Emre Yumlu 
US President Donald Trump has announced plans to host a gala dinner on May 22 for TRUMP memecoin holders, despite bipartisan backlash and renewed calls for impeachment.
Trump Announces Gala for Memecoin Holders
On May 5, Trump revealed via Truth Social that he will hold an exclusive dinner for major holders of the TRUMP memecoin. The announcement sparked concern among US lawmakers, with Senator Elizabeth Warren of Massachusetts calling for government officials to address questions surrounding Trump’s memecoin and media company.
Investment for Special Access
Trump’s announcement included the offer of exclusive perks for TRUMP memecoin holders, such as access to the White House and a presidential tour. California Democratic Senator Adam Schiff stated that this initiative promises exclusive access to the presidency in exchange for substantial investments in one of Trump’s business ventures, labeling it an unethical practice.
Calls for Impeachment Due to Memecoin Initiative
In late April, Georgia Senator Jon Ossoff voiced support for impeachment, arguing that Trump’s decision to host an event for TRUMP memecoin holders amounts to abuse of presidential power. He remarked, “When the sitting President of the United States sells access to himself for direct payments, there’s no doubt it constitutes an impeachable offense.”
Even pro-crypto Wyoming Senator Cynthia Lummis raised concerns about Trump’s decision to offer a private dinner and White House tour to memecoin holders. Lummis expressed that the president’s actions were “worrying” and said it gave her pause.
Warren’s Criticism: “Crypto Deal Threatens National Security”
Elizabeth Warren also criticized the Trump family’s stablecoin, alleging that its market value surged as a result of a shady crypto deal with the United Arab Emirates. She raised concerns about foreign interference in US presidential finances, stressing that such developments pose serious national security risks. She urged the Senate not to pass crypto-friendly legislation that would enable such deals.
The UAE Crypto Deal
The deal Warren referred to involved an Abu Dhabi-based investment firm, MGX, which used USD1 to settle a $2 billion investment in Binance, the world’s largest cryptocurrency exchange. Following the deal, the market cap of Trump’s family’s stablecoin shot up from under $137 million on May 1 to nearly $2.13 billion on May 2.
During the Token2049 Dubai event, Eric Trump, the president’s son and executive vice president of the Trump Organization, discussed the financial world’s need to progress, stating, “Why do banks operate from 9 to 5 with a lunch break? It’s a joke.”
USD1 Stablecoin Faces Backlash
Trump’s USD1 stablecoin also faced criticism. Some US lawmakers alleged that Trump was trying to replace the US dollar with his new stablecoin. This sparked further debate in the cryptocurrency space.
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