A top House Democrat has launched an inquiry into a private cryptocurrency-focused dinner recently hosted by President Donald Trump, citing potential ethical and legal concerns surrounding the event and its funding, the Washington Post reports.
Rep. Jamie Raskin (D-MD), ranking member of the House Judiciary Committee, sent a letter to Trump requesting the names of attendees at the event and information regarding the sources of the funds used to purchase the president’s meme coin. The event, held at Trump’s Virginia golf club, gathered investors who had acquired substantial amounts of a Trump-affiliated cryptocurrency.
The investigation centers on whether the dinner may have provided individuals or entities—potentially including foreign governments—with access to the president through large investments in the Trump-branded digital currency. Raskin also questioned whether any safeguards were in place to ensure that the investments did not originate from prohibited sources, such as foreign sovereign funds or criminal enterprises.
According to disclosures and analyses, Trump-affiliated entities have generated over $300 million from sales of the meme coin, which was launched shortly before Trump’s return to office. The coin is operated by a partnership between the Trump Organization and a Delaware-based company, Fight Fight Fight, linked to longtime Trump associate Bill Zanker. These two entities reportedly control 80% of the total coin supply.
Rep. Raskin’s letter argues that transparency is necessary to assess whether there are any conflicts of interest or violations of the US Constitution’s emoluments clause, which bars federal officials from accepting gifts or payments from foreign states without congressional approval.
The White House has responded by emphasizing that the event was not affiliated with official government business and that the president’s assets are held in a blind trust managed by his family. White House Press Secretary Karoline Leavitt stated that the president attended the event in a personal capacity and did not confirm whether the attendee list would be released.
The event comes amid broader Democratic scrutiny of Trump’s financial ties to the cryptocurrency sector. Some lawmakers have voiced concerns that the lack of transparency in crypto transactions could allow foreign or anonymous investors to gain influence. Others have introduced legislation to prohibit senior government officials and their families from holding certain types of digital assets while in office.
The Securities and Exchange Commission has previously warned that meme coins often carry little practical value and are susceptible to price manipulation. The Trump-branded coin has experienced significant price volatility, drawing attention from both supporters and critics of the former president.
The broader context includes ongoing efforts by the Trump administration to promote cryptocurrency adoption, with Vice President JD Vance recently speaking at a major Bitcoin conference. Simultaneously, some prominent investors in Trump’s crypto initiatives, such as Tron founder Justin Sun—who is facing SEC civil charges—have further fueled scrutiny of the dinner and the coin.
