Donald Trump is set to rake in millions from the cryptocurrency industry this month, raising red flags among ethics experts.

On Monday night, Trump attended a $1.5 million-per-person “Crypto & AI Innovators Dinner” at his Trump National Golf Club, benefiting the pro-Trump super PAC, MAGA Inc.

The event was co-headlined by venture capitalist David Sacks, also the White House’s AI & Crypto Czar.

“He’s essentially put out a sign that says that he’s open to business, particularly to the crypto industry,” said Jordan Libowitz of Citizens for Responsibility and Ethics in Washington.

“It’s really an intertwining of personal, business, political fundraising and government policy like we’ve never seen before.”

Later this month, Trump will host a second crypto-themed event for top holders of his $TRUMP token, which surged over 50% following the event announcement.

The May 22 dinner will also include a private reception and White House tour for select token holders.

“Anyone giving money towards this, towards either of them, seems to have the same goal of buying a way into a lack of regulation,” Libowitz added.

Critics say the fundraisers highlight the administration’s increasingly cozy ties to crypto.

“It’s all a part of the broader problem here of what looks to be a pretty corrupt and corrosive relationship,” said Dylan Hedtler-Gaudette of the Project on Government Oversight.

Since taking office, Trump has signed executive orders promoting digital assets, created a Strategic Bitcoin Reserve, and backed a federal crypto stockpile.

Meanwhile, Congress is struggling to regulate the industry. Nine Democratic senators pulled support from the GENIUS Act, demanding stronger safeguards against money laundering, foreign influence, and conflicts of interest.

Some lawmakers also raised alarms about elected officials’ personal crypto ventures, including a reported $2 billion deal involving Trump-linked World Liberty Financial and Abu Dhabi’s MGX.

Senators Elizabeth Warren and Jeff Merkley have called for an ethics investigation, warning the deal “may violate the Constitution and open our government to a startling degree of foreign influence.”

When asked about these concerns, Trump brushed them off: “I’m a big fan of crypto because I want to keep it away from China.”

Vanguard News