Several bills aimed at preventing government officials from profiting from digital assets are stalled in Congress – none have passed the committee stage – as US President Donald Trump prepares to host the top owners of his memecoin at his Florida estate next month.
Bills were introduced but stalled in committee
The Modernized Anti-Money Laundering and Mismanagement Act, the Act to Freeze Presidential Profits in Digital Assets, and the Executive Salary and Non-Disclosure Act were all introduced in the past year.
All three are still in limbo. Meanwhile, the event they were scheduled to address is still going on as planned.
Trump’s team has confirmed a lunch at Mar-a-Lago on April 25 for 297 top executives of the TRUMP token. The 29 major owners get something extra – a private reception with the president himself, pending a background check.
An exterior view of the Mar-a-Lago mansion. Image: Davidoff Studios/Getty Images
Whale Wallets Rise to Highest Point Since October
The market responded quickly. Days after the lunch announcement, the token jumped more than 50%, briefly touching $4.35.
🐳 You may have noticed the OFFICIAL TRUMP coin temporarily retreated over the past few days (+36% since Wednesday). As this happens, our data shows that there are now 83 1M+ coins $ TRUMP wallets, most in 5 months. Understanding each other? Probably not. pic.twitter.com/CDBaON4Xba
– Santiment (@santimentfeed) March 16, 2026
Data from analytics platform Santiment shows the number of wallets holding more than 1 million TRUMP tokens has risen to more than 80 – the highest since October 8 last year. At about $3.7 million per fund at current rates, these are not small positions.
As of Wednesday, TRUMP was trading at $3.70, up 25% in the past seven days, according to CoinGecko.
Token ownership is highly centralized. CoinCarp data shows the top 10 wallets control over 90% of all supply. The top 100 held more than 95%. Of the 642,882 wallets recorded, most hold a slide of what the major players hold.
Tether CEO Paolo Ardoino is among those scheduled to attend and speak at the April event. Zeus Research analyst, Dominick John, said that Arduino’s presence could move the gala from a social gathering to something closer to a product show.
“His appearance could turn the event into a token TRUMP progress show,” John said.
Last Year’s Gala Offers a Potential Checkout
Trump hosted his first token holder dinner in May 2025, drawing crypto executives, anonymous traders, and sports figures including NBA champion Lamar Odom. Tron founder Justin Sun went as the largest token holder at that time.
The pattern of that event is instructive. The announcement in late April sent the price to $15.58. By dinner night on May 22, it had slipped to $14.50. A month later, it sat at $8.90.
John expects history to repeat itself. “Historically, Trump events show a phase of hype driven by the announcement followed by a gradual decline after the event,” he said. “This event will follow the same path, unless something new is revealed about this event.”
Lunch is five weeks away. Whether the price holds – or follows last year’s slide – remains to be seen.
Featured image from Unsplash, chart from TradingView
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