On May 22, US President Donald Trump is expected to host up to 220 people who had purchased the most significant quantities of his memecoin at a private event in Washington, DC.

Though the exact number of attendees was unknown as of May 19, reports and blockchain data have revealed some of the tokenholders who qualified to apply for the May 22 dinner and “VIP tour” and reception, presumed to be in the White House. Bloomberg reported on May 7 that more than half of the 220 wallets were likely controlled by foreign nationals.

Among the memecoin dinner applicants, who likely still face background checks ahead of getting a confirmed appearance before the president, included Synthetix founder Kain Warwick, a consultant named Vincent Deriu, and crypto user Morten Christensen, who reportedly only paid $1,200 for the opportunity.

Others included a World Liberty Financial adviser going by the pseudonym “Ogle,” and a representative from the Singapore-based startup MemeCore. Cointelegraph has also learned that Vincent Liu, chief investment officer of the Taiwan-based company Kronos Research, plans to attend.

Trump’s memecoin, even before the announced dinner and reception, was criticized by many members of Congress.

Some lawmakers said the president was opening the White House up to potential bribes and conflicts of interest by allowing people, perhaps tied to foreign governments, to put money directly into his pockets without transparency.

Interfering with stablecoin, market structure bills

The controversy has spilled over into proposed legislation connected to digital assets, including a bill in the Senate aimed at establishing a regulatory framework for stablecoins and a draft market structure bill in the House of Representatives. Some Democrats said they would not support any legislation until “Trump’s crypto corruption” was addressed.

“Democrats are thinking that this is just an official means by which to conduct corruption,” said Rebecca Liao, co-founder and CEO of layer-1 blockchain Saga, in a statement shared with Cointelegraph. “What began as a bipartisan bill with potential widespread support has now transformed into a proxy war between the Democrats and the Trump administration.”

Related: Trump’s crypto ties ‘add a certain level of challenge’ to passing bills — Coinbase exec

Some organizations have planned protests during the memecoin dinner on May 22. The Democratic Party’s arm in Arlington, Virginia, announced its members would gather to oppose those in the White House “cashing in on their public office.” Cointelegraph reached out to the organization for comment but had not received a response at the time of publication.

Buying influence, or just speculating on an emerging market?

The top 220 tokenholders reportedly spent a combined $148 million to have the opportunity to attend the event, which finalized its leaderboard on May 12. However, anyone with a wallet can still buy TRUMP tokens and potentially influence the president’s policies after the dinner is completed. 

“The decision to acquire the [TRUMP] token was not political,” Vincent Liu of Kronos Research, who plans on attending the memecoin dinner, told Cointelegraph. “It was based on identifying early momentum, cultural relevance, and potential market catalysts.”

In April, Freight Technologies said it would invest $20 million in the TRUMP token, suggesting that it could affect the president’s trade policies between the US and Mexico, where the firm conducts some of its business. GD Culture Group announced in May that the memecoin would be included in its plans for a $300-million crypto reserve.

“The issue is the conflict of interest between the Trump family’s crypto investments and the administration’s pivot toward crypto-friendly policies,” said Liao. “The Trump family has very openly invested in crypto and has started their own crypto ventures. This has created a perception problem where policy shifts favoring cryptocurrency could be viewed as self-enrichment rather than in the national interest.”

If the stablecoin bill, the GENIUS Act, is the first test for how Republicans and Democrats will respond to Trump’s potential conflicts of interest in the crypto industry, there is already a stark contrast between the two parties. ​​

House Speaker Mike Johnson largely brushed off concerns about the president and his family’s connections to the industry, saying he was “not an expert in that.” White House deputy press secretary Anna Kelly reportedly said there were “no conflicts of interest” because Trump’s children managed his assets through a trust.

Lawmakers are expected to take up a vote on the GENIUS Act in a matter of days, possibly before the memecoin dinner and reception are held. At the time of publication, it was unclear whether Republicans intended to address some of the Democrats’ concerns around Trump and crypto, or move forward with a vote with no significant changes to the bill.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions