Through his reported acquisitions of the TRUMP memecoin, Tron founder Justin Sun will have spent more than $90 million on cryptocurrency ventures associated with the U.S. president and his family.
After weeks of speculation within the crypto community and media coverage, Tron founder Justin Sun claimed ownership of the wallet that purchased the largest share of Donald Trump’s memecoin, qualifying him for a dinner and reception with the U.S. president.
In a post shared on X on May 19, Justin Sun stated that he had received an invitation to attend a dinner hosted by Donald Trump at his golf club near Washington, DC.The invitation was part of a reward program for the top 220 holders of the memecoin. Sun asserted that he was in control of the leading wallet on the TRUMP token leaderboard, listed under the username “Sun,” which reportedly contained approximately $19 million worth of the memecoin, valued at $13.20 per token.
Justin Sun stated that he plans to network at the May 22 memecoin dinner, where he will discuss cryptocurrency and the industry’s future. However, he has not explained why he chose to reveal his intention to attend now, despite the leaderboard being finalized on May 12.
Although it did not come as a surprise to those who had speculated that Justin Sun was responsible for the memecoin acquisitions, his confirmed attendance at the dinner further strengthens his connections to the Trump administration and the president’s family. Trump also announced a reception and “VIP tour” for the holders of the top 25 wallets on the leaderboard, in addition to the dinner organized for the top 220 tokenholders.
Justin Sun spent a total of $75 million on tokens through World Liberty Financial, a cryptocurrency platform backed by Donald Trump’s three sons. This included a $30 million investment made a few weeks after the 2024 election. Sun also serves as an adviser to the firm.
Before Donald Trump won the November election, the U.S. Securities and Exchange Commission (SEC) sued Justin Sun in 2023, alleging that he orchestrated the unregistered offer and sale, manipulative trading, and unlawful promotion of crypto asset securities. In February—about a month after Trump took office and appointed Commissioner Mark Uyeda as acting SEC chair—Sun and the SEC jointly filed a motion to stay the case, which a federal judge later approved.
Memecoin Ties Spark Conflict Concerns in Congress
The participation of Sun and other individuals in Donald Trump’s cryptocurrency ventures has led to calls for increased investigation and oversight from numerous Democratic lawmakers. They argued that certain actors might use digital assets to buy influence with the president. These concerns initially delayed progress on the GENIUS Act—a Senate bill aimed at regulating stablecoins—and were further complicated by the existence of USD1, a stablecoin issued by World Liberty Financial. The chamber held a vote to advance the legislation on May 19, just hours before Sun’s announcement.
According to Bloomberg, Massachusetts Senator Elizabeth Warren remarked, “How convenient: the day following the Senate’s advancement of the GENIUS Act, Justin Sun — a significant investor in the Trump family’s cryptocurrency venture — reveals that he will be attending a private dinner as the president’s leading crypto purchaser.” She further stated, “It is essential for everyone to recognize that the GENIUS Act does not prevent this kind of corruption — it authorizes it.”
During the May 20 oversight hearing, Maryland Representative Glenn Ivey questioned SEC Chair Paul Atkins about the stay issued in Justin Sun’s case and his financial ties to World Liberty Financial and the TRUMP memecoin. Although the SEC granted the stay before Atkins assumed office, Ivey raised concerns about the timing—highlighting how closely Sun’s investments aligned with the agency’s decision to halt enforcement action.
Those who applied to attend the memecoin dinner are still likely to undergo background checks prior to meeting Trump in person. As of May 20, the list of expected attendees included Vincent Liu, chief investment officer at Kronos Research; Oh Sangrok, co-CEO of Hyperithm; Kain Warwick, founder of Synthetix; a consultant named Vincent Deriu; crypto user Morten Christensen; an adviser to World Liberty Financial known by the pseudonym “Ogle”; and a representative from the startup MemeCore.
