Senator calls Donald Trump’s ‘meme coin’ the ‘single most corrupt act’ by any US President

A leading senator unleashed a torrent of accusations this week, sharply criticizing former President Donald Trump.

The focus of the senator’s remarks included everything from international business deals to digital assets.

A Political Opponent’s Claims

During a speech on the Senate floor, Sen. Adam Schiff (D-Calif.) presented what he described as a list of ten examples.

Schiff, a vocal critic of President Trump, framed these points as “the 10 best deals for Donald Trump and the worst deals for the American people.”

He shared a video of his speech online, labeling the items as “Donald Trump’s 10 most outrageous displays of corruption yet.”

The senator proceeded to count down his list, detailing each item from his perspective.

Among the early items on Schiff’s list was an encounter involving Elon Musk.

Schiff claimed that a visit to the White House lawn and a subsequent large political contribution from Musk represented a questionable exchange.

“Just before Trump turned the White House grounds into a used car lot, Tesla stock had been in a historic and disastrous slump,” Schiff said. “When the president was asked whether his symbolic purchase of a Tesla at the White House might help the company’s stock, Trump said, ‘I hope it does.’ But that wasn’t all. Because not long after the special live stream on X, or Twitter had ended, something more important happened. With Tesla shares on the rebound, Elon Musk promised to pump $100 million into Donald Trump’s political operation.”

Political donations of significant size are common in US politics.

Travel and Business Ventures

Another point raised by Schiff focused on President Trump’s use of government funds for travel, specifically mentioning golf trips.

He alleged that taxpayer money was spent not only on the travel itself but also on costs incurred by staff at Trump’s properties.

“In just his first 100 days, Donald Trump spent over a quarter of those days while in office golfing,” Schiff claimed. “But that’s not even the worst of it because guess who is paying for all that golf? You are.”

Presidential travel, regardless of location, typically involves substantial security and staffing costs borne by the government.

Schiff also turned his attention to business activities involving the Trump family.

He discussed a documentary featuring Melania Trump, alleging that Amazon paid a licensing fee to the family and that sponsorships were being sought from wealthy individuals.

“Amazon is giving $40 million in cash to his family, the Trump family, to license this documentary,” Schiff stated. “Direct cash into the pockets of the Trump family.”

Private business deals and media projects are standard activities for individuals outside of government roles.

He also mentioned a proposed exclusive club in Washington, D.C., described as “The Executive Branch Club.”

Schiff characterized the club, which reportedly has high membership fees, as a way for individuals to gain proximity to the Trump family.

“If you want to get in good with the Trumps, you’ve gotta pay the cover fee. Memberships start at only $500,000,” Schiff alleged. “The Executive Branch Club is an invite only club. For insiders, for investors and for billionaires to directly line the pockets of the first family.”

Opening private clubs is a common business model.

International Dealings

Several of Schiff’s points centered on Trump Organization projects and investments from foreign entities.

He cited new developments in Dubai and Doha, Qatar, alleging that these represented foreign governments seeking favor through business deals.

“Trump International Hotel and Tower Dubai, an 80-floor behemoth,” Schiff described. “All benefitting, that’s right, Donald Trump and his family.”

“A new golf course in Doha. A $5.5B deal to build some new links – more hundreds of millions in cash for the Trump family and organization from a foreign government that wants to buy favor,” Schiff claimed regarding the Qatar project. “The president’s namesake company is directly in business with a foreign government and the money is going into his pocket. Not the treasury.”

International real estate development is a core activity for the Trump Organization.

Schiff also revisited past events, including a $2 billion investment received by Jared Kushner’s investment firm from the Saudis after Trump’s presidency.

He connected this to new Trump Organization projects announced in Saudi Arabia.

“These will net the Trump family millions as well, and this isn’t the first time the Trump family has cashed in with the Saudis,” Schiff alleged. “Months after Trump left office the first time, Jared Kushner’s investment firm received a $2 billion dollar investment from none other than the Saudi crown prince.”

Jared Kushner’s post-government business activities are separate from presidential duties.

The senator also brought up Elon Musk’s Starlink deals with foreign nations.

Schiff suggested these deals were linked to countries seeking relief from US tariffs imposed by the Trump administration.

“Elon Musk has his proximity to Trump to negotiate a whole raft of Starlink deals with countries desperate to get out from under tariffs,” Schiff claimed. He quoted a State Department cable suggesting a country hoped licensing Starlink would demonstrate goodwill. “Payoff Trump’s machine and maybe you’ll get a trade deal.”

Trade negotiations and private business deals between companies and foreign governments are distinct matters.

Another significant item highlighted by Schiff was the acquisition of a Boeing 747 aircraft from Qatar.

He described it as a “nearly half a billion dollar ‘gift’” requiring taxpayer-funded upgrades.

“This is what he cares about. He cares about getting a $400 million gift from the Qataris which he calls a nice gesture,” Schiff alleged. “The fact is the Qataris are not stupid. They are going to want something for that $400 million plane. There’s no such thing as a free lunch.”

Diplomatic exchanges between nations can sometimes include valuable gifts.

The Senator’s Most Extreme Claim

Towards the end of his list, Schiff focused on a specific digital asset linked to the former president.

He discussed the “meme coin” associated with Donald Trump, describing it in the most severe terms.

Schiff labeled the meme coin initiative as the “single most corrupt, self-serving act of any President in American history.”

He claimed the coin had generated significant value and trading fees benefiting Trump and his family.

“This meme coin has gone up-and-down in value, but the thing is, every time it gets traded, every time it gets bought or sold, this guy gets a cut,” Schiff alleged. “Estimated already at the value of hundreds of millions of dollars. It’s like posting his Venmo account online, inviting personal monetary tributes from foreign powers, foreign investors or anyone else who is willing to pay up.”

Schiff also mentioned a private dinner for top meme coin owners, some of whom he claimed were foreign investors.

He further alleged that Trump’s sons were involved in the crypto business space, including a venture capital firm backed by the government of Abu Dhabi that would invest using Trump digital currency.

Cryptocurrency and digital assets are a relatively new and evolving area for public figures.

Concluding Remarks

Senator Schiff concluded his speech by stating his belief that President Trump does not prioritize the needs of the American people over his own interests.

His detailed list represents a strong political broadside against the former president’s business activities. “`