US President Donald Trump is set to host a gala dinner for top holders of his Official Trump (TRUMP) memecoin despite bipartisan criticism and renewed calls for impeachment. In a Truth Social post on May 5, Trump announced that he will hold a gala dinner with major TRUMP holders on May 22, following concerns expressed by multiple US lawmakers. Massachusetts Senator Elizabeth Warren called for government officials to address questions related to Trump’s memecoin and his media company, sparking controversies. Senator Jon Ossoff expressed support for impeaching Trump during a town hall, citing the president’s plan to host the dinner for top TRUMP memecoin holders. Pro-crypto Senator Cynthia Lummis and other Republicans were critical of Trump for offering exclusive access to himself and the White House for memecoin holders. Senator Warren raised concerns about foreign involvement in Trump’s finances and warned against passing pro-crypto bills. Niko Demchuk, head of legal at AMLBot, emphasized the need for safeguards in stablecoin deals to ensure transparency and accountability. Yarden Noy, a partner at DLT Law, highlighted the lack of regulatory requirements in stablecoin deals involving public officials. The controversy also involved a deal where an investment firm used Trump-backed stablecoin USD1 to settle a $2 billion investment in Binance, causing a surge in the stablecoin’s market cap. Eric Trump announced the deal during a panel discussion in Dubai, attracting criticism similar to the memecoin. The USD1 stablecoin had previously faced allegations of Trump wanting to replace the US dollar with it. The ongoing tension between stablecoin innovation and regulatory concerns continues to spark debates among lawmakers and legal experts.