Key takeout
- Senator Warren and Schiff are calling for an ethical investigation into Trump token owners and Trump's dinner.
- The value of the $Trump Token skyrocketed 50% after the announcement of dinner with Trump.
Senators Elizabeth Warren and Adam Schiff are calling for an ethical investigation into President Trump after announcing a private dinner with the president for the recent major owner of Trump Meme Coin. Report From CNBC.
In a letter sent to the U.S. Government Office of Ethics (OGE), the senator accused him of selling exclusive presidential access in exchange for financial investments and raising concerns about “play payments” practices and potential personal abundance for President Trump and his family.
“This latest action raises serious ethical and legal concerns, including the serious risk that President Trump and other officials are engaged in “wage” corruption by selling the president's access to individuals or groups, and could include foreigners and business officials while enriching the president and his family personally while enriching the president and his family.
In urging Oge to see if Trump violated federal ethical standards, Senator Warren and Schiff warned that simply investing in Trump's crypto projects could help open the door to foreigners and business officials under investigation, potentially ensuring federal investigations.
They also questioned whether Trump or his family had received ethical guidance on profiting from digital assets during their tenure. They asked what safeguards exist, if any, to prevent individuals seeking political benefits or pardons from using crypto investments to buy influence.
Exclusive dinner, announcement On Wednesday, the top 220 wallet holders of $Trump Tokens will be accessible. The event will be held at Trump National Golf Club on May 22nd and will undergo strict security measures, including background checks and wallet compliance verification.
$Trump has been seen in its value above 70% after the promotion. According to TradingView, tokens are currently down about 6% over the past seven days, trading at around $14. data.
Senator John Ossoff, who joined Warren and Schiff, is hoping for Trump's bounce each for the controversial $Trump Coin dinner invitation.
The chances of successful attempts are unlikely to be successful
Republicans now control the White House and Congress, and it is likely that the OGE director appointed by Trump himself will ignore the Senator's demand for accountability.
OGEs can issue ethics recommendations, but lack enforceability against the sitting president. In the past, it has encouraged, but did not require, presidents to voluntarily adhere to ethical standards.
OGE may refer potential violations to the Department of Justice or inspectors for investigation and enforcement, but cannot force compliance.
Since its launch in January, $Trump Meme Coin reportedly generated more than $350 million in fees for the president and the entities associated with his inner circle. The project's website states that 80% of the token supply is held by the Trump organization and associated entities.