Casten, Smith Demand DOJ Investigation Into Trump Crypto Dinner
Washington, D.C. — U.S. Congressmen Sean Casten (IL-06) and Adam Smith (WA-09) led 35 House Democrats in a letter to the Department of Justice (DOJ) Public Integrity Section demanding DOJ immediately launch an investigation into whether President Donald Trump’s offer for top investors in his cryptocurrency token, $TRUMP, to join him at a private dinner violates federal bribery laws or the foreign emoluments clause of the Constitution.
“We write to request an immediate investigation into President Trump’s offer for the top investors in his $TRUMP memecoin to attend a private dinner with him on May 22, 2025,” the lawmakers wrote. “This invites foreign influence over U.S. policy decisions and raises potential corruption and emoluments clause violations. It is just the latest example of President Trump disregarding ethics norms, introducing further conflicts of interest, and using his office for self-enrichment.”
Days before the start of his second term, President Trump launched the $TRUMP memecoin. Its price quickly peaked at $75, before crashing and causing $2 billion in investor losses. In April, President Trump announced plans to invite $TRUMP’s top 220 investors to a private dinner, resulting in a 60% surge in price as investors rushed to accumulate enough value to qualify for a seat at the dinner.
The Trump family and its partners have earned more than $320 million in trading fees since $TRUMP was launched in January, including at least $1.35 million following the dinner announcement. Multiple investors have explicitly stated that they hoped to purchase influence with the president.
In addition, a Bloomberg investigation found that the majority of the top 25 memecoin holders are likely foreign nationals. The top spot is held by Justin Sun, a Chinese crypto entrepreneur who faced an SEC lawsuit alleging fraudulent market manipulation on his blockchain platform. The Trump Administration notably paused the legal action after Sun invested $30 million in one of President Trump’s other cryptocurrency ventures, the World Liberty Project.
“U.S. law prohibits foreign persons from contributing to U.S. political campaigns,” the lawmakers continued. “However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities.”
The Foreign Emoluments Clause of the United States Constitution (Article I, Section 9, Clause 8) prohibits any federal government official, including the President, from accepting any benefit from a foreign government without the consent of Congress. It is critical that the DOJ conducts a nonpartisan investigation of President Trump’s private dinner.
In addition to Reps. Casten and Smith, the letter was signed by Reps. Nanette Barragán, Joyce Beatty, Greg Casar, Yvette Clarke, Emanuel Cleaver, Cleo Fields, Bill Foster, Maxwell Frost, John Garamendi, Robert Garcia, Sylvia Garcia, Dan Goldman, Al Green, Jim Himes, Glenn Ivey, Marcy Kaptur, Sam Liccardo, Zoe Lofgren, Stephen Lynch, April McClain Delaney, Betty McCollum, Gregory Meeks, Dave Min, Brittany Pettersen, Brad Sherman, Shri Thanedar, Rashida Tlaib, Paul Tonko, Ritchie Torres, Juan Vargas, Nydia Velázquez, Bonnie Watson Coleman, and Nikema Williams.
A copy of the letter can be found here. Text of the letter can be found below.
Dear Acting Chief Sullivan:
We write to request an immediate investigation into President Trump’s offer for the top investors in his $TRUMP memecoin to attend a private dinner with him on May 22, 2025. This invites foreign influence over U.S. policy decisions and raises potential corruption and emoluments clause violations. It is just the latest example of President Trump disregarding ethics norms, introducing further conflicts of interest, and using his office for self-enrichment.
On April 23, 2025, a website connected to the Trump family, gettrumpmemes.com, announced that the top 220 investors in the $TRUMP memecoin would be invited to a gala dinner with President Trump on May 22, 2025, located at his golf course outside of Washington D.C. The top 25 buyers would get face time with the President at “an ultra-exclusive private VIP” reception before the dinner, as well as a “special” V.I.P. tour of the White House. And the top four investors would receive a limited-edition Trump-branded watch.
President Trump promoted the event on social media as the “most EXCLUSIVE INVITATION in the world,” causing the price of the memecoin to surge more than 60 percent as investors rushed to accumulate enough coins to qualify for a dinner seat. Overall, the Trump family and its partners have earned more than $320 million in trading fees since the memecoin was launched in January, including at least $1.35 million following the dinner announcement, according to blockchain analytics firm Chainalysis.
Investors spent more than $145 million on $TRUMP tokens over the duration of this contest, with some stating explicitly that they hoped to purchase influence with President Trump. For example, GD Culture Group, a small technology company that facilitates e-commerce for other businesses and brands on TikTok, recently announced plans to purchase $300 million worth of $TRUMP coins. And in the company’s own words, its Chinese subsidiary may be subject to “[intervention] or influence” by the Chinese government. GD Culture Group’s announcement came just days after President Trump indicated that he’d “be willing” to delay the statutorily required ban on TikTok in the U.S. past its June 19, 2025, deadline. Freight Technologies, a Houston-based company that specializes in U.S.-Mexico-Canada cross-border shipping, was even more direct about why it planned to purchase $20 million worth of President Trump’s memecoin: to help the company “advocate for fair, balanced, and free trade between Mexico and U.S.,” the company’s CEO said in a statement. After the contest closed, at least 34 of the top 220 investors sold most of their memecoin holdings, further confirming that the $TRUMP memecoin is not a worthwhile investment, but rather a vehicle to buy influence with the Trump Administration.
The $TRUMP memecoin website displays a leaderboard of the winners whose identities remain largely unknown due to the anonymity of digital wallets. However, a Bloomberg analysis found that 19 of the top 25 memecoin holders are likely foreign nationals. Notably, Justin Sun, a Chinese billionaire who has privately touted his ties to the Chinese government and founded a blockchain network often used to finance illicit activities, confirmed that he held the top spot. He owned more than $18 million worth of the memecoin on May 12, 2025, when the contest ended. Since March 2023, Sun has been facing a lawsuit from the Securities and Exchange Commission (SEC), alleging fraudulent market manipulation on his platform. This legal action was notably paused by the Trump administration after he invested $30 million in one of President Trump’s other cryptocurrency ventures. In what appears to be a quid pro quo move, Sun then invested an additional $45 million into President Trump’s World Liberty Project, while simultaneously increasing his holdings of the $TRUMP memecoin.
Former Republican lawmakers, President Trump’s former aides, and cryptocurrency industry leaders recognize these national security risks and the opportunity for corruption. Charles Dent, the former chairman of the House Ethics Committee, recently stated that “ foreign entities and governments obviously want to curry favor with the president. This is completely out of bounds and raises all sorts of ethical, legal and constitutional issues that must be addressed.” Additionally, Anthony Scaramucci, a former official in the Trump administration, characterized President Trump’s memecoin as representing “Idi Amin level corruption.” Furthermore, Vitalik Buterin, a co-founder of Ethereum, emphasized that politician-backed coins “are vehicles for unlimited political bribery, including from foreign nation states.”
U.S. law prohibits foreign persons from contributing to U.S. political campaigns. However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities.
The Public Integrity Section was established in the aftermath of the Watergate scandal and exists to ensure that the Department of Justice conducts fair and thorough investigations into corruption by government officials at all levels, without regard to those officials’ political views or allegiances.
We therefore urge you to launch an immediate inquiry to determine whether this dinner event violates the federal bribery statute or the foreign emoluments clause of the U.S. Constitution. If the Department of Justice concludes that it does, we ask that you set aside political considerations and pursue action to uphold public integrity and the rule of law.
Thank you for your attention to this important matter.
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