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This photo illustration shows the representation of the $Trump meme coin in Brussels, Belgium, on ... More February 13, 2025. (Photo by Jonathan Raa/NurPhoto via Getty Images)
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Senators Adam Schiff (D-CA) and Elizabeth Warren (D-MA) have formally requested a federal ethics investigation into President Trump's offering of private access to investors in the TRUMP meme coin as wallet activity linked to the announcement drove an immediate surge in token value.
Legal Concerns Over TRUMP Meme Coin Influence
In a letter dated April 25 to the U.S. Office of Government Ethics, the lawmakers raised legal concerns about the prospect of selling presidential access through digital asset investments.
President Trump's campaign unveiled plans on April 23 for an exclusive gala and reception at Trump National Golf Club in Washington, D.C., inviting the top 220 TRUMP meme coin holders. The top 25 holders were promised a VIP reception, while all invitees were offered a chance to hear directly from the president.
The letter read,
This latest action raises grave ethics and legal concerns, including the severe risk that President Trump and other officials may be engaging in "pay to play" corruption by selling presidential access to individuals or entities, to include foreign nationals and corporate actors with vested interests in federal action, while personally enriching the president and his family.
The announcement triggered a swift market response. Within 24 hours, TRUMP's price climbed approximately 60%, resulting in over $100 million in new investment.
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