Trump will hold a Memecoin Gala amid criticism and threats of impeachment.

US President Donald Trump is planning to host a dinner on May 22 for those who hold the most of his memecoin TRUMP. According to a post on Truth Social shared by the president, the event will take place in Washington, DC and will include a tour of the White House for selected holders. This announcement has sparked a strong reaction from lawmakers in both political parties. Meanwhile, Massachusetts Senator Elizabeth Warren and California Senator Adam Schiff have warned that this dinner offers private access to the president in exchange for a financial investment.

In a joint letter, they stated, “President Trump’s statement promises exclusive access to the presidency in exchange for a significant investment in one of the President’s business projects.” Senator Jon Ossoff, speaking at a town hall on April 25, said the move is “a criminal act that could be impeached.” Memecoin TRUMP, launched in January, has been marketed to supporters as a digital asset tied to Trump’s brand. Since the announcement of the gala, critics have argued that it blurs the lines between public duty and private enterprise. Cryptocurrency-supporting Senator Cynthia Lummis has also voiced concerns, stating that the president providing exclusive access “makes [her] pause.” On May 4, Senator Warren posted on X, formerly Twitter, that the Trump family’s stablecoin, USD1, had increased in value following a deal with the United Arab Emirates. According to her, the investment was settled in USD1 and raised serious national security concerns. This $2 billion deal was executed by Abu Dhabi’s MGX investment firm and was announced by Eric Trump at a cryptocurrency conference in Dubai. According to data from CoinMarketCap, the market capitalization of 1 US dollar surged from under 137 million dollars on May 1 to over 2.1 billion dollars on May 2. Critics point out that this deal is evidence of foreign financial involvement with the current President of the United States. Warren added, “The Senate should not pass the cryptocurrency bill this week to facilitate this kind of corruption.” However, Eric Trump defended the discussion of the cryptocurrency initiative seminar at Token2049 in Dubai. He said, “The United States is seeing that the financial world has to progress… It makes no sense.” A recent video clip shared by Warren shows Trump giving mixed answers when asked if he has made money from memecoin. He replied, “I haven’t even watched.”