President Donald Trump’s Gala Dinner for the largest $TRUMP memecoin holders drew condemnation from crypto-industry lobbyists speaking on condition of anonymity, who warned the event’s damaging optics could derail crucial digital-asset legislation and said their concerns relayed to advisers were ignored

Event date

May 22, 2025

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The person close to the crypto lobby told Fortune that they have expressed concerns to David Sacks and Bo Hines, Trump’s top crypto advisors, but without much success.

While crypto leaders have publicly supported Trump’s blockchain projects, arguing that it demonstrates his enthusiasm toward the sector, many still privately acknowledge that the memecoin dinner is a blemish on the industry—and could impede legislation. “Trump’s family crypto business dealings are really compromising the ability to get good policy in place,” said another person close to the crypto lobby, who spoke with Fortune on the condition of anonymity.

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.”

The other lobbyist said that while many in the industry are publicly supportive of the president, especially after a wave of industry-friendly regulatory actions, the dynamic is different behind closed doors, especially with Trump launching competitive products. “We’re all embarrassed and humiliated,” they said. “It’s so crypto to have this happen.

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Week 21 of 2025