Dinner with Trump: $TRUMP coin auction sparks foreign influence concerns

• A dinner with U.S. President Donald Trump is the prize in an auction for $TRUMP cryptocurrency investors, raising concerns about foreign influences on U.S. politics.
• The auction ends on Monday, and investors from various countries are increasing their cryptocurrency holdings to gain the opportunity to influence American politics.
• Federal U.S. law prohibits foreigners from funding political campaigns but does not prevent them from purchasing meme coins.

On Monday, the auction will conclude, and main investors in the Trump family's cryptocurrency ($TRUMP) can win a dinner with the president at one of his golf courses or a tour of the White House.

In April, Trump announced that 220 main buyers of the Trump cryptocurrency would be invited to a dinner with the president. Since then, investors from various countries have been increasing their holdings of this cryptocurrency, and some have admitted to purchasing assets and participating in the auction to exert influence on American politics.

The "NYT" wrote that the auction, which faced criticism from both major parties in the U.S., exposed the president to the risk of foreign influences. For investors based outside the U.S., it is an opportunity to establish closer contact with the American president. The newspaper noted that under federal law, non-U.S. citizens cannot contribute money to political campaigns in the United States. However, there are no regulations prohibiting them from acquiring meme coins.

The head of a transportation and logistics company in Mexico, Javier Selgas, announced in April, for example, that he plans to buy $TRUMP meme coins worth approximately $20 (CAD 28) million to convince Trump to lower tariffs imposed on Mexico, which would benefit his business. The "NYT" noted that when these words drew international attention, a spokesperson for the company assured that they do not plan to send their representative to the dinner with Trump.

The White House rejects the criticism addressed to it. One of the administration representatives emphasized that the dinner is a "private event" that will take place during the president's private time. White House spokesperson Karoline Leavitt assured on Friday that Trump "any gift given by a foreign government is always accepted in full compliance with all applicable laws."

The auction increased the price of the meme coin controlled by Trump’s family and business partners, adding billions of dollars to the value of the $TRUMP cryptocurrency. Trump announced its issuance on January 17, three days before the presidential inauguration.