Senator Lummis Raises Ethical Concerns Over Trump’s Memecoin Rewards Amid Support for Bitcoin Reserve Plan

U.S. Senator Cynthia Lummis, one of the most vocal pro-crypto lawmakers in Congress, has expressed concern over President Donald Trump’s decision to reward top holders of his TRUMP memecoin with exclusive access to a White House dinner and tour, calling the move ethically questionable.

According to a May 2 report from CNBC, Lummis, a Republican from Wyoming, said the notion of offering privileged access to the president in exchange for holdings of a cryptocurrency “gives [her] pause,” suggesting a conflict between public office and private financial interests.

Memecoin Perks Draw Bipartisan Criticism

Trump’s TRUMP token, launched on January 17, three days before his second inauguration, has already sparked widespread controversy. The backlash intensified after the April 23 announcement that top token holders would be eligible to apply for a private dinner with the president at the White House on May 22.

While the president has not been directly linked to the token’s issuance, critics argue the offering effectively monetizes access to public office, raising questions about ethics and campaign finance laws.

Senator Lisa Murkowski, another Republican, shared similar concerns, telling NBC News, “I don’t think it would be appropriate for me to charge people to come into the Capitol and take a tour.”

Support for Bitcoin Reserve Plan Remains Strong

Despite her discomfort with the memecoin initiative, Lummis remains supportive of Trump’s broader crypto policy. In a video posted to X (formerly Twitter) on May 2, she applauded the president’s backing of legislation to establish a strategic Bitcoin reserve in the United States.

The bill, known as the BITCOIN Act (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide), would enshrine into law an executive order signed by Trump earlier this year, directing the Treasury to accumulate Bitcoin as part of a national cryptocurrency reserve strategy.

“I am particularly pleased by the administration’s commitment to digital asset leadership through the BITCOIN Act,” Lummis stated on the Senate floor.

Ethics Experts and Lawmakers Sound Alarms

The controversy has not gone unnoticed by watchdog groups and Democratic lawmakers. Craig Holman, a government ethics expert at Public Citizen, criticized the move sharply:

“Trump once claimed he is so rich he cannot be bought. But his obsession with money means he apparently can be bought for a meme,” Holman said.

Senator Jon Ossoff (D-GA) went further, calling for Trump’s impeachment during an April 25 town hall. Ossoff argued that offering exclusive access in exchange for crypto holdings constitutes selling influence and may violate federal ethics standards.

Who’s Attending the Dinner?

As of May 2, it remains unclear who will attend the May 22 dinner. The TRUMP token leaderboard has led to speculation that high-profile crypto figures such as Tron founder Justin Sun and Tesla CEO Elon Musk may be among the top holders eligible for the event. Neither has confirmed involvement, and their respective companies have made no public statements.

The memecoin has remained volatile since its launch, with critics questioning its legitimacy and connection to the former president. Despite the controversy, the token has cultivated a niche following within the broader crypto community.

Conclusion

Senator Lummis’s cautious stance illustrates the growing tension between crypto enthusiasm and ethical governance, particularly as digital assets become more intertwined with political identity and influence. While the senator continues to support Bitcoin adoption at the national level, her remarks underscore the need for clear ethical boundaries in how public officials interact with digital assets and the communities behind them.

Image source: Shutterstock