The top 220 "big brothers" of Trump coin can have dinner with the president. Critics: a competition of corruption and abuse of power.

Source: Cointelegraph Original text: "The top 220 'big brothers' of Trump Coin can have dinner with the president. Critics: a race of corruption for personal gain."

The official website of Trump Coin (TRUMP) released a statement on Wednesday (April 23) announcing the "most unique invitation in the world"—the first 220 purchasers of Trump Coin will have the opportunity to have a private dinner with President Trump, which will take place on May 22 at the Trump National Golf Club (located in Washington, D.C.). Additionally, the first 25 coin holders will also enjoy the opportunity for a "super exclusive VIP reception with the President" and a "special tour," with specific details also announced in the notice.

Before taking office, Trump had promised to become the first "crypto president" in American history. After taking office, his administration quickly took action to weaken regulatory enforcement against cryptocurrencies and loosen the regulatory framework for the industry. Meanwhile, the Trump family also made a significant entry into the crypto space, raising concerns about potential conflicts of interest and quid pro quo.

In addition to TrumpCoin, other cryptocurrency projects of the Trump family include the newly established World Liberty Financial, as well as Trump Media & Technology Group, a social media company in which Trump holds a $3 billion stake and is actively expanding into the cryptocurrency financial sector.

Tony Carrk, the executive director of the nonpartisan government oversight and accountability organization Accountable.US, bluntly stated that Trump’s latest move is a race to the bottom for personal gain.

"Never has a president so blatantly used their position to make money for themselves, nor has there ever been such a high-risk opportunity for special interest groups to exchange money for favor from the executive branch, seriously threatening the public interest."

Corey Frayer, who was responsible for cryptocurrency policy at the U.S. Securities and Exchange Commission (SEC) during the Biden administration, also criticized, saying, "This is simply unbelievable, and it clearly exposes the behavior of 'quid pro quo.'"

In response, White House Press Secretary Anna Kelly rebutted, "President Trump's assets are held in a trust managed by his children, so there is no conflict of interest."

Trump Coin fell to a low of $7.14 on April 7, after previously reaching a high of $74.59. Just last week, industry insiders predicted that Trump Coin could further collapse as 40 million new tokens are about to be unlocked. However, the coin's X account stated this week that the unlocking will be postponed for another 90 days.

Like most meme coins, Trump Coin has no actual products or services. The project's website claims that 80% of the token supply is held by Trump Company and its affiliated entities.