Trump's Quest for Wealth in Cryptocurrencies is a Constitutional Scandal About to Unfold.

Donald Trump has transformed his cryptocurrency, the TRUMP coin, after announcing an exclusive event for top investors of his own brand. This move has raised concerns about potential legal and ethical implications, as experts warn it could brush against constitutional prohibitions on corruption and bribery.

The announcement of the event, made on April 23, sparked a trading frenzy, as it theoretically increased his net worth by hundreds of millions of dollars. Two subsidiaries of the Trump Organization, which own 80 percent of the total supply of the coin, saw their value surge nearly 60 percent following the news. These affiliates also benefit from the trading volume generated by renewed interest in the cryptocurrency, acting as intermediaries.

This move could have political repercussions. By allowing anyone with enough money to buy the opportunity to meet with the president, Trump finds himself in a delicate position regarding the emoluments clauses of the U.S. Constitution, which prohibit the president from accepting gifts or compensation from foreign and domestic actors. Such a situation could fuel calls for his impeachment if it is perceived that he is favoring private interests over the public good.

Jeff Hauser, executive director of the Revolving Door Project, points out that Trump has navigated the limits of what a leader can do several times, but this event may be a turning point. “This [dinner] has the potential to be that,” he warned. The White House, however, did not offer any comments on the matter.

Trump unveiled his coin on January 18, before his inauguration, describing it as a memecoin—assets whose sole function is financial speculation. Unlike his initial conception, the dinner establishes an explicit exchange: a considerable investment for a meeting with him, turning the TRUMP coin into a kind of utility currency that presents advantages for its holders.

The market reacted immediately, and the price of the TRUMP coin rose in the hour following the announcement. Expectations for future opportunities to interact with Trump could continue driving its value. Nathan van der Heyden from Aragon stated that the focus is now on potential access to the president, which is valued even more.

Although the conversion of his cryptocurrency into a utility asset does not seem to have immediate regulatory implications, experts question its potential legal repercussions. The SEC has indicated that it does not consider memecoins under its jurisdiction, but critics warn that actions like this could facilitate bribery.

The situation becomes more complex if a foreign government were to acquire large amounts of TRUMP coin, as this could pose a clear conflict with emoluments regulations. With access to the presidency being highly valuable, Hauser notes an increase in the power amassed by Trump in the executive, which could create significant opportunities to favor private interests.

The names of the TRUMP coin holders who will attend the dinner remain anonymous, and there is no clarity on whether the list of attendees will be public. The possibility of facing consequences for any alleged violations of emoluments laws will depend on their influence in Congress, which has the responsibility of ensuring respect for the Constitution.

Calls for impeachment are already emerging. Democratic Senator Jon Ossoff has stated that the president is offering audiences to those who purchased his cryptocurrency, thus enriching his own fortune. While the Republican Party and its current control will likely mitigate these demands, public perception may play a crucial role in the near future.

In summary, while the dinner may not change opportunities for corruption, its dubious implications raise the stakes for Trump, which could turn into vulnerabilities in his political position with elections on the horizon.