Tron founder Justin Sun recently made a startling announcement confirming that he is the owner of the wallet that purchased the largest amount of Donald Trump's memecoin. This purchase has qualified him for a coveted dinner and reception with the former US president. The revelation came through a post by Sun on May 19, stating that he had been invited to Trump's dinner at his golf club outside Washington, DC, as a reward for being among the top 220 memecoin holders.

Sun, who controls the top wallet on the TRUMP token leaderboard under the username "Sun," holds approximately $19 million worth of the memecoin at a price of $13.20. He expressed his intention to network, discuss crypto, and talk about the future of the industry at the upcoming memecoin dinner on May 22. While it remains unclear why Sun chose to disclose his attendance now when the leaderboard was finalized on May 12, his participation only adds to his existing connections with the Trump administration.

In addition to the dinner for the top tokenholders, Trump has also planned a VIP reception and tour for the top 25 wallets on the leaderboard. Sun's involvement in Trump's crypto ventures includes a substantial investment of $75 million through World Liberty Financial, a crypto platform backed by Trump's sons. This investment included a $30 million contribution shortly after the 2024 election, solidifying Sun's role as an adviser to the company.

Before Trump's election victory, Sun faced a lawsuit from the US Securities and Exchange Commission (SEC) in 2023 over alleged violations related to crypto asset securities. However, the case was stayed in February after Trump took office and appointed a new SEC chair. This turn of events has raised concerns among Democratic lawmakers about potential conflicts of interest and the influence individuals like Sun could wield through digital assets.

The involvement of Sun and others in Trump's crypto initiatives has sparked calls for investigations and oversight, particularly regarding their ability to purchase influence with the president. This scrutiny has affected legislative efforts, such as the GENIUS Act aimed at regulating stablecoins. Concerns about conflicts of interest have prompted lawmakers like Senator Elizabeth Warren to question the implications of allowing such activities to continue unchecked.

During an oversight hearing on May 20, SEC Chair Paul Atkins faced inquiries about Sun's case, his investments in World Liberty Financial, and Trump's memecoin. Questions have been raised about the timeline of events surrounding Sun's investments and the SEC's handling of enforcement actions. Additionally,

Source: https://cointelegraph.com/news/justin-sun-attend-trump-dinner-with-memecoin-backers?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound