Developers made a remarkable statement for TRUMP, the official memecoin launched by US President Donald Trump.
According to the announcement made by the developers, a new era for the token will begin on May 22, at a dinner attended by TRUMP’s largest owners and Donald Trump.
The details of the new term, stated in the statement, “TRUMP’s new term will be announced in Washington DC on May 22, which is Dinner Day,” are not yet known.
While Trump attracted attention with this cryptocurrency, which he started promoting just a few days before his inauguration, it came to the agenda again with an announcement made in the past weeks. Accordingly, the top 200 holders of the TRUMP token will be invited to a special dinner to be held at his golf club in Virginia on May 22. In addition, the top 25 investors will also receive an invitation to a special reception and “VIP” tour to be held before this event.
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But a new analysis by Bloomberg News has raised some ethical and legal questions about these invitees. According to the analysis, only six of the top 25 investors registered on the website’s leaderboard traded outside of exchanges that do not accept users outside the US. The remaining 19 investors appear to have used foreign crypto exchanges that have stated that they do not provide services to US citizens. More broadly, at least 56% of the top 220 investors have similarly traded on foreign exchanges.
This suggests that a significant portion of investors may be outside the U.S. While some Democratic members of Congress have questioned the ethics of providing physical access to the President through a memecoin, how participants will be monitored and their identities verified has also become a separate topic of discussion along with this analysis. Those who are eligible to participate in the event are identified only by their 3-4 letter usernames, creating a lack of transparency in terms of identification.
*This is not investment advice.