Pro-Trump Crypto Enthusiasts Slam Trump's Memecoin Dinner As 'Distasteful' And An 'Unnecessary Distraction': 'He’s Becoming A Salesman-In-Chief' - Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

The memecoin dinner to be hosted by President Donald Trump for the top investors of his Official Trump meme coin TRUMP/USD has sparked concerns amid Democrats as well as pro-Trump crypto enthusiasts about potential shadowy buyers and conflicts of interest.

What Happened: Thursday’s dinner at Trump's upscale Virginia golf club is drawing scrutiny over concerns that anonymous online bidders may be using the event to discreetly gain access to the former president, reported ABC News.

While the Senate was advancing pro-crypto legislation and Bitcoin prices were soaring, the dinner drew criticism from Democrats who allege that Trump is leveraging his presidential power to boost profits for his family business.

Notably, some pro-Trump crypto enthusiasts are concerned that the president’s involvement in meme coins could undermine their efforts to establish credibility, stability and legitimacy in their businesses.

“It’s distasteful and an unnecessary distraction,” said Nic Carter, partner at the crypto investment firm Castle Island Ventures and a Trump supporter. Carter would prefer Trump to pass “common-sense legislation and leave it at that.”

Meanwhile, James Thurber, an American University professor, stated, "He's becoming a salesman-in-chief," while warning about potential crypto-lobbying and huge conflicts of interest.

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Why It Matters: Despite these concerns, many top crypto backers, initially wary of traditional politics, gravitated towards Trump last year. They were critical of the aggressive civil suits brought against several major crypto companies by Democratic President Joe Biden‘s Securities and Exchange Commission.

The Trump administration’s stance on cryptocurrency has been a subject of interest. The dinner, scheduled to take place on May 22, was attended by the top 220 investors in the $TRUMP meme coin. This event has raised concerns about the potential influence of the president’s private crypto businesses and the implications for the industry’s credibility and stability.

Despite the concerns, the $TRUMP meme coin has seen significant gains. Just before the dinner, the token’s trading volume jumped by 120% to $1.45 billion, signaling high liquidity and trader interest.

Moreover, the guest list for the dinner was revealed on May 13, with top wallets linked to foreign entities making the cut. This development has further fueled concerns about potential foreign influence and conflicts of interest in the cryptocurrency industry.