Shocking Developments
The first thought that struck me upon seeing President Donald Trump’s recent announcement was “unbelievable.” He revealed plans to host a dinner for the 220 major holders of the $TRUMP meme coin, featuring a private reception and a tour of the White House for the top 25 investors.
History of Self-Interest
Trump’s trend of capitalizing on his presidential status is hardly a new phenomenon. His first term was marked by numerous instances of corruption and self-dealing. Our organization, Citizens for Responsibility and Ethics in Washington, documented 3,700 conflicts of interest during his presidency, primarily stemming from his failure to sufficiently divest from his various business interests.
A Blatant Example
Among these numerous instances, the meme coin dinner stands out as particularly egregious. It exemplifies a level of self-dealing that feels excessively overt, even by Trump’s standards. While the notion of profiting from the presidency is not new, this act signifies a profound shamelessness, attracting the attention of even some MAGA allies, such as Senator Cynthia Lummis, who remarked that the dinner “gives me pause.”
Access for Sale
Essentially, Trump is auctioning off access to his administration. The more cryptocurrency individuals purchase, the better their chances of meeting Trump in person. It’s clear who stands to gain, as Trump owns a significant stake in $TRUMP, allowing him to profit from price increases and collect transaction fees, raking in nearly $100 million shortly after the coin’s launch on January 17, as stated by The New York Times.
Ethics Concerns
This situation raises significant ethical questions. The public remains largely uninformed about who is transacting at his properties or purchasing his crypto assets, as neither the White House nor the company behind the meme coin has responded to inquiries. Current ethics laws provide limited constraints on the president, mainly the Emoluments Clauses, which prevent him from profiting from various government levels unless a government entity buys $TRUMP coins.
Public Outrage Needed
The public’s reaction to Trump’s previous proposals, like hosting a G-7 summit at his Doral resort, was one of widespread condemnation. It’s essential that we react similarly to this latest fundraising endeavor. A president’s role should be to serve the public interest, not to enrich himself and a select few.
Conclusion
This meme coin dinner allows wealthy investors to influence presidential decisions affecting ordinary Americans, while many civil servants face job losses due to budget cuts implemented under Trump’s administration. This blatant corruption cannot be normalized.
