US President Donald Trump is set to host an exclusive gala dinner for top holders of the TRUMP memecoin on May 22, despite facing significant bipartisan backlash and renewed calls for impeachment. The announcement, made via Truth Social on May 5, has drawn sharp criticism from lawmakers who argue that the initiative blurs ethical lines by offering political access in exchange for financial support.
The TRUMP meme coin, which launched in January just before Trump’s return to the White House, has been at the center of controversy. Critics claim the token’s promotion—and the perks tied to it—could constitute an impeachable offense.
Lawmakers demand scrutiny over Trump memecoin incentives
Massachusetts Senator Elizabeth Warren has been one of the most vocal opponents, urging government officials to investigate the TRUMP memecoin and its ties to Trump’s media company. In a letter co-signed by California Senator Adam Schiff, Warren argued that the dinner offer amounts to “selling access to the presidency.”
Senator Jon Ossoff went further, suggesting that Trump’s actions warrant impeachment. “When the sitting president offers exclusive access in exchange for payments, that’s an impeachable offense,” Ossoff stated during a town hall meeting.
Even some Republicans, including pro-crypto Senator Cynthia Lummis, have expressed discomfort. Lummis noted that the TRUMP memecoin promotion “gives [her] pause,” given its implications for political ethics.
Warren links Trump memecoin to $2 billion UAE crypto deal
Warren has also raised concerns about a $2 billion cryptocurrency deal involving the United Arab Emirates (UAE), suggesting it may have artificially inflated the value of the TRUMP memecoin. In a May 4 post on X, she accused Trump of engaging in a “shady crypto deal” that poses national security risks.
Her claims reference a recent agreement in which Abu Dhabi-based MGX settled a 2 billion investment in Binance using USD1, a stablecoin tied to Trump’s ventures. Following the deal, USD1’s market cap skyrocketed137 million to over $2 billion in a single day.
Warren warned against passing pro-crypto legislation, arguing it could enable further corruption. “The Senate shouldn’t facilitate this kind of behavior,” she stated.
Legal experts weigh in on Trump memecoin controversy
Niko Demchuk, head of legal at AMLBot, told Cointelegraph that while Warren’s concerns are valid, safeguards could balance innovation and accountability. “Disclosure requirements and anti-conflict provisions could prevent misuse without stifling crypto development,” he said.
Despite the backlash, Trump has remained defiant. In a recent interview, he denied profiting from the TRUMP memecoin, claiming he hadn’t “even looked” at its financial impact.
Eric Trump defends crypto initiatives amid scrutiny
Eric Trump, the president’s son and an executive at the Trump Organization, defended the family’s crypto ventures during Token2049 in Dubai. He criticized traditional banking systems, arguing that “the financial world must progress.”
However, the TRUMP memecoin and USD1 stablecoin continue to face skepticism. Some lawmakers have even accused Trump of attempting to undermine the US dollar—a claim the administration denies.
As the May 22 gala approaches, the debate over the TRUMP memecoin shows no signs of slowing down. Whether the event proceeds as planned—or becomes another flashpoint in Trump’s controversial crypto dealings—remains to be seen.
The Bit Gazette will keep you abreast of the latest crypto news and expert opinions.
