Top Democrat demands answers on Trump’s major crypto investors

A top House Democrat has demanded Donald Trump reveal a list of who attended his private dinner last week for major investors in his meme coin, as questions swirl about the deep and secretive connections between the Trump administration and the cryptocurrency industry.

With the Trump administration rolling out the red carpet for cryptocurrency at a glitzy Las Vegas conference this week, Jamie Raskin on Thursday called for an investigation into last week’s private dinner at Trump’s Virginia golf club, which Trump hosted for the top buyers of his $TRUMP digital tokens.

Raskin, a progressive Maryland representative and ranking member on the House judiciary committee, warned that foreign governments may be secretly funneling money to the US president through anonymous cryptocurrency purchases.

“Publication of this list will also let the American people know who is putting tens of millions of dollars into our President’s pocket so we can start to figure out what – beyond virtually worthless memecoins – they are getting in exchange for all this money,” Raskin wrote in the letter, first reported by the Washington Post.

The demand for an investigation comes as the vice-president, JD Vance, and other senior Trump administration figures descended on Las Vegas on Wednesday and Thursday for the bitcoin 2025 conference, where they are promoting the administration’s pro-cryptocurrency agenda to industry leaders and investors.

Among those attending the three-day Las Vegas gathering include cryptocurrency promoters including the Winklevoss twins, the former “dark web” marketplace Silk Road founder Ross Ulbricht – sentenced to two life sentences for illegal drug sales, then pardoned by Trump – and Trump’s sons Donald Jr and Eric.

Also addressing the gathering was Nigel Farage, the Reform UK leader and Brexit architect who is now eyeing Downing Street. A former MEP who has positioned himself as an advocate for financial sovereignty and critic of central bank digital currencies, Farage is polling competitively as a potential future UK prime minister and has previously appeared at cryptocurrency events discussing monetary policy and digital surveillance concerns.

Last week’s dinner in Virginia was restricted to the 220 largest holders of Trump’s meme coin. Buyers spent around $148m in total, according to cryptocurrency analysis firm Inca Digital, with a separate private reception for the top 25 spenders.

Unlike traditional political fundraising events, the crypto dinner directly benefited Trump family businesses rather than political entities. Buyers faced none of the disclosure requirements that apply to campaign donations.

Raskin said his own investigation into the dinner would center on Justin Sun, the Chinese-born crypto mogul who bought $20m in Trump coins to become the top purchaser, and also invested $75m in the Trump family’s World Liberty Financial venture, another cryptocurrency. Sun had been facing Securities and Exchange Commission fraud charges since 2023, but in February the SEC asked for a pause in his case, and a judge obliged.

Raskin said he was concerned the dinner could violate the constitution’s emoluments clause, which prohibits federal officials from accepting gifts from foreign governments without congressional permission. Raskin has also questioned whether the administration verified that funds used to purchase Trump’s cryptocurrency were not linked to terrorist organizations, drug cartels or other criminal enterprises.

A Washington Post analysis found that half the dinner attendees likely came from overseas, and traced many of the purchases to cryptocurrency exchanges that bar US customers.

The watchdog group State Democracy Defenders Fund has estimated that Trump’s cryptocurrency ventures, launched less than a year ago, are now worth approximately $2.9bn. The Trump Organization has said the president’s business interests are managed by his children in a trust, though critics argue this arrangement provides insufficient protection against conflicts of interest.

“Trump’s crypto schemes are profoundly corrupt,” said Senator Jeff Merkley, who along with the Senate minority leader, Chuck Schumer, has introduced legislation to block Trump from using his office to benefit his crypto businesses. “He’s selling access to his administration and enriching himself in the process.”

The Trump family’s cryptocurrency ventures have expanded rapidly since the election. World Liberty Financial, promoted heavily by Eric and Donald Jr, was recently selected to play a key role in a $2bn investment deal between an Abu Dhabi financial fund and the crypto exchange Binance, which was found liable in 2023 for money-laundering violations and fined more than $4bn.

The White House has dismissed conflict of interest concerns. Press secretary Karoline Leavitt has argued that Trump attended the dinner in his “personal time” and that it was not a White House event. She declined to commit to releasing the guest list.

The investigation represents the latest Democratic effort to scrutinize Trump’s business dealings while in office. Representative Maxine Waters has introduced legislation preventing presidents and other officials from owning significant amounts of digital assets, while Representative Sean Casten has called for a justice department investigation into potential bribery law violations.

“This is an orgy of corruption,” Senator Elizabeth Warren said about Trump’s meme coin dinner at a recent news conference.