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The crypto community has cheered Sacks’ growing influence in Washington

Trump set to raise millions from crypto and memecoin this month

Mon, May. 5, 2025
President Donald Trump
President Donald Trump

President Donald Trump has two crypto-focused dinners on the calendar this month — one aimed at deep-pocketed political donors, the other at memecoin millionaires. Both are poised to help him rake in millions.

The first event, a $1.5 million-per-plate fundraiser set for Monday, continues Trump’s courting of the crypto community. The second, on May 22, offers access to Trump’s inner circle not for cash — but for holders of the $TRUMP token.

Hosted by MAGA Inc., the “Crypto & AI Innovators Dinner” on May 5 features special guest David Sacks — who has been helping to rewrite the country’s crypto and artificial intelligence rules.

The crypto community has cheered Sacks’ growing influence in Washington, crediting him and other Trump-aligned appointees with a sweeping policy shift that’s already delivered a spate of regulatory wins across the SEC, FDIC, and OCC — in what many industry executives are describing as a 180 pivot from President Joe Biden.

The second gala dinner will be held at Trump National, the president’s private club in the Washington, D.C., area, later this month. The guest list will be decided by a blockchain-based contest run by the creators of the $TRUMP meme token. Instead of cash, entry is based on how many tokens a user holds, with the top 220 promised dinner with Trump himself. The contest runs through May 12.

The gala, which is black tie optional, offers a “VIP White House Tour” and special reception to the meme coin’s 25-biggest holders. The website hosts an active leaderboard displaying the usernames of the coin’s top buyers.

Accountable.US, a center-left watchdog group that investigates corporate and political influence, described the leaderboard contest as “the most nakedly corrupt self-enrichment scheme in U.S. presidential history,” warning it opens the door for wealthy donors — including potentially foreign actors — to buy access to the president, while personally enriching the Trump family.

Because crypto wallets are pseudonymous, unless a holder has publicly disclosed their wallet address, it is difficult to independently confirm the identities of the top token holders currently leading the contest.

In January, for example, crypto entrepreneur Justin Sun upped his token stake in another Trump-related crypto project. The Tron blockchain founder disclosed that he holds $75 million worth of World Liberty Financial’s token. A court filing the following month showed that Sun and the SEC were exploring a resolution to the regulator’s civil fraud case against the crypto entrepreneur.