A top House Democrat has launched an inquiry into President Donald Trump’s profitable meme coin project. The investigation focuses on a private dinner that Trump hosted for the top investors in his Official Trump meme coin. This has raised new questions about the ethics of the situation and whether foreign money is flowing into Trump’s pockets.
Rep. Jamie Raskin, a leading Democrat in the U.S. House of Representatives, is leading the investigation. Raskin, who is the ranking member of the House Judiciary Committee, sent a letter to President Trump on Wednesday night. In the letter, Raskin is demanding that Trump release the names of the people who attended the exclusive dinner at Trump’s Virginia golf club.
Ethical Concerns and Foreign Influence
The dinner rewarded the top 220 holders of the Official Trump meme coin, which has caused ethical concerns. Unlike normal campaign fundraisers, where the money is usually donated to political groups, the profits from this dinner went straight to businesses linked to Trump. This has raised new worries that the dinner could blur the line between Trump’s business interests and his political role as president.
Raskin is especially concerned about the source of the money used to buy the meme coin. In his letter, Raskin asked Trump to provide details on how the funds were checked. He fears that some of the money may have come from foreign governments or illegal activities. Raskin’s concern is that foreign governments could be trying to influence the president by funneling money into his businesses.
“Publication of this list will also let the American people know who is putting tens of millions of dollars into our President’s pocket so we can start to figure out what — beyond virtually worthless memecoins — they are getting in exchange for all this money,” Raskin said in his letter.
The Role of Justin Sun and Legal Issues
One of the most notable guests at the dinner was Justin Sun, the founder of TRON, a well-known blockchain ecosystem. Sun proudly posted on X, formerly Twitter, about being the largest buyer of the meme coin. However, Sun has had his own legal troubles. In 2023, the U.S. Securities and Exchange Commission (SEC) accused him of market manipulation. However, the case was paused after Trump took office.
Honored to support @POTUS and grateful for the invitation from @GetTrumpMemes to attend President Trump’s Gala Dinner as his TOP fan!
As the top holder of $TRUMP, I’m excited to connect with everyone, talk crypto, and discuss the future of our industry. 🇺🇸 https://t.co/FYb39LTwDz
— H.E. Justin Sun 🍌 (@justinsuntron) May 20, 2025
Sun’s involvement in the meme coin has raised even more questions. Critics argue that the presence of such a controversial figure could be problematic for Trump’s image. They worry that it could further blur the lines between Trump’s business dealings and his political office.
White House Denies Conflict of Interest
Despite the growing concerns, the White House has insisted that there is no conflict of interest. They argue that Trump’s assets are in a blind trust, meaning his sons manage the businesses while he is in office. The White House has also stated that the dinner was not a political event and that Trump attended in his personal time. Press Secretary Karoline Leavitt has said that she will raise the issue of releasing the guest list internally.
The Growing Scrutiny of Trump’s Business Dealings
This inquiry into Trump’s meme coin dinner is the latest in a series of investigations into his business dealings. Democrats are increasingly focused on Trump’s business ventures as a way to raise questions about his time in office. With Trump’s family expanding their investments into crypto businesses, critics see this as a growing conflict of interest.
Rep. Raskin’s letter is just one part of a larger effort to shine a light on Trump’s financial activities. In the coming weeks, more information may be revealed as the investigation continues.
