Trump organizes a gathering for meme coins, disregarding ethical concerns; Polygon's leader steps down; WLFI and Binance - Weekly Summary
In a noteworthy turn of events, President Donald Trump hosted a closed-door dinner at Trump National Golf Club in Washington on Thursday evening, inviting the top 220 holders of his Trump-branded memecoin, $TRUMP. The gathering has sparked widespread criticism for potentially monetizing the presidency and possibly violating federal bribery laws.
The White House has insisted that the dinner adhered to ethical guidelines but has chosen to remain tight-lipped about the identity of the attendees. The unconventional event has raised concerns among lawmakers, with some Democratic representatives urging the Department of Justice to initiate an immediate investigation. Critics, including Senator Jeff Merkley, have likened it to a "crypto corruption club."
Meanwhile, Mihailo Bjelic, one of the four co-founders of the Polygon network, announced his decision to step down from the Polygon Foundation board and reduce his day-to-day involvement with Polygon Labs. Co-founder Sandeep Nailwal acknowledged Bjelic's significant contributions to the network and voiced his support for Bjelic's future endeavors.
In another development, World Liberty Financial co-founder Zak Folkman denied a Wall Street Journal report suggesting that Binance founder Changpeng Zhao had helped with foreign introductions for the Trump-tied DeFi platform. Folkman dismissed the allegations as both false and laughable.
Elsewhere in the crypto world, the medical equipment company Semler Scientific acquired $50 million worth of Bitcoin. The purchase, made for an average of $109,801 per Bitcoin, helped the company post a notable 22.2% year-to-date Bitcoin yield in Q1 of this year.
Leading financial firms, including JPMorgan, Bank of America, CitiGroup, and Wells Fargo, are reportedly discussing a potential joint stablecoin project. If successful, this collaborative venture could significantly impact the cryptocurrency landscape.
In other news, the football governing body FIFA announced plans to use the Avalanche network to power its dedicated layer-1 blockchain. The move could further bolster Avalanche's position in the crypto market.
Bitcoin rallied past its previous all-time high in the USD and USDT markets on Wednesday, reaching a peak of $111,880. While the breakout generated interest, the reaction among derivative traders was relatively subdued compared to previous Bitcoin price surges.
In related news, SafeMoon CEO Braden John Karony was found guilty on three counts of fraud related to a cryptocurrency scheme that allegedly defrauded investors of millions. Karony faces up to 45 years in prison.
Reports have emerged suggesting that Sam Altman's blockchain project World completed a $135 million private token sale of its World (WLD) token to venture capital firms a16z and Bain Capital Crypto. Meanwhile, the SEC has filed a lawsuit against Unicoin and its executives over violations of securities laws in their $100 million token raise.
The Supreme Court of India has questioned the government's delayed formulation of a clear-cut cryptocurrency regulation policy, citing concerns about a parallel underground market that could negatively impact the economy.
The Genesis Litigation Oversight Committee has initiated fresh legal action against Digital Currency Group, CEO Barry Silbert, and other executives to recover allegedly misappropriated funds in 2022. Finally, the stablecoin legislation, the GENIUS Act, has regained political traction, passing a key procedural vote, and potentially setting the bill for passage within days.
[1] Request for DOJ Investigation: https://www.casten.house.gov/media/press-releases/rep-sean-casten-and-text-message-sen-eric-smith-demand-investigation-trump[2] Largest Investors in TRUMP: https://www.bloomberg.com/news/articles/2025-05-23/trumpcoin-investors-including-justin-sun-to-meet-with-donald-trump[3] Request for Probe: https://www.politico.com/news/2025/05/23/trump-trumpcoin-investors-cryptocurrency-1007904[4] Protests: https://twitter.com/SenJeffMerkley/status/1660466538194662406
- Critics, including Senator Jeff Merkley, have labeled the White House's dinner with the top 220 holders of President Trump's Trump-branded memecoin, $TRUMP, as a "crypto corruption club", highlighting potential concerns about monetizing the presidency and violating federal bribery laws.
- Mihailo Bjelic, one of the co-founders of the Polygon network, has stepped down from the Polygon Foundation board and reduced his day-to-day involvement with Polygon Labs.
- World Liberty Financial co-founder Zak Folkman refuted a Wall Street Journal report suggesting that Binance founder Changpeng Zhao had helped with foreign introductions for a Trump-tied Decentralized Finance (DeFi) platform.
- Leading financial firms, including JPMorgan, Bank of America, CitiGroup, and Wells Fargo, are reportedly discussing a potential joint stablecoin project, which could significantly impact the cryptocurrency landscape if successful.
- In a notable move, the medical equipment company Semler Scientific acquired $50 million worth of Bitcoin, resulting in a 22.2% year-to-date Bitcoin yield in Q1 of this year.
- FIFA announced plans to use the Avalanche network to power its dedicated layer-1 blockchain, which could further bolster Avalanche's position in the crypto market.
- After rallying past its previous all-time high, Bitcoin reached a peak of $111,880 in the USD and USDT markets, though the reaction among derivative traders was relatively subdued. In related news, SafeMoon CEO Braden John Karony was found guilty on three counts of fraud related to a cryptocurrency scheme.
