Pay-to-play corruption concerns have right now erupted as Democratic senators are blasting President Trump’s upcoming private dinner with the top holders of the $TRUMP cryptocurrency token. The exclusive event, which was announced just recently, has already sent the token’s value soaring and also raised some very serious ethical questions about presidential access being potentially sold for financial gain.

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Fears Over Trump’s Crypto Dinner: Market Volatility & Security Risks Exposed

Senators Demand Ethics Investigation

Senators Elizabeth Warren and Adam Schiff are at this time seeking an urgent ethics probe into what they view as potential pay-to-play corruption. Their letter to the US Office of Government Ethics expressed some grave concerns about the dinner invitation that was extended to the top 220 holders of the $TRUMP token.

Senator Warren and Schiff stated:

“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.”

Market Volatility and Security Risks

The announcement has triggered immediate market volatility, with the $TRUMP token jumping over 70% following the promotion. The token is currently trading at around $15.45, and it really exemplifies the security risks that are inherent in politically-connected cryptocurrencies. The regulatory uncertainty surrounding such tokens has worried many investors since the $TRUMP coin launched in January, and quickly reached a $15 billion market cap.

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Growing Pay-to-Play Concerns

Senator Jon Ossoff has also joined the chorus of critics, and is calling for Trump’s impeachment over the pay-to-play corruption allegations. According to recent reports, the $TRUMP token has generated over $350 million in fees for entities connected to the president and his inner circle, with about 80% of the token supply held by the Trump Organization and affiliated entities.

The SEC highlighted the regulatory uncertainty facing the cryptocurrency industry when they issued guidance stating that meme tokens don’t qualify as securities, which effectively shielded the projects from immediate scrutiny.

With the dinner scheduled for May 22 at Trump National Golf Club, the pay-to-play corruption concerns continue to grow alongside market volatility and security risks that could potentially affect the broader cryptocurrency ecosystem.

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