President Donald Trump’s Gala Dinner for the largest $TRUMP memecoin holders provoked backlash from lawmakers, non-profits and major crypto lobby groups, who warned that its pay-for-access optics damaged the industry’s image, raised question about foreign influence and risked pending digital-asset legislation

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May 22, 2025

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Thirty-five Members of Congress wrote a letter to the Department of Justice's Public Integrity Section calling for "an immediate investigation" into the dinner on Thursday, specifically citing concerns about "potential corruption and emoluments clause violations." The letter, signed by crypto-friendly lawmakers like Ritchie Torres and Shri Thanedar, as well as more critical representatives like Brad Sherman, noted that companies have explicitly said they would buy $TRUMP tokens to try and influence the president. "U.S. law prohibits foreign persons from contributing to U.S. political campaigns," the letter said. "However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities." The lawmakers "urged" the Public Integrity Section to "determine whether this dinner event violates the federal bribery statute or the foreign emoluments clause of the U.S. Constitution."

The crypto lobby, which Trump wooed on the campaign trail and during his first few months in office, is starting to privately voice its displeasure, partly due to fear that the optics of the dinner could derail proposed crypto legislation that is at a pivotal juncture in Congress. “It’s a horrible look for him, the industry, and the country,” said one crypto lobbyist representing major industry firms, who spoke with Fortune on the condition of anonymity to discuss sensitive client relationships. “No one really seems to care in the Trump administration.”

Trump’s memecoin gala has attracted a slew of criticism from detractors who say it’s a clear pay-for-access scheme, where investors have ponied up millions to get an audience with the 47th president.

“Trump’s crypto businesses constitute one of the most corrupt innovations in American political history,” said Robert Weissman of the nonprofit group Public Citizen, who is organizing the protest outside the golf club.

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Week 21 of 2025