Trump plans $2 billion gala dinner for memecoin holders amid backlash

US President Donald Trump announced plans to host a gala dinner on May 22 for major holders of his Official Trump (CRYPTO:TRUMP) memecoin, despite bipartisan criticism and renewed calls for impeachment.

Trump made the announcement on May 5 via Truth Social, stating the event would include top TRUMP token holders.

The dinner follows concerns raised by lawmakers about the memecoin initiative and its implications.

Massachusetts Senator Elizabeth Warren urged government officials to investigate Trump’s memecoin and media company activities.

“President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures,” stated a letter co-signed by California Senator Adam Schiff, criticising the event.

Senator Jon Ossoff supported impeachment efforts, citing the dinner as evidence of selling access to the presidency.

“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense,” he said.

Republican Senator Cynthia Lummis also expressed concern about the dinner and White House tour offered to memecoin holders.

Warren further raised alarms about a $2 billion crypto deal involving the Trump family’s USD1 stablecoin and a UAE investment firm.

She linked the stablecoin’s market surge to the deal and warned of national security risks, urging the Senate to delay crypto-friendly legislation.

Niko Demchuk of AMLBot highlighted the tension between stablecoin innovation and risks like foreign influence and self-dealing by officials.

He suggested safeguards such as disclosure requirements and independent audits to balance innovation with accountability.

Legal expert Yarden Noy noted the absence of clear regulatory or disclosure rules for such stablecoin deals but pointed to constitutional emoluments clauses as potentially relevant.