The gala sparked concerns about potential conflicts of interest, with lawmakers pushing for new provisions to ban presidents and senior officials from profiting off crypto ventures.
The US may lose its chance to dominate the digital payments market if the GENIUS Act stalls due to infighting over Trump’s crypto ventures. Major banks are in talks to issue a unified digital dollar to compete with Tether, which commands over 60% of global market share.
Source: https://www.cnbc.com/2025/05/23/trump-meme-coin-dinner.html