Schiff and Warren demand independent inquiry into President Trump’s scheme to enrich himself, which raises severe risk of “pay to play” corruption and foreign influence.
Washington, D.C. – Today, U.S. Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) demanded that a federal ethics agency investigate President Donald Trump’s scheme to enrich himself by offering access to the President and other perks to individuals who have made significant investment in his personal meme coin.
In a letter to the Office of Government Ethics (OGE), the Senators ask the agency to open an urgent inquiry following the announcement on Wednesday that the President would hold a private dinner for top investors, which led to a surge of anonymous investment that caused the value of $TRUMP to rise nearly $100 million.
“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain,” the Senators wrote.
The letter also raises the possibility that the access promised by the president would violate federal ethics law, federal bribery statutes, and the emoluments clause of the U.S. Constitution.
Senators Schiff and Warren also note that the meme coin could be used by foreign actors to curry favor with the President using assets without public disclosure requirements.
“This new scheme is demonstrative of President Trump’s continued and concerning efforts to use his own name and likeness as President, as well as those of his family and the presidential office, for personal financial gain,” the Senators wrote.
Senator Schiff previously raised alarm over the president’s meme coin when it was launched earlier this year.
The full text of their letter can be found here and below:
Dear Acting Director Greer,
We write to request an urgent inquiry regarding President Trump’s invitation for top investors in his meme coin, $TRUMP, to join him at an “intimate private dinner” and “private VIP reception,” which led to a subsequent surge in investment in the President’s digital asset that increased its value by approximately $100 million. This latest action raises grave ethics and legal concerns, including the severe risk that President Trump and other officials may be engaging in “pay to play” corruption by selling presidential access to individuals or entities, to include foreign nationals and corporate actors with vested interests in federal action, while personally enriching the President and his family.
On April 23, 2025, the official website for President Trump’s meme coin, $TRUMP, announced a private gala dinner on May 22, 2025, for the top 220 holders of the asset at Trump National Golf Club Washington, D.C. for an opportunity to “hear first-hand” from the President. The announcement additionally promised the top 25 investors a VIP reception with the President. Reporting indicates that one top investor, with a stake exceeding $13 million, is registered with a crypto exchange founded in China. Several investors, moreover, “have received funds from Binance, a crypto exchange that does not allow U.S. customers, suggesting that they may not be Americans.” This also comes on the heels of an announcement that the President’s family would launch its own stablecoin, USD1. Since its creation on the eve of President Trump’s inauguration, the $TRUMP meme coin has already generated at least $350 million in fees for entities tied to the President. His most recent attempt at conspicuous self-promotion and monetization of his office further enriches President Trump and his associates, as the value of his meme coin increased by over 60 percent immediately following the announcement.
This new scheme is demonstrative of President Trump’s continued and concerning efforts to use his own name and likeness as President, as well as those of his family and the presidential office, for personal financial gain. Furthermore, President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures. In promising such access, this proposition may implicate several federal ethics laws and constitutional prohibitions, including the federal bribery statute and emoluments clauses of the U.S. Constitution. It also raises the troubling prospect that foreign actors are using the meme coin as a vector to buy influence with President Trump and his associates without needing to disclose their identities publicly.
In light of these concerns, we request an urgent review by your office of President Trump’s April 23, 2025, announcement and related offer of exclusive access to the President to individuals who have significant financial investments in the $TRUMP meme coin or any other assets associated with the President or his family and any entities connected to them.
Furthermore, we request answers to the following questions by May 2, 2025:
- Does the Office of Government Ethics (OGE) currently provide guidance to current or former federal officials, including presidents, regarding the use of their name, likeness, or official office for the purpose of personal financial gain through digital assets, including meme coins, or any other personally branded products and services? Has the President, his family, or any entities connected to him sought any such guidance?
- What mechanisms are currently in place to determine whether the President is granting exclusive access to the presidency to select individuals in exchange for investment in the financial interests and entities of the President, his family, or any entities connected to them, including branded digital assets and meme coins?
- What safeguards currently exist to prevent individuals under federal investigation, foreign actors, or those seeking pardons from making an investment in the President’s financial interests and entities in order to gain political influence?
- Has OGE coordinated with any other federal agencies, including, but not limited to, the Justice Department or U.S. Securities and Exchange Commission, to assess the risks associated with digital asset-based investment schemes involving current or former federal officials? If so, please explain the nature of those communications and preserve all relevant records and correspondence.
The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain.
We look forward to reviewing your timely responses on this important matter.
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