President Trump is hosting a crypto gala at his golf club with attendees that spent millions on the Trump family's new meme digital coin. Nancy Cordes takes a look at the concerns of guests buying access to the president.

Washington

Former US President Donald Trump is hosting a cryptocurrency gala at his Virginia golf club, attracting attendees who have invested millions in a digital coin bearing the Trump family name. The event is part of an initiative where individuals who purchase significant amounts of the “Trump coin” are eligible for exclusive access to the former president, including the opportunity to attend a private dinner.

Freight Technologies, a trucking logistics company, purchased $2 million in Trump coin with the aim of drawing attention to trade issues. According to its chief financial officer, the investment was intended to advocate for free and fair trade and possibly gain recognition from Trump. The Trump coin was launched shortly before Trump took office, and analytics firms estimate that the family and their backers have collected over $300 million in transaction fees from the coin.

The Trump family recently announced a leaderboard system, encouraging buyers to compete for a place at a private dinner with Trump. Notable buyers include Justin Sun, a Chinese-born crypto entrepreneur and the largest holder of Trump coin, who was previously sued for fraud by the US Securities and Exchange Commission. The lawsuit was later paused as part of policy shifts by the Trump administration regarding cryptocurrency enforcement.

Legal experts have described the situation as unprecedented, highlighting potential ethical concerns about a sitting president benefiting from private ventures. The White House has stated that President Trump is following all relevant conflict of interest laws. Some companies, such as Freight Technologies, have indicated a willingness to invest even more in Trump coin in hopes of securing the president’s attention.



Trump to host controversial crypto gala at his golf club

an enormous amount of attention. Donald Quimby's company had a very specific goal when it purchased $2 million worth of Trump coin last month. We thought this was really the best platform for us to make a splash, right? Yeah, I mean, and to make some noise. Quimby is the chief financial officer at Freight Technologies, a trucking logistics firm. And Trump's tariffs have been throttling freight traffic. With the Trump meme token, this was just an opportunity to really advocate for free and fair trade. So the idea was, if we buy this cryptocurrency, we will potentially get the president's attention on this issue? Potentially. I mean, I'm sure he likes to follow who's purchasing his coins. The United States will be the crypto capital of the planet. The president and his family launched Trump coin just before he took office in January. An analytics firm says the president's family and other backers have collected more than $300 million in transaction fees alone. This is really unprecedented. Jessica Tillopman is a law professor at George Washington University. Ethically, this appears to be a president that could be potentially benefiting privately from something that he's doing out in the open. Last month, the Trump family went a step further, offering a, quote, intimate private dinner with the president at his golf course in Virginia for those who own the most Trump coin. They even posted a leaderboard so buyers could compete with one another. Among the winners, Justin Sun, a Chinese-born crypto billionaire and the largest holder of Trump coin. He was sued for fraud by the Biden administration, but earlier this year, the Securities and Exchange Commission paused the lawsuit as part of a broader Trump administration shift towards easing crypto enforcement. Did anyone in the White House or in the White House counsel's office advise the president against holding this sweepstakes? The president is abiding by all conflict of interest laws that are applicable to the president, and I think everybody, the American public, believe it's absurd for anyone to insinuate that this president is profiting off of the presidency. We thought it was worth it. Quimby's company didn't make the leaderboard, but they say they're prepared to buy up to $20 million worth of Trump coin if that's what it takes to get the president's attention. For CBS News, I'm Nancy Cordes at the White House.

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