Trump Just Did the Most Corrupt Thing Any President Has Ever Done

Yet this and more is what Donald Trump just did, and unless you follow the news quite closely, it’s possible you’ve not even heard about it. Or if you have, it was probably in passing, one of those second-tier, “this is kind of interesting” headlines. But it’s a lot more than that. As Democratic Senator Chris Murphy noted Wednesday: “This isn’t Trump just being Trump. The Trump coin scam is the most brazenly corrupt thing a President has ever done. Not close.”

Trump announced this week that the top 220 buyers of his $Trump (strump, as in strumpet) meme coin between now and mid-May will be invited to an exclusive dinner on May 22 (“a night to remember”) at his golf club outside Washington, D.C. The Washington Post and other outlets have reported that in the days since the announcement, “buyers have poured tens of millions of dollars” into the coin; further, that the holders of 27 crypto wallets have acquired at least 100,000 coins apiece, “stakes worth about a million dollars each.” Holders of crypto wallets are anonymous, if they want to be, so the identities of these people (or businesses or countries or sovereign wealth funds or whatever they might be) are unknown and will presumably remain so until the big dinner or, who knows, maybe for all time.

It’s also worth noting that Trump launched this meme coin just a few days before inauguration. Its value quickly shot up to around $75. It steadily declined through the first month of his presidency, and by early April, as Americans grew weary of a president who was tanking the economy, it had fallen to $7.14.