[Source/Observer Network, Chen Sijia] According to CNBC, a financial news channel in the United States, on May 20, Sun Yangchen, the founder of the cryptocurrency platform Tron, announced on social media that he is the largest holder of President Trump's personal meme coin "Trump Coin" and will attend the dinner hosted by Trump this week. Currently, Sun holds more than 1.43 million "Trump Coins," valued at approximately $19 million.
In a post on the platform X, Sun Yangchen stated: "It is an honor to support the President of the United States. Thank you to the official team of 'Trump Coin' for inviting me as the number one fan to attend the President's dinner. As the largest holder of 'Trump Coin,' I am delighted to connect with everyone, talk about cryptocurrencies, and discuss the future of our industry."
Last month, the official website of "Trump Coin" announced that Trump would hold a dinner at his private club in Washington, D.C., on May 22. The top 220 buyers by token holdings will receive the "most exclusive invitation" to dine with Trump, where they can "hear Trump talk about the future of cryptocurrencies up close."
The top 25 investors by token holdings will also receive special treatment, being invited to Trump's "exclusive reception" and "special VIP tour."
According to the ranking published on the "Trump Coin" website, the person with the highest token balance is named "Sun," holding over 1.43 million "Trump Coins." Based on the trading price on May 20, these meme coins are worth approximately $19 million.
Token holding ranking released by the official website of "Trump Coin."
sun yangchen is the founder of the cryptocurrency platform tron. according to forbes magazine, sun yangchen's net worth is currently $8.5 billion. last year, he injected $75 million into the encryption currency project "world free finance" launched by the trump family.
In March 2023, the U.S. Securities and Exchange Commission (SEC) sued Sun Yangchen and his three companies, accusing them of illegally selling securities, fraud, and market manipulation, and separately charged individual violations by celebrity supporters of their crypto assets. However, cnbc reported that in february, the sec requested the court to suspend the fraud lawsuit against sun yangchen and his three companies.
Sun Yangchen has consistently argued that the sec's lawsuit is baseless. The white house did not respond to questions regarding whether trump played a role in the sec's decision to suspend the lawsuit against sun yangchen.
According to insider information cited by the wall street journal on april 11, as part of a plea agreement, chao peng, the founder of binance, agreed to provide evidence about sun yangchen to prosecutors. During the biden administration, the u.s. department of justice has been investigating sun yangchen's alleged financial crimes, but it remains unclear whether this investigation is still ongoing.
Founder of the cryptocurrency platform Tron, Sun Yangchen. Visual China.
In January, before officially taking office as the president of the United States, Donald Trump and his wife Melania Trump successively launched their own meme coins. These cryptocurrencies have no actual economic or transactional value and are typically considered speculative trading tools.
CBS reports that after the launch of "Trump Coin," its price once reached a peak of $75, but then rapidly fell in the following months, dropping below $8 at the beginning of April. However, after the "Trump Coin" website launched the event of dining with Trump, the price of this cryptocurrency rose again.
Data analytics firm Inca Digital estimates that buyers spent over $140 million purchasing "Trump Coins" to secure invitations to Trump's dinner.
However, Trump's actions have sparked质疑 from U.S. politicians. Some critics believe that this is essentially "auctioning" access to Trump. Democrats warn that the close financial ties between Trump and his personal meme coin, as well as his use of the White House to boost the price of "Trump Coin," pose serious risks to U.S. national security and public trust.
Tony Carrk, executive director of the U.S. non-profit organization Accountable US, which monitors corrupt activities, criticized: "There has never been such a clear case where a president uses their authority to line their own pockets or where larger potential interest groups attempt quid pro quo transactions with the U.S. government, potentially threatening public interests."
The White House denied that Trump's support for cryptocurrencies constitutes a conflict of interest. In a statement issued by White House spokesperson Anna Kelly on May 20, she said: "President Trump is working to secure good deals for the American people, not for himself. President Trump acts in the best interests of the American public—this is why the public re-elected him to the presidency position."
CNBC pointed out that since the Republicans control the White House and both houses of Congress, Democrats have little ability to advance relevant legislation or formally investigate Trump. So far, Democrats have taken "symbolic actions" to try to draw attention from the American public to "uncontrolled corruption at the intersection of politics and cryptocurrencies."
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Original source: https://www.toutiao.com/article/7506899664759718415/
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