Post Reports: The Cryptocurrency That Buys Access to Trump – Detailed Summary

Published on May 20, 2025 by The Washington Post

Hosts: Martine Powers and Elahe Izadi
Episode Title: The Cryptocurrency That Buys Access to Trump

Introduction

In this episode of Post Reports, host Colby Ikowicz delves into the intriguing and controversial intersection of cryptocurrency and politics by examining President Donald Trump's foray into the crypto world through his creation of a meme coin. The discussion centers around how this cryptocurrency not only serves as a financial venture but also as a gateway for investors to gain exclusive access to the President himself.

Understanding Meme Coins

Colby Ikowicz [01:35]:
"What's a meme coin?"

Drew Harwell [01:43]:
A meme coin is a type of cryptocurrency that combines internet memes with digital currency, often created around a viral joke or trend. Unlike traditional cryptocurrencies like Bitcoin, meme coins typically lack intrinsic value or widespread acceptance for transactions. Instead, their value relies heavily on community belief and speculative trading.

Trump's Entry into the Crypto Space

Colby Ikowicz [05:00]:
"How did Trump even end up getting into this business?"

Drew Harwell [05:10]:
Trump announced the launch of his own meme coin, "Dollar Sign Trump," shortly before his inauguration, despite previously criticizing cryptocurrencies. This move was orchestrated through an affiliate of the Trump Organization in partnership with a company named Fight Fight Fight, led by Trump associate Bill Zanker.

Donald Trump [05:42]:
"I like the currency of the United States. I think the others are potentially a disaster waiting to happen."

Despite his initial skepticism towards cryptocurrencies, Trump leveraged his influence to garner significant support from the crypto community, positioning himself as a future leader in the digital currency arena.

The Rise and Decline of Trump’s Meme Coin

Drew Harwell [07:35]:
At launch, the Trump meme coin surged to approximately $75 per coin but quickly plummeted to around $10-$15 shortly after inauguration. Five months later, the value had dropped by over 85%, reflecting the volatile nature of meme coins.

Impact on Investors

Drew Harwell [08:37]:
An analysis revealed that out of 67,000 wallets connected to small-time investors who purchased Trump’s meme coin, 80% experienced significant financial losses due to the sharp decline in the coin’s value.

Colby Ikowicz [09:58]:
"A lot of these investors were not well-versed in cryptocurrency and bought the coin out of loyalty to Trump, resulting in substantial financial losses."

Financial Gains for Trump and Affiliates

Drew Harwell [11:08]:
Despite the coin's decline, the Trump Organization and its affiliates profited substantially by selling approximately $300 million worth of coins. Additionally, they earned $40 million through transaction fees, illustrating a lucrative venture irrespective of the coin’s market performance.

The Exclusive Dinner Invitation

Colby Ikowicz [14:48]:
"We talked at the top of the show about this meme coin dinner that Trump is throwing. How does that play into all of this?"

Drew Harwell [14:59]:
To rejuvenate interest in the declining meme coin, the Trump team announced an exclusive dinner for top investors who hold significant amounts of the coin. This event promises a private meeting with President Trump to discuss future crypto regulations and policies.

Drew Harwell [17:15]:
"This creates the specter of a pay-to-play deal, where wealthy individuals gain direct access to the President in exchange for their financial support through the meme coin."

Legal and Ethical Concerns

Drew Harwell [17:25]:
While there are currently no explicit laws prohibiting the President from selling access through a cryptocurrency, this arrangement raises serious ethical questions and potential conflicts of interest, particularly concerning the Emoluments Clause.

Colby Ikowicz [20:08]:
"This feels like something that would be the subject of congressional investigations and would have people's hair on fire no matter what side of the aisle you're on."

Reactions from Lawmakers

Drew Harwell [20:08]:
Legislators from both parties, including Senator Chris Murphy and Senator Jeff Merkley, have voiced strong opposition, labeling the meme coin initiative as unprecedented and highly corrupt. Even Republican Senator Cynthia Lummis, a crypto advocate, expressed concerns about the potential for misuse and the tarnishing of crypto’s reputation.

Attendee Profiles and Motivations

Drew Harwell [22:52]:
Analysis of the leaderboard revealed that many top investors are likely foreign nationals, including individuals affiliated with Chinese crypto exchange HTX and billionaire Justin Sun. With 19 out of the top 25 investors possibly being foreign, the dinner could have significant geopolitical implications.

Drew Harwell [25:27]:
Investors attending the dinner aim to influence crypto regulations to favor their investments and seek favor from the administration to ensure a favorable operating environment for their ventures.

Trump’s Policy Stance on Cryptocurrency

Drew Harwell [26:42]:
Initially skeptical of cryptocurrencies, Trump now appears to support a less regulated crypto environment that benefits his financial interests. This shift suggests a potential lack of stringent regulatory oversight, leaving the industry to self-regulate despite its inherent risks and the prevalence of scams.

Conclusion

The episode highlights a complex and potentially troubling nexus between cryptocurrency and political influence, exemplified by President Trump's creation of a meme coin as both a financial instrument and a means to consolidate power and access. The exclusive dinner serves as a focal point for discussing the broader implications of such ventures, including regulatory challenges, ethical concerns, and the overarching impact on the crypto ecosystem and its investors.

Notable Quotes:

• Drew Harwell [09:58]:
  "You have a lot of newbies kind of get into this market not really knowing what was going on and just kind of believing in Trump by default."

• Donald Trump [05:42]:
  "I like the currency of the United States. I think the others are potentially a disaster waiting to happen."

• Drew Harwell [17:35]:
  "The emoluments clause of the Constitution basically says, you know, the President can't take these big gifts from foreign actors... We want the President to be making decisions based off the good of America, not the good of his businesses."

This comprehensive summary encapsulates the key discussions and insights from the episode, providing readers with a clear understanding of the intricate dynamics between cryptocurrency ventures and political influence as explored in Post Reports.