California Representative Maxine Waters, ranking member of the US House Financial Services Committee, has announced plans to introduce legislation “to block [Donald] Trump’s memecoin and stop his crypto corruption.”
In a May 22 notice, Waters said the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act of 2025 bill would be aimed at blocking the US president, vice president, members of Congress and their families from engaging in “crypto crime.” The US lawmaker referred to Trump and his wife, Melania, issuing personal memecoins in January, his family launching a stablecoin, USD1, through the crypto platform World Liberty Financial, and the president attempting to establish a national Bitcoin (BTC) reserve as his sons back a BTC mining venture.
“Donald Trump is preparing to dine with the top donors of his memecoin who’ve made him, and his family, richer,” said Waters, adding:
“Trump’s crypto con is not just a scam to target investors. It’s also a dangerous backdoor for selling influence over American policies to the highest foreign bidder.”
Waters’ bill was one of many actions announced to oppose the president’s dinner to reward memecoin holders. Senators Chris Murphy and Elizabeth Warren are expected to attend a press event with representatives for the consumer advocacy group Public Citizen, and two Democratic organizations are set to protest at the Trump National Golf Club outside Washington, DC, where the memecoin dinner will be held.
Majority of participants have stayed anonymous ahead of dinner
The number and names of attendees to the May 22 dinner were still largely unknown, but several revealed their intentions through social media and news outlets to apply for background checks and meet the president. Bloomberg reported that more than half of the participants eligible for the dinner and “VIP Tour” — a separate experience limited to the top 25 memecoin holders — were likely foreign nationals.
Among those claiming to attend included Tron founder Justin Sun, Hyperithm co-CEO Oh Sangrok, Kronos Research chief investment officer Vincent Liu, and Synthetix founder Kain Warwick. Sun posted to X on May 21, showing him appearing to gain access to the Eisenhower Executive Office Building in Washington, DC, which is part of the White House compound.
Related: What to expect at Trump’s memecoin dinner
Addressing members of the press on May 22, White House Press Secretary Karoline Leavitt said Trump was attending the dinner “in his personal time.” She denied that the event would be taking place at the White House, despite the memecoin project’s website previously stating the top 25 holders would be eligible for a tour of the government building.
Since the launch of the TRUMP memecoin on Jan. 17, many lawmakers and industry figures, including some generally supportive of the president’s policies, have criticized the project. In a May 20 article, The Wall Street Journal Editorial Board called on the White House to disclose the names of those attending the dinner, adding that Trump would “help himself by calling off his Thursday gala.”
Two organizations behind the TRUMP token are tied directly to the president and control roughly 80% of the total supply, opening up the potential for a rug pull in the future. In the previous 24 hours, the price of the memecoin has risen more than 11%, to $15.76 from $14.13.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions