Former president accused of turning office into a billion-dollar blockchain bonanza
Donald Trump’s latest venture into cryptocurrency has ignited a firestorm of criticism, with political commentator Michael Tomasky branding it “the most corrupt thing any president has ever done, by a mile.”
In a scathing column published by The Week (US), Tomasky questioned why such a seismic story has flown under the radar. “And unless you follow the news quite closely, it’s possible you’ve not even heard about it,” he wrote.
The controversy centres on Trump’s announcement last week that the top 220 buyers of his newly launched $Trump meme coin would receive exclusive invitations to a private dinner with the former president. The event is set to take place at Trump National Golf Club in Maryland on May 22.
The timing of the launch has raised eyebrows, as Trump introduced the cryptocurrency just days before Inauguration Day. Tomasky argues that the coin is less a digital innovation and more a financial scheme aimed at “fattening his wallet with tens of millions of dollars from anonymous donors with little to no accountability.”
Further compounding the criticism is the fact that Trump’s administration has significantly scaled back regulatory oversight of crypto trading. “His administration has all but eliminated oversight of crypto trading,” Tomasky noted, implying that the lack of regulation conveniently benefits Trump’s own financial interests.
According to reports, the Trump family has already raked in more than $350 million through crypto-related sales and fees. The value of their holdings is estimated to be nearing the $1 billion mark — an astonishing figure by any standard, and one that dwarfs previous controversies involving presidential finances.
Tomasky raised serious ethical concerns about the guest list for the upcoming $Trump dinner. “Will the guest list of influence seekers include convicted criminals, foreign lobbyists, and Russian oligarchs?” he asked, drawing a direct line to past scandals like Teapot Dome — though, he points out, those involved only subordinates, “not the chief executive himself.”
He also took aim at the perceived double standards in political discourse. “You’d think the Republicans who were outraged by Hunter Biden’s influence-peddling scheme might be perturbed by Trump’s ‘unspeakably corrupt’ grift,” Tomasky wrote. “Instead, crickets.”
While the political world remains polarized, Trump’s foray into digital currency raises renewed questions about the intersection of wealth, power, and transparency — and whether a former U.S. president should be permitted to profit so directly from a largely unregulated financial frontier.
As the May 22 dinner draws near, scrutiny is expected to intensify, but whether it leads to consequences or simply becomes another chapter in a long line of political controversies remains to be seen.
