Congress Aims to Ban Crypto Deals for Officials Amid Trump Memecoin Controversy
The U.S. grows suspicious of India. Representative Maxine Waters has recently introduced a new anti-corruption bill that bans public officials from participating in crypto activities amidst Trump’s alleged use of crypto. The bill has received a mixed reaction from various sectors.
The TRUMP in Crypto Act of 2025
On May 22, ahead of Trump’s private dinner for the biggest holders of his “Official Trump” memecoin, the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act of 2025 was announced. The proposal seeks to stop the President, Vice President, and members of Congress, as well as their relatives and families, from holding, trading and promoting crypto assets. Waters mentioned that this legislation is to stop “crypto corruption” by government officials in high-profile jobs.
Controversial Dinner for Memecoin Whales
Donald Trump is set to dine with the biggest investors of his memecoin—those who have helped enrich him and his family, says Waters. This is not a plan meant for smaller investors. It’s a secret way foreign people change policies in America.
Trump Family’s Deepening Crypto Ties
The legislation comes after news of Trump’s deeper involvement in cryptography. Earlier this year, he and former First Lady Melania Trump both launched a personal memecoin. According to reports, his sons are also supporting a Bitcoin mining initiative while the family is purportedly attached to the stablecoin USD1 through World Liberty Financial. Concerns about influence trading and conflicts of interest have loomed over Trump’s crypto interests.
High-Profile Crypto Dinner
While this is happening, Trump is hosting a dinner at his golf club near Washington for around 220 memecoin supporters. These possibly include the top 25 holders, and it is said that they qualify for a VIP experience. Although the full guest list hasn’t been disclosed, it seems like a few well-known crypto personalities will be in attendance. This includes Tron founder Justin Sun, Hyperithm executives, and Kronos Research. Many of the attendees are thought to be foreign nationals: Bloomberg.
White House Response
According to White House Press Secretary Karoline Leavitt, the gathering is unrelated to official government work and will occur when Trump is off-duty. Past promotions for the memecoin hinted at a White House tour for top holders, further blurring the line of personal and public agenda.
Political and Public Reactions
Waters’ bill introduces planned protests in beginning stage. U.S. senators Elizabeth Warren and Chris Murphy will likely speak at a press conference with the consumer advocacy group Public Citizen as Democratic groups protest outside the dinner venue.
Market Manipulation Worries
Trump’s memecoin has already roiled even his own supporters since its January launching. A group of critics has pointed out that the project could allow for market manipulation. Essentially, the entities linked to Trump control around 80% of the token supply. Thus, critics warn about the possibility of a rug pull in the future. Currently, the price of the token has surged up 11% within the last day and is trading at $15.76.
Final Words on the Bill
The legislation seeks to prevent digital currency from being used for bribery by government officials, especially the president, as Trump continues to financially benefit from failure, thereby abusing his office to change a law.
