Crypto billionaire Justin Sun says he's the biggest owner of Trump's meme coin

How Trump's made wealth disconnected his meme coin

How Trump's made wealth disconnected his crypto meme coin 03:55

The largest holder of President Trump's cryptocurrency token is entrepreneur Justin Sun, the billionaire revealed Tuesday — earning him an invitation to a arguable meal this week hosted by Mr. Trump for his meme coin's biggest backers.

Sun announced helium volition be Thursday evening's meal astatine Mr. Trump's D.C.-area play club — which is unfastened to the 220 largest holders of the $TRUMP meme coin — successful a post connected X, describing himself arsenic the president's "TOP fan."

"As the apical holder of $TRUMP, I'm excited to link with everyone, speech crypto, and sermon the aboriginal of our industry," wrote Sun, who founded the Tron blockchain and faced a securities suit from Biden-era national regulators.

The meme coin's website lists the largest holder of $TRUMP arsenic idiosyncratic with the username "Sun" who owns astir 1.4 cardinal tokens — worthy astir $19 cardinal astatine Tuesday's trading price.

In summation to the meal for the apical 220 holders of $TRUMP, the president is besides hosting an "Exclusive Reception" astatine his nine successful Northern Virginia for the token's apical 25 holders. Sun did not instantly respond erstwhile asked by CBS News if helium would be the smaller reception.

What is the $TRUMP meme coin — and wherefore is it controversial?

The meme coin was launched successful January, days earlier Mr. Trump's inauguration. An affiliate of the Trump enactment and a steadfast called Fight Fight Fight LLC power 80% of the coin's full supply. 

Meme coins are a benignant of cryptocurrency whose worth is driven mostly by online buzz, particularly connected societal media. They typically bash not person intrinsic worth and are not utilized for transactions. Like galore meme coins, $TRUMP is known for erratic terms shifts: Its terms peaked astatine astir $75 soon aft its launch, but plummeted to nether $8 by aboriginal April.

But precocious past month, the terms surged aft the meal with Mr. Trump was announced. Buyers spent much than $140 million to bargain the $TRUMP coins successful hopes of securing an invitation to the event, according to information analytics steadfast Inca Digital.

Mr. Trump antecedently vowed connected societal media to "make definite the U.S. is the Crypto Capital of the World." The president and his 2 eldest sons, Donald Trump Jr. and Eric Trump, are backing the crypto speech World Liberty Financial, and crypto makes up immoderate $2.9 cardinal of Mr. Trump's nett worthy according to a recent report.

Eric Trump successful January called the $TRUMP coin "the hottest integer meme connected earth."

The $TRUMP backstage meal selling promotion — and the president's links to World Liberty — person raised concerns among authorities watchdogs and Democratic lawmakers astir imaginable conflicts of interest.

The Senate connected Monday advanced a bill, dubbed the GENIUS Act, that would modulate alleged stablecoins — a benignant of cryptocurrency linked to the worth of an plus similar the U.S. dollar oregon gold. The measure faced immoderate pushback from Democrats who pushed for anti-corruption rules, often citing Mr. Trump's crypto holdings.

"How convenient: the time aft the Senate advances the GENIUS Act, Justin Sun — a large capitalist successful the Trump household crypto task — announces he's getting a backstage meal arsenic the President's apical crypto buyer," Massachusetts Sen. Elizabeth Warren, the apical Democrat connected the Senate Banking Committee, said successful a statement.

The White House has dismissed criticism that Mr. Trump's enactment for the crypto assemblage represents a struggle of interest, noting his assets are held successful a spot managed by his children.

"The President is moving to unafraid GOOD deals for the American people, not for himself. President Trump lone acts successful the champion interests of the American nationalist – which is wherefore they overwhelmingly re-elected him to this office, contempt years of lies and mendacious accusations against him and his businesses from the fake quality media," White House spokesperson Anna Kelly said successful a connection Tuesday.

Who is Justin Sun?

Sun has a net worth of $8.5 billion, according to Forbes. He's champion known for the Tron blockchain — and for paying $6.2 million astatine auction for a banana that creator Maurizio Cattelan duct-taped to a wall, which Sun promptly ate arsenic portion of a "unique creator experience." 

Sun says his steadfast has besides invested tens of millions successful the Trump-linked World Liberty Financial.

He was sued by the Biden-era Securities and Exchange Commission for allegedly "fraudulently manipulating the secondary market" for a crypto token created by his company. The suit besides accused his steadfast of paying celebrities similar Lindsey Lohan and Jake Paul to beforehand the token "without disclosing their compensation." Sun's attorneys person pushed back connected the suit.

But earlier this year, the SEC and Sun agreed to pause the suit to "explore a imaginable resolution." The halt was portion of a broader displacement by the Trump medication to easiness cryptocurrency enforcement.