Trump-Coin: Trump receives main investors for gala dinner
220 investors have put a lot of money in Trump's cryptocurrency to be part of a dinner in his golf club. Your goal: advertise the US president for your companies. Who has already won: the Trumps.
Little is known about the participants of the gala dinner: Justin Sun, the company Memecore and Kain Warwick have publicly commented on participation. They are crypto entrepreneurs from Hong Kong, Singapore and Australia. But most of the other 220 guests and winners of the Trump-Coin donation competition want to stay anonymous at the dinner. Journalists and cameras are not approved.
Everyone has one thing in common: they invested at least two million dollars in the Trump coin. The winner – only known under the abbreviation Sun – even paid around $ 4.5 million, writes Washington Post. Everything to be part of the food in the Golf Club of the Trump family. They want to promote their companies and probably win the President of simplifications in the KryptoHandel.
Dinner is a project of the Trump family. The US President does not benefit directly from this. The dinner takes place in the private golf club and not in the White House. Otherwise that would clearly be a violation of the law, says Frank Emmert, Jura professor in Indiana. Because then Donald Trump would use state resources. So he only uses his name to win guests.
The Trump family deserves twice
Theoretically, everyone who invested in Trump's cryptocurrency had the chance of participating in dinner. But only the 220 most generous donors received a promise. The Trump family earns twice at the donation gala: via the KryptoHandelsportal Fight Fight, where they hold the majority with their partners, and by increasing the value of their own Trump coin.
Since January, the family and their business friends have taken $ 34 million in trading fees and $ 312 million through the sale of the coins, writes the Washington Post. Many other buyers of the Trump coins were less successful: because it only rose from a few cents to $ 75, but then fell again, at the moment about $ 14. Lawyer Emmert therefore classifies the Trump coin as a pure speculation object.
Politically explosive time
The time of the dinner is politically explosive: the US Senate is currently discussing a law on so-called stable coins, a safer type of cryprowent. It is about rules for trade, transparency and security. It is not even clear which regulatory authority is responsible for the various cryprowasis and what role the digital money should play in the financial system.
Brady Dale from online magazine Axios sees the legislative process critically. Because the authorities who write the laws themselves are committed to the crypto industry.
The White House denies a personal advantage of the president. Donation dinners for presidents have always existed. The unusual in this case: Most donors are only known to the host. The public cannot understand who wants to influence the president.
