Republican senators are voicing unease over former President Donald Trump’s latest venture that ties access to political perks with a booming meme coin — and the backlash is growing louder within his own party. The buzz? Trump’s $TRUMP crypto token is offering top investors an exclusive dinner and even a White House tour — perks that some GOP lawmakers are calling “cringey” and deeply troubling.
The controversy stems from an announcement on the official website of Trump’s meme coin project, promising the top 220 holders of the token a private dinner with the former president at his golf club. The top 25 investors are set to receive an additional VIP tour of the White House, a taxpayer-funded landmark that some lawmakers argue shouldn’t be used as a reward for crypto speculation.
“This gives me pause,” said Senator Cynthia Lummis (R-Wyo.), a leading voice in the push for crypto regulation. “Even if it’s technically legal, it highlights why we urgently need clearer rules to prevent the ‘Wild West’ atmosphere in crypto.” Lummis didn’t hold back in expressing concern about the optics of selling access to a former president through digital currency.
The announcement sent the $TRUMP token soaring, jumping more than 50% in value and pushing its market cap close to $3 billion. But while investors cheered, ethics watchdogs and several Republicans winced.
Senator Lisa Murkowski (R-Alaska) was blunt in her criticism. “I don’t think it would be appropriate for me to charge people to come into the Capitol and take a tour,” she said. “He needs to remember that he’s living there, but it’s the people’s house.”
While no federal law explicitly prohibits former presidents from monetizing access in this way, critics argue it undermines public trust and blurs ethical lines — especially when those involved stand to gain financially.
Adding more fuel to the fire, Eric Trump made headlines earlier this week by appearing at the Token2049 crypto conference in Dubai. Alongside him was Zachary Witkoff, son of a former White House envoy, announcing that a new cryptocurrency, USD1, would be used by UAE-backed firm MGX to pour $2 billion into Binance, the world’s largest crypto exchange. The deal could generate tens of millions for Witkoff’s firm, World Liberty Financial — and potentially benefit the Trump family as well.
“This reeks of influence peddling,” warned George Selgin of the Cato Institute. “It makes the U.S. look more and more like a banana republic.”
