Trump's Exclusive Gala Begins Despite Democrats Bill To Stop Him And His Family From Profitting From Crypto

Just hours before President Donald Trump rolled out the red carpet for the top investors in his controversial $TRUMP memecoin, Democratic lawmakers and members of the Congress have announced a sweeping legislative offensive to clamp down on what they call a new era of “crypto corruption” gripping Washington.

Led by Rep. Maxine Waters, 15 House Democrats unveiled the “Stop Trading, Retention, and Unfair Market Payoffs in Crypto Act of 2025”—or the “Stop TRUMP in Crypto Act”—targeting the explosive intersection of politics and digital assets.

The bill would bar the president, vice president, members of Congress, and their immediate families from owning, promoting, or profiting from cryptocurrencies while in office, and would prohibit officials from holding digital assets in ways that give them unilateral control over tokens.

In her statement, Representative Water declared that her party is rallying against the risk of political profitering in the crypto space

“Trump’s crypto con is not just a scam to target investors; it’s also a dangerous backdoor for selling influence over American policies to the highest foreign bidder."

The timing of the bill is no coincidence. Trump’s high-profile gala, held at his Virginia golf club, offered exclusive access to the president for the 220 largest holders of his memecoin—some of whom spent between $55,000 and nearly $38 million for an invitation.

The event has drawn fierce criticism from lawmakers and advocacy groups, who warn that the anonymity and global reach of digital assets open the door to foreign influence and pay-to-play politics.

Despite the anonymity, Molly White, an independent crypto researcher, speculated that more than 70% of the participants could be from foreign countries such as Singapore or Australia.

White observed the transactional activity of these wallets and noted that many seemed to be using exchanges that were not legally allowed to be used by U.S citizens.

Among the list of winners is Justin Sun, the Chinese-born founder of Tron, is among the largest holders of the $TRUMP token, raising further red flags about foreign money flowing into the president’s orbit.

Trump’s family has also launched a dollar-backed stablecoin and is linked to a national Bitcoin reserve plan, deepening concerns about conflicts of interest and unchecked profiteering.

Outside the gala, protests erupted as Senators Chris Murphy, Elizabeth Warren, Jeff Merkley, and Rep. Sam Liccardo joined advocacy groups to demand transparency, the release of attendee names, and assurances that no favors were promised in exchange for crypto investments.

Murphy also promoted his MEME Act, another bill aimed at banning digital asset profiteering by public officials.

The White House has downplayed the controversy, insisting Trump’s assets are held in a trust and dismissing accusations of conflicts of interest as politically motivated.

Still, the unprecedented convergence of cryptocurrency, politics, and personal profit has put the spotlight on the urgent need for regulatory guardrails as the 2024 election cycle heats up.