Trump-sponsored top buyers of cryptocurrencies win exclusive dinner with president | Donald Trump

On Monday, the top 220 buyers of the cryptocurrency sponsored by Donald Trump won an exclusive dinner with the president to reward money pouring into coins. It was the climax of Trump's weeks-long game, which led to his allegations that he was using his stance to enrich his family business while gaining foreign influence.

The cryptocurrency, called $TRUMP, was founded in mid-January and after months of investors buying a large number of promoted coins, with a market value of over $20 billion. A company that Trump has a family-related relationship with another company owns most of the coins, Reuters reported.

"Congratulations, if you are in the top 220 on the rankings, we will contact you within the next 24 hours. Please check your inbox (and spam folder) and expect to make a call for official Trump dinner invitations and details," the $Trump website announced Monday. “President Trump will see you at a dinner party in Washington, D.C. on May 22”

Trump's crypto businesses have raised criticism from Democrats, ethics regulators and even the Securities and Exchange Commission for potential conflicts of interest and corruption. The competition with the president’s dining exacerbates these problems as it creates essentially a bidding war that directly accesses the president.

The dinner will be held at Trump National Golf Club in Virginia and will also provide “a super unique VIP reception with the president” to the top 25 holders of the coin. The rules listed on the coin website indicate that people who buy coins can also send someone else instead of themselves, and point out that if the buyer cannot participate, they can list the names of their family members or friends to replace their location.

Although the coin buyer rankings are public, the winners’ names are not clearly listed. Instead, the site lists only buyers’ usernames and cryptocurrency wallets, which leads people to guess who is fighting for a place at dinner and the political or financial benefits they may have.

According to Bloomberg's analysis of crypto wallets, many $Trump holders have used foreign cryptocurrency exchanges, banning U.S. users from buying coins. Democrats and government ethics groups claim that meme coins could allow foreign entities to buy influence with Connecticut Senator Richard Blumenthal and conduct moral inquiry into Trump's cryptocurrency activity.

"$Trump allows or even invites anyone in the world, including foreign governments and immoral people, to directly enrich the president, while hiding the alias of blockchain," Blumenthal wrote last week in a letter to Bill Zanker last week.

The White House claims that the auctions Trump personally promoted on his Truth Society platform will not affect the president's policy choices. White House press secretary Karoline Leavitt told reporters last week that Trump has worked to “comply with all conflicts of interest laws” through his cryptocurrency.

Since its debut on January 17, the price of Trump coins has fluctuated dramatically. Initially, it rose to around $75 per coin, then dropped over the next few weeks, then hovered around $12 at the end of the auction. About 750,000 buyers lost money to trade coins, while the largest buyers spent millions of dollars to reach the top of the rankings.

"It's a highly secure, high-level event with President Trump," the coin's website states. "If you win a seat on the table, it's because you Win it. ”