White House Invitation?…U.S. Congress Investigates Trump Meme Coin Controversy

U.S. Congress Investigates Trump Meme Coin Controversy

White House Invitation for Top Trump Meme Coin Holders

Democrats: "Pursuit of Private Gain and Ethical Violations"

'Ban on Public Officials' Coins' Bill Proposed

Legal Experts: "In Korea, It Would Violate Capital Market Law"

The controversy surrounding former President Donald Trump's meme coin 'Official Trump' (TRUMP) is spreading into the political arena. With privileges such as White House dinner invitations being offered to holders of Official Trump, criticism has arisen that President Trump is using virtual assets (cryptocurrencies) as a means of pursuing private gain. The U.S. Congress has launched simultaneous investigations into this matter, and related legislative discussions are rapidly progressing.

At the center of the controversy is Official Trump, a meme coin project issued by President Trump just before his inauguration on January 17 this year. On the 22nd, a private dinner will be held in Washington D.C. for the top 220 holders of this coin. In addition to the dinner, the top 25 holders will also receive a limited edition Trump non-fungible token (NFT) and a separate VIP tour opportunity.

Democrats Strongly Oppose…"Concerns Over Monetary Access to Political Power"

The Democrats have strongly opposed. On the 14th (local time), Democratic Representatives Gerald Connolly, Joe Morelle, and Jamie Raskin sent a letter to Treasury Secretary Scott Besant requesting the full submission of suspicious activity reports (SARs) related to virtual asset projects involving President Trump and his family.

They stated, "The fundraising using Official Trump could be fraudulent political fundraising and illegal influence on federal officials," and urged an urgent investigation into the matter.

Investigations are also underway at the Senate level. Democratic Senator Richard Blumenthal of the Permanent Subcommittee on Investigations (PSI) under the Senate Homeland Security and Governmental Affairs Committee sent an official inquiry to 'Fight Fight Fight LLC', the operator of Official Trump, requesting clarification on the ownership and investment structure of the company and its connection to President Trump.

Additionally, he requested information on the real ownership structure of Trump Group affiliates such as CIC Digital, Celebration Card LLC, and DTTM Operations, procedures to block foreign capital inflow, revenue structure, and investor identity information. Senator Blumenthal pointed out, "Virtual asset businesses involving the President or his family could undermine government ethical standards and lead to pay-to-play fraud through foreign capital."

Concerns have also been raised within the Republican Party. Prominent pro-virtual asset figure Republican Senator Cynthia Lummis stated on the 2nd, "This issue gives me pause," and "It's time for clear regulation on meme coins." Republican Senator Lisa Murkowski also raised concerns about the method of trading White House access through virtual assets, stating, "Charging for Capitol tours is inappropriate."

"Presidential Family Should Be Prohibited from Issuing Coins"

As the controversy continues, legislative responses directly targeting President Trump's actions are also taking shape. Democratic Senator Chris Murphy proposed the 'Modern Earnings and Misconduct Elimination Act (MEME Act)' and stated, "We will fundamentally block meme coin-based corruption by federal high-ranking officials."

Twenty Democratic Senators, including Representative Elissa Slotkin, jointly proposed the 'End Crypto Corruption Act of 2025'. This bill prohibits the President, Vice President, members of Congress, senior White House officials, and their families from issuing, sponsoring, or promoting virtual assets during their tenure and for one year after leaving office, with penalties of fines or imprisonment for violations.

Representative Slotkin emphasized, "What is needed now is not cryptocurrency regulation but a clear prohibition to fundamentally prevent conflicts of interest for public officials."

Legal experts also analyze that there are potential issues with President Trump's actions. Jin Hyun-soo, a representative lawyer at Descent Law Office, explained, "If Trump himself or his family is directly involved in a virtual asset project or gains certain benefits, it could violate public ethics laws and similar provisions of the Public Official Election Act by using the public image of a public official for private purposes."

A legal expert noted, "In Korea, this would immediately be subject to investigation for violating the Capital Market Law," and "If a public official promotes policies or gains private benefits while holding shares in a family-owned company, it is a clear conflict of interest."

He added, "If they sold a large amount of assets immediately after their statements or policy announcements led to a price increase, it could be subject to criminal prosecution in the U.S. as well," and "However, since virtual assets are not regulated like stocks, legal judgments can be complex."