US President Donald Trump held a dinner event for holders of his meme coin at his Virginia golf club. The event drew hundreds of attendees, including former NBA star Lamar Odom, crypto industry executives and the top 25 holders of Trump’s meme coin.

Palm Beach

Former US President Donald Trump held a dinner event for holders of his meme coin at his Virginia golf club. The event, which was promoted as highly exclusive, drew 220 attendees, including former NBA star Lamar Odom, crypto industry executives, and the top 25 holders of Trump’s meme coin. Together, these attendees reportedly spent a combined total of $148 million to participate in the event, with the top token holders set to receive a private tour and an individual meeting with Trump.

Trump made only brief remarks during the event, repeating points regarding a potential US Bitcoin reserve, and departed without taking questions or photos. Some guests expressed disappointment at the brevity of his comments and lack of personal engagement. Among the attendees was Justin Sun, a Chinese-born entrepreneur who is currently facing SEC lawsuits, and holds substantial amounts in both Trump’s meme coin and the World Liberty token associated with Trump’s crypto bank.

Regulatory challenges around cryptocurrency were a key topic, with recent developments including the SEC pausing fraud charges against Sun and legislative efforts to regulate stable coins. Proposed amendments by some Democratic lawmakers seek to prohibit sitting presidents from profiting from crypto ventures, targeting Trump’s newly launched stable coin. The Trump meme coin’s value has reportedly fallen by 16% in the last 24 hours amid these regulatory pressures.

Broader crypto market movements were also discussed, with Bitcoin recently declining after reaching a new high. Major US banks are exploring the creation of a unified digital dollar stable coin but require clear regulatory guidance before proceeding. Industry figures, including White House crypto and AI advisor David Sachs, have expressed strong support for stable coins, suggesting they could drive significant global demand for US treasuries. There is noted bipartisan interest in advancing stable coin-related legislation.



President Trump holds meme coin dinner

President Trump hosting a dinner for holders of his meme coin last night. Mackenzie Segalas is here with details on the event, who showed up, and why some may have left disappointed. Mackenzie. Hey David. So it was billed as the most exclusive invitation in the world and Crypto Whales spent a combined 148 million dollars to get it. Now among the 220 attendees, former NBA star Lamar Odom, crypto executives, and the top 25 token holders who now get a private tour and one-on-one audience with the president later today. But some guests left disappointed after Trump gave only brief remarks at his Virginia golf club, repeating talking points about a US Bitcoin reserve, then left without taking questions or photos. The number one token holder, Justin Sun, a Chinese-born mogul sued by the SEC, holds more than 22 million dollars in Trump's meme coin and another 75 million dollars in the World Liberty token tied to Trump's crypto bank. Now the SEC recently paused fraud charges against him, one reason the Democrats are pushing back. Senator Hawley inserted a poison pill into the Genius Act, a bill to regulate stable coins, and now a block of Democrats want to amend it further to bar sitting presidents from profiting off crypto ventures, a direct challenge to Trump's newly launched dollar-pegged stable coin. Now the Trump meme coin has plunged 16% in the past 24 hours, that plus mounting regulatory heat is weighing on crypto markets. Bitcoin back below $110,000 after touching a new all-time high of $112k on Thursday, boosted by institutional buying, US-China trade optimism, and the Moody's downgrade of US debt. Are you a believer that some of the enthusiasm on the way to those new highs was about Senate legislation? It absolutely was, and so we're starting to see it come off those highs because if that stable coin legislation hits pause, that's a bad thing for major US banks that were as recently as this week looking at launching a joint stable coin. You've got the Wall Street Journal reporting last night JP Morgan, Citi, Bank of America, and others are looking at a unified digital dollar, something that they can't do without hard and fast rules from Capitol Hill. What they're looking to do is take back market share from Tether, that is a foreign issuer of US dollar-pegged stable coins that accounts for more than 60% of the stable coin market. Who is on squawk today, right, defending their model. And then Circle's another one as well, which conceivably is also thinking about going public, I believe, and they are also a big player in stable coin too, correct? Yeah, their USDC coin is just after Tether. They're in the pipeline of crypto companies finally looking to IPO. Yeah, do we, what do we think about the long-term future of stable coins? I mean it does appear given, of course, the administration's support, World Liberty Financial issuing one as well, it's not like they're not going to be here to stay, right? Right, and you've got White House crypto and AI czar David Sachs just saying this week that he's a big believer in stable coins. He thinks that it will unlock trillions of dollars worth of demand in US treasuries virtually overnight. He said that on our air this week. And it's because of the fact that it is this free, it's not free, but it's like it's an inexpensive global payment network that's essentially free advertising for the US dollar. Right, because you have to buy all the treasuries to back it. Exactly. In US dollars. And it allows for transactions at virtually no cost across borders and things of that nature. Precisely, and so that's why you've got Sachs backing it. He says that there's a lot of bipartisan support and he did see 16 Democrats kind of come to the table to support it this week. All right, Mackenzie, thank you very much. Mackenzie Sagalas.

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