Recent data on TRUMP memecoin holders indicates potential foreign participation in a private dinner with the president.
Analysis of TRUMP Token Holders
According to a Bloomberg report from May 7, 19 out of the 25 top wallets for the TRUMP token used foreign exchanges that exclude U.S. customers. This may indicate that the token holders include both foreign nationals and Americans living abroad. Additionally, more than half of the top 220 holders also utilized international exchanges.
Ethical Concerns from Lawmakers
The potential connection of dozens or hundreds of memecoin holders to foreign governments has raised concerns among some U.S. lawmakers. They argue that Trump may be engaging in 'pay-to-play' corruption schemes. One senator has already called for impeachment, claiming that Trump is 'selling access for what are effectively payments directly to him.'
Connection Between Memecoin and Crypto Legislation
Democratic lawmakers are stalling any discussions of crypto-related legislation until Republicans address concerns about 'Trump's crypto corruption.' The Senate is expected to vote on a stablecoin regulation bill on May 8, and House Republicans recently introduced a draft of a digital asset market structure bill.
Thus, the situation surrounding the Trump memecoin and the potential participation of foreign nationals in presidential events raises significant questions about conflicts of interest and the influence on cryptocurrency legislation.
