The $ Trump token dropped 7% on Saturday morning, a few hours after President Donald Trump organized a black tie gala in its Virginia golf club. The event was organized for the holders of his meter piece, who collectively spent $ 148 million just to attend.
Customers have been promised access, luxury and a moment with Trump. What they have in place was bad food, low safety and a brief appearance as the crowds of president himself. According to CNBCIt was a night that left many frustrated participants – and some angry.
Among the 220 people who presented themselves were cryptographic figures such as Sandy Carter of Unstoppable Domains and the former NBA Lamar Odom star, who used the opportunity to promote his own token, $ odom. Trump arose, said a few words and went to a helicopter without greeting most of the room.
A guest, Nicholas Pinto, 25, said“He did not speak to any of the 220 guests – perhaps the top 25.” Pinto added that he had nothing to drink apart from the wine or Trump brand water. “I don't drink, so I had water. My glass was only filled once,” he said. As for food? “Food is zero,” he said clearly.
Customers have ignored, followed portfolios and complaints everywhere
The 25 best portfolios were promised a special reception and a visit. But others like Pinto – which was led there in a Lamborghini by his father – is not impressed and hungry. Trump only stayed 23 minutes, delivered a quick speech by recycling old crypto lines, then flew without taking pictures or answering any questions.
Pinto noticed that phones were not locked in RFID sachets and that security became a reflection afterwards once Trump had disappeared. “Once Trump is gone, they didn't really worry anything else,” he said. Inside the ballroom, the guests displayed money. “Richard Mille's watches were not even rare,” said Pinto. “I saw at least 16 people carry them.” But he said that the energy was extinguished. “Many people no longer even held the room. They checked their phone during dinner to see if the price was moving. ”
Outside the doors, around 100 demonstrators gathered. One of them was senator Jeff Merkley, who showed up to support a new bill with Chuck Schumer. The bill – called End Crypto Corruption Act – aims to prevent presidents and senior officials from taking advantage of crypto ventures during his mandate. The demonstrators held signs saying “cryptographic corruption” and “Trump is a traitor”.
Inside the event, the N ° 1 holder of the $ Trump play was Justin Sun, the crypto-billionaire of Chinese origin. Justin holds more than $ 22 million in $ Trump token and $ 75 million in World Liberty Financial token. He currently faces accusations of dry fraud, although the case has been interrupted.
Justin did not seem worried. “As a senior holder of $ Trump and proud supporter of President Trump, it was an honor to attend the Gala Trump dinner,” he published. “Thank you @potus for your unshakable support for our industry!”
The chaos around dinner added fuel to what becomes a waste on Capitol Hill. Representative French Hill, a republican of Arkansas, said that the involvement of the Trump family in the pieces even “makes their work in the congress more difficult”.
Hill is one of the legislators behind the law on engineering, a bill designed to finally regulate stablecoins. But now, with the name of Trump linked to controversial tokens, he says that the gala was “a distraction of the good job that we must do”.
The act of genius now faces a serious risk. Senator Josh Hawley added a clause that would limit delay costs on the credit card, which banks hate. He is now called a poisoned pill that could kill support for everything. While the gala occurred, the Democrats of the Senate said they would pressure so that new rules block American presidents and senior officials to take advantage of crypto – a direct challenge for USD1, a stablecoin linked to Trump and launched this spring.
If the bill collapses, the damage could be globalized. JPMorgan, Bank of America and Citi would have early discussions on the construction of an American digital dollar. Their plan is to compete with Tether, which now dominates 60% of global cryptography transactions.
But these banks expect legal clarity. If the act of genius does not pass, the United States could lose momentum in the international crypto race.
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