President Trump announced a private dinner for the largest holders of $TRUMP coin, valued at $75.35 at its peak before dropping significantly. The announcement led to a surge in value, raising concerns among U.S. Senators about potential corruption and unethical practices. The promotion incentivizes investors to hold the coin longer for a chance to win, leading some lawmakers to call for an ethics probe into the implications of the event, perceiving it as 'pay to play' corruption.
The promotion caused $TRUMP to jump by more than 50 percent, according to CBS, hitting a peak of $14.32 that afternoon and bringing in an extra $100 million in value.
Democrat Senators were outraged, with Sen. Chris Murphy (D-CT) posting on X that this was 'the most brazenly corrupt thing a President has ever done.'
Senators Elizabeth Warren (D-MA) and Adam Schiff (D-CA) requested that the U.S. Office of Ethics open a probe into the President's actions.
The dinner was publicly advertised on the $TRUMP coin homepage, including a special VIP package for the top 25 holders: a private reception with Trump.
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