The post Cardano News: ADA Developer Calls Bitcoin Solaris ‘The Most Promising Wealth Vehicle Since Ethereum’s Launch appeared first on Coinpedia Fintech News In a surprising endorsement making waves across the blockchain space, a developer within the Cardano (ADA) community has labeled Bitcoin Solaris (BTC-S) “the most promising wealth vehicle since Ethereum’s launch.” That’s no small statement, especially coming from a developer involved with one of the most research-driven projects in crypto. With a powerful dual-consensus model, record-fast transaction speeds, and a unique mining approach accessible across devices, Bitcoin Solaris is gaining momentum fast, and people are starting to take serious notice. Why the Comparison to Ethereum? Ethereum transformed the crypto landscape by introducing smart contracts and decentralized applications (dApps), creating what is now a multi-trillion-dollar DeFi economy. Bitcoin Solaris is being compared to Ethereum not because it copies it, but because it’s carving its own path with real-world usability, accessibility, and advanced performance. Ethereum may have been the blueprint, but Bitcoin Solaris is emerging as a faster, more efficient, and mass-adoption-ready evolution of the smart contract ecosystem. What Is Bitcoin Solaris? Bitcoin Solaris (BTC-S) is a next-generation blockchain project built to fix the biggest limitations of traditional crypto systems. It combines the security of Bitcoin, the speed of Solana, and the accessibility of mobile-first technology. At the heart of its performance lies the dual-consensus Helios architecture: Proof-of-Work (PoW) secures the network’s base layer. Delegated Proof-of-Stake (DPoS) powers the Solaris Layer, handling smart contracts and enabling ultra-fast transactions. This hybrid system achieves 2-second transaction finality and handles up to 10,000 transactions per second, making it even faster than Ripple’s XRP. Mining BTC-S is designed to be universal, with support across smartphones, laptops, and rigs. While the Solaris Nova app is still in development, the foundation is already built for inclusive, energy-efficient participation, consuming 99.95% less energy than Bitcoin’s legacy mining model. Presale Phase 4 Bitcoin Solaris is now in Phase 4 of its presale: Current Price: $4 Next Price: $5 Launch Price: $20 Bonus: 12% Gaining Support from Influencers and Analysts Bitcoin Solaris is earning praise not only from developers but also from well-known content creators in the crypto space. Crypto Dex World recently praised Bitcoin Solaris in his Phase 4 coverage, calling it “a rare project that checks all boxes—speed, scalability, and accessibility.” Early BTC-S Backers Are Winning Big Meanwhile, Crypto Volt highlighted how the tokenomics and multi-device mining model make BTC-S stand out from the crowd of overhyped projects. More influencers and analysts are echoing the same sentiment: Bitcoin Solaris might just be the next big leap forward. Trusted and Audited Infrastructure Bitcoin Solaris backs its promises with real-world accountability. It has been fully audited by Cyberscope and Freshcoins , two respected blockchain security firms. Additionally, the project is KYC-verified through Freshcoins , giving early investors peace of mind as the presale continues. Conclusion To hear a developer from Cardano refer to Bitcoin Solaris as “the most promising wealth vehicle since Ethereum’s launch” is a big deal—and as more eyes turn toward BTC-S, that statement is becoming harder to ignore. From its dual-consensus architecture to blazing-fast speeds and broad mining accessibility, Bitcoin Solaris is checking every box that the next major blockchain project needs to succeed. With audits complete, presale bonuses still available, and growing community support, this may be one of the most important projects of 2025. For more information on Bitcoin Solaris: Website: https://www.bitcoinsolaris.com/ Telegram: https://t.me/Bitcoinsolaris X: https://x.com/BitcoinSolaris
Ripple CEO Brad Garlinghouse has brought renewed attention to the XRP Ledger’s (XRPL) future by reposting a statement from Mayukha Vadari, who shared, “There are a ton of new exciting features coming out soon on the XRP Ledger!” This public endorsement from Garlinghouse signals Ripple’s focus on advancing its blockchain infrastructure and highlights the growing anticipation within the XRP community for upcoming technical developments. Amelie (@_Crypto_Barbie), a prominent crypto influencer, shared the news on X, expressing optimism and excitement for XRP’s future because of the major developments promised by Vadari and reposted by Garlinghouse. BREAKING NEWS: BRAD GARLINGHOUSE REPOSTED THIS: „THERE ARE A TON OF NEW EXCITING FEATURES COMING OUT SOON ON THE #XRP LEDGER!“ pic.twitter.com/8INP1ROber — 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) May 22, 2025 Exciting Developments Coming to the XRP Ledger One of the XRP ecosystem’s most significant developments in recent years was the launch of RLUSD, a stablecoin designed to bridge decentralized finance (DeFi) and traditional finance (TradFi). Austin King, co-founder of Omni Network, highlighted the stablecoin’s potential to serve as a bridge between digital assets and revealed that Omni is working to establish RLUSD as the first ISO 20022-compliant stablecoin . This compliance facilitates interoperability within traditional finance, positioning XRP and the broader ecosystem for increased institutional integration. SWIFT has announced plans to migrate to an ISO 20022-compliant system by November , and XRP and RLUSD’s compliance could push them into notable positions as the world adopts this new standard. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Enhancements in XRP Ledger’s Programmability The XRPL is also undergoing a transformation with the introduction of native programmability, enabling permissionless development while maintaining compliance, scalability, and security. Jake Claver, a financial strategist, emphasized that this advancement allows developers to create custom solutions for institutions without compromising efficiency. One notable enhancement is the implementation of Smart Escrows, which introduces complex logic to the existing escrow feature. This allows for use cases such as Notary-based escrows and credential-based escrows, expanding XRPL’s functionality in facilitating structured financial transactions. Helping the XRP Ledger Move Forward In his post , Vadari drew attention to the XRPL’s Devnet where finished amendments are activated and tested live before they’re either released to the mainnet or put up for validator voting. He called on community members to provide feedback. This is crucial for fixing problems and ensuring the best versions of each upgrade are launched on the mainnet. Garlinghouse’s engagement and the community’s excitement for the ecosystem’s future show that development is on the right track. There are many upcoming upgrades to be excited about. These put the XRPL on the verge of a massive explosion in adoption and utility. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post Ripple CEO Confirms Major Advancements Coming to XRP Ledger appeared first on Times Tabloid .
The post Ripple CEO Garlinghouse Thinks Crypto ETFs Are About to Explode – Here’s Why appeared first on Coinpedia Fintech News Ripple CEO Garlinghouse participated in Ripple’s “ Crypto in One Minute ” podcast, delving into the crypto-based exchange-traded funds (ETFs) just days after the historic launch of the first XRP futures ETF on Nasdaq. His crisp, insightful remarks shine a spotlight on why crypto-based ETFs are catching everyone’s eye and why traditional finance is finally opening its doors to digital assets. Why the Buzz Around Crypto ETFs? Garlinghouse Shares Two Big Reasons Garlinghouse identified two major drivers behind the growing excitement around crypto ETFs since their January 2024 debut. First, institutional investors – from pension funds to endowments – have long struggled to access crypto assets directly. Before ETFs, they were stuck with cumbersome self-custody or relying on centralized exchanges, which limited their ability to trade crypto efficiently. Now, crypto ETFs have smashed that barrier, enabling Wall Street heavyweights and financial institutions to seamlessly trade crypto. This newfound accessibility is a game changer. Second, Garlinghouse argues that crypto ETFs are ‘ institutionalizing the entire crypto industry’. He pointed to Bitcoin’s ETF as a historic example: it was the fastest ETF ever to hit $1 billion in assets and quickly soared past the $10 billion mark, leaving behind all other ETFs. Garlinghouse predicts Bitcoin ETFs will eventually rival gold ETFs. Bold claim! XRP Futures ETFs Signal Crypto’s Institutional Leap Forward The launch of Volatility Shares’ XRP futures ETF on Nasdaq, under the XRPI ticker, marks a transformative step, following CME’s XRP-futures debut on May 19, 2025. Just before a month of its launch, Teucrium’s 2x Long Daily XRP ETF and Bitcoin futures’ 2017 legacy underscore market maturation. Despite SEC delays, XRP’s resilience, recovering from $2.29 to $2.34 , shows investors’ trust. XRP Community Blends With Garlinghouse’s Insights Garlinghouse’s sharp insights have ignited a buzz across social channels like X. Many praised his clear, concise take as the best one-minute crypto briefing around. Users highlighted how institutional warming to crypto – especially XRP’s growing role in futures and ETFs – signals a broader shift. Conversations also touched on Bitcoin’s notorious volatility, Solana’s breakout potential, Pi token’s Kraken debut with 20x leverage, and JPMorgan’s recent stablecoin considerations amidst regulatory uncertainties. looks like institutions are warming up to crypto rn. xrp's role in this shift is undeniable, especially with futures & etfs in play. beyond that, btc touched new highs but saw quite a pullback. solana might break out soon if its macd keeps moving upwards. pi token's debut on… — aixrp (@aixrp_agent) May 23, 2025 Exciting Era for Crypto As XRP hits new milestones and the crypto ETF market matures, Garlinghouse’s perspective underscores a transformative moment for institutional crypto adoption. While regulatory roadblocks like SEC delays remain, XRP’s bounce-back, coupled with growing traction in Bitcoin and Solana markets, paints a interesting (and bullish) picture.
Key Takeaways: Mihailo Bjelic has stepped down from the Polygon Foundation but signaled he will stay active in the crypto space. His departure follows two other high-profile exits, though Polygon continues pushing forward with new initiatives like the Agglayer Breakout Program. Industry figures praised Bjelic’s contributions, highlighting his key role in shaping Polygon’s growth and influence. Mihailo Bjelic, one of the driving forces behind Ethereum scaling solution Polygon, has officially stepped down from his role at the Polygon Foundation. In a post shared May 23 on X , Bjelic announced he would wind down his day-to-day involvement with the project but hinted that his journey in crypto is far from over. “After much thought and reflection, I’ve decided to step down from the board of the Polygon Foundation and wind down my day-to-day involvement with Polygon Labs,” Bjelic wrote. “As projects evolve and mature, it is natural for visions to evolve, and sometimes diverge.” Bjelic Says He Remains Committed to Crypto While Bjelic did not provide a roadmap for his next steps, he made it clear that he remains committed to the broader crypto industry. “You will likely still see me around,” he said, signaling continued interest in blockchain development beyond Polygon. His departure drew responses from across the crypto space. Fellow co-founder Sandeep Nailwal praised Bjelic’s role in shaping the protocol, saying he was “a force behind so much of what makes Polygon what it is today.” Leon Stern, Polygon’s head of marketing, added, “Thanks for everything you’ve done for Polygon, and best of luck.” It’s hard to put into words what you mean to me and to Polygon. More than a co-founder, you’re a brother. From the earliest days — whiteboards full of ideas, endless whitepapers, governance frameworks, strategy calls deep into the night — you have been a force behind so much of… — Sandeep | Polygon (※,※) (@sandeepnailwal) May 23, 2025 Industry peers weighed in as well. Aave-chan Initiative founder Marc Zella called the move a “Big L for Polygon,” while Skale Network CEO Jack O’Holleran applauded Bjelic’s impact and expressed optimism about his future endeavors. Bjelic’s resignation marks the third high-profile exit from the company in two years, following earlier departures by Polygon Labs’ Jaynti Kanani and Anurag Arjun. Arjun’s exit coincided with the launch of Avail , a data availability and consensus layer that now operates as a standalone entity under his leadership. Despite the leadership changes, Polygon has remained active in onboarding new use cases. In January, Jio Platforms—owned by Mukesh Ambani—teamed up with Polygon Labs to integrate Web3 capabilities into its services. In March, RWA platform DigiShares launched RealEstate.Exchange (REX) on Polygon, aiming to tokenize real estate trading. Polygon Introduces the Agglayer Breakout Program Last month, the team behind the Polygon blockchain announced the Agglayer Breakout Program to launch high-value chains that will contribute to Agglayer’s network effects. The aggregation layer, or AggLayer, is a cross-chain settlement layer developed by Polygon Labs and its collaborators, launched in early 2024, followed by v0.2 in early 2025. Polygon Foundation and Polygon Labs are backing the novel program. The goal is to launch “high-impact projects that drive significant activity” to Agglayer and Polygon PoS , its proof-of-stake sidechain for Ethereum . The post Polygon Co-Founder Mihailo Bjelic Steps Down, Plans to Stay in Crypto Space appeared first on Cryptonews .
Bitcoin’s resilience faces critical challenges amid growing economic uncertainties, yet the cryptocurrency continues to demonstrate its strength. Bitcoin holds above the key $94k liquidity zone despite rising macro FUD. Continued
The decentralization of the Layer-1 blockchain Sui network is being questioned after its major DeFi platform, Cetus Protocol, called for an upgrade to recover stolen funds. Cetus had been hacked for over $222 million, but Sui Validators were able to freeze $162 million of the stolen funds. According to Sui Network , the validators could freeze the funds by ignoring transactions from the two addresses tied to the attack, effectively preventing the attacker from bridging out all the stolen funds. However, Cetus protocol has requested a network upgrade to regain the frozen funds. The decentralized exchange and liquidity provider called for a community vote to decide on the upgrade. The Sui Network team described the request as extraordinary, noting that Cetus desperately needs funds. Thus, it has agreed to let the vote happen on the condition that the Sui Foundation abstain from voting to remain neutral and that Cetus must publicly commit to returning all lost funds to users. Meanwhile, the Cetus team noted that it needs the recovered funds to repay users who lost assets to the hack while efforts to recover the remaining $60 million are ongoing. However, it acknowledged that it would respect the decision of the community. It wrote: “No one can make this decision unilaterally. We propose an on-chain vote involving the network’s major participants, including validators and SUI stakers, to decide. We want to recover and return the stolen funds, but we will respect whatever the community decides.” However, the upgrade’s scope is unclear. Sui Network had said it would not roll back the chain history or reverse transactions. It added that the design details and code for the vote will soon be shared. Sui community reacts to a planned network upgrade So far, most of the reactions to the possible upgrade have been negative, with many users concerned such an upgrade could make the network lose trust as a decentralized protocol. Others added that rolling back or upgrading the network to recover the loss would be wrong. They claimed that Cetus was well aware of the flaws in its smart contracts since last year, when they were exploited at a smaller scale with memecoins but failed to act. Thus, the protocol should cover the losses itself. The sui chain should not be rolled back.. or upgraded.. to recover the loss…. This was a issue with a smart contract with the cetus application.. it was also known for months that there was some potential bugs since some where exploited at a small scale last year.. with meme… — DrTrade 🇸🇻 (@DrTradeAU) May 24, 2025 Meanwhile, some users think the voting itself might be a charade. They noted that only 3.2% of SUI supply went to the public while half went to venture capital firms and insiders who have been staking all their tokens. Thus, they believe that these VC firms will determine the outcome of the vote, and individual stakers will not influence the final decision. Interestingly, some users have criticized validators’ efforts to freeze funds, saying it amounts to censorship and defeats true decentralization. However, the team clarified that any validator on any network can decide to ignore transactions, and if enough of them do it, the transaction fails. Despite the overwhelming opposition, several people still believe it is the best decision as it will ensure that Cetus users get their funds back. One user even recommended that founders and stakeholders with liquidity pools on Cetus decide, since they have a stake in the outcome. SUI is down 5% in 24 hours While debates continue over whether Sui should have the network upgrade, the network native token SUI is down 6.57% to $3.63 in the last 24 hours. Its decline is due to broader market struggles with price corrections after BTC set a new peak price of around $112,000. However, the Cetus hack also contributed to the SUI drop, with the token dropping more than 13% from $4.19 to $3.62 the day after the incident. The CETUS token is not doing any better. Due to the incident, it is down 5% today and more than 17% in the past week. It is trading at $0.1640 at press time. KEY Difference Wire : the secret tool crypto projects use to get guaranteed media coverage
Major release expected to result in significantly lower memory use
Bitcoin's resilience is once again under the microscope.
The post Coinpedia Digest: This Week’s Crypto News Highlights | 24 May, 2025 appeared first on Coinpedia Fintech News Folks, I’m back with your weekly crypto round-up and trust me, you’re going to want to pay attention to this one. This week has been a wild ride for investors and enthusiasts. Big headlines. Big consequences. We’ve seen it all – from political power plays to million-dollar scandals. All of these are powerful signals hinting at where the industry is really heading. So, if you blinked, you’ve missed a lot. We’ll dive into what happened these past few days and why it matters for you. Let’s go! #1 Trump’s $TRUMP Crypto Dinner Drama Justin Sun, the crypto billionaire who once dodged the US spotlight fearing arrest, stepped back into the limelight – this time as a VIP at Donald Trump’s exclusive gala dinner. Sun, proudly holding the biggest stash of Trump’s $TRUMP memecoin, showed up amid protests shouting “shame.” Trump himself took the stage, blaming the previous administration for making life miserable for crypto insiders, calling it a “disgrace.” Sun flashed over $1.3 million in $TRUMP holdings and a flashy “Trump Golden Tourbillion” watch. Predictably, Democrats like Senator Elizabeth Warren called it “an orgy of corruption”. Phew. #2 Sui’s $260M Crypto Heist: What Went Down? Sui’s largest decentralized exchange, Cetus Protocol, was hit with a $260 million hack that sent shockwaves through the SUI ecosystem. The attacker exploited fake tokens like BULLA to mess with liquidity pools and drain assets, including 12.9 million SUI and $60 million in USDC. They then tried laundering the loot by swapping a big chunk of USDC for 21,938 ETH. Cetus jumped on damage control, pausing smart contracts and launching a full probe. Meanwhile, SUI’s price took a hit, dropping about 15% to $3.90. The scramble is on to recover funds and shore up security. #3 GENIUS Act (Finally) Breaks Ground in Stablecoin Law The U.S. Senate just cleared a major hurdle by advancing the GENIUS Act with a 66-32 vote – the first stablecoin bill to make it this far. This bipartisan win came after last-minute tweaks and pressure from crypto advocates like Stand With Crypto. The bill lets private firms issue stablecoins and demands full backing with dollars or Treasury bills. While it bars foreign stablecoins on U.S. centralized exchanges, decentralized platforms remain untouched. Critics say the revisions are mostly cosmetic, leaving loopholes like weak data safeguards and possible regulatory capture. Big moves, but is it enough? #4 Pi Network’s $8M Scam: Pump, Dump, and Investor Fury! Pi Network is under fire with explosive $8 billion scam allegations after insiders reportedly dumped 12 million PI tokens. Blockchain sleuth Atlas points to a classic pump-and-dump move – sharp price surges followed by a brutal 50% crash post-May 14. Despite a bullish spike fueled by an 86 million token withdrawal from OKX (hinting at strong holder confidence), the price has since slumped to $0.79. The project also battles criticism over exchange listings, token distribution, and node centralization, raising serious questions about its future. Is it the end of the road for Pi? I hope not. #5 Blum Co-Founder Detained in Russia Big news out of Russia – Vladimir Smerkis, co-founder of the Telegram-based crypto project Blum and former head of Binance Russia, has been arrested in Moscow on large-scale fraud suspicions. The heat comes from his previous ventures, The Token Fund and Tokenbox, where investors reportedly lost around $15 million. While the investigation is ongoing and no formal charges are out yet, Russian courts have approved his detention. Blum quickly clarified that Smerkis resigned and is no longer connected to the project, distancing themselves from the scandal. #6 Cardano CEO Fires Back at $600M Allegations Charles Hoskinson is pushing back hard against claims he misused $600 million worth of ADA tokens. The drama centers on accusations that during Cardano’s 2021 Allegra hard fork, Hoskinson used a “genesis key” to control 619 million ADA. But he says most of the 350 million ADA involved were already redeemed over seven years, with the leftovers donated to Intersect, a Cardano-affiliated org. Feeling “deeply hurt” by the distrust, Hoskinson plans to release an audit report and might hand over his social channels to a media team to clear the air. #7 Nasdaq Welcomes First Ever XRP Futures ETF The wait is over – XRP stepped into the ETF spotlight with the launch of Volatility Shares’ XRPI ETF, trading on Nasdaq. This 1x XRP futures ETF offers a safer, measured way to access Ripple’s price action without holding the token directly. Analyst Eric Balchunas called it a “good signal” of growing demand for crypto investment vehicles. With leveraged XRP ETFs already firing up interest and CME’s recent XRP futures rollout, XRPI marks a new phase in XRP’s journey. I’m loving this one! #8 MSTR Holdings Surge as States Seek Bitcoin Proxy 14 US states revealed a collective $632 million stake in MicroStrategy (MSTR) during Q1 2025, marking a 42% jump from the previous quarter. California leads with $276 million, followed by Florida and North Carolina. Utah’s holdings skyrocketed 184%, while Wisconsin sold its $300 million Bitcoin ETF stake, increasing MSTR instead. This shows states prefer indirect Bitcoin exposure through MicroStrategy’s massive 576,230 BTC stash, avoiding direct crypto ownership complexities. #9 Who’s Buying USDC? Circle’s Next Move Circle, the powerhouse behind USDC, is stirring the pot with a $5 billion valuation price tag as it entertains acquisition talks. Ripple and Coinbase have both stepped into the ring, but Circle shot down Ripple’s XRP-heavy bid, citing concerns over liquidity and valuation mechanics. Meanwhile, talks with Coinbase are reportedly friendlier – “If Coinbase wanted to buy them, Circle would sell in a second,” insiders say. Despite these moves, Circle’s IPO ambitions remain alive but shaky, as broader market volatility and trade policies push the company to rethink timing. Big questions loom over USDC’s future path. #10 Texas Bitcoin Reserve Bill Passed Texas just got one step closer to becoming America’s Bitcoin bull state. Senate Bill 21 – which would establish a state-run Bitcoin Reserve – passed its final House vote, clearing 101-42. All that’s left is Governor Abbott’s signature, and the signs are strong. He even shared the proposal on X, and crypto voices like Kyle Chassé are already calling it: “It’s happening.” If Abbott signs before the June 2 deadline, Texas will follow New Hampshire as the second U.S. state with its own BTC stash. Trump’s vision is shaping up quite well. In the Spotlight Here’s a few quick hits you shouldn’t miss! HSBC Goes Live with Tokenized Deposits: HSBC has officially launched its Tokenised Deposit Service in Hong Kong, enabling 24/7 fund transfers using blockchain tech. Ant International led the charge as the first client to go live. A Wall Street Stablecoin? Yep, It’s Being Discussed: Some of the biggest U.S. banks – including JPMorgan, Citi, and Wells Fargo – are reportedly discussing a joint stablecoin venture, according to WSJ. Early talks, but major implications if it lands. Crypto Meets Stocks, Powered by USDT: Bybit just launched stock trading with USDT via Metatrader 5, giving users access to Apple, Tesla, gold, forex, and crypto from one account. Multi-market action at its best. CZ Slams Trump Crypto Allegations: CZ has slammed the Wall Street Journal for linking him to Trump-backed crypto dealings, calling the report a “hit piece.” He flatly denied acting as a “fixer” or brokering any WLF meetings. Semler Bets the House on Bitcoin: Semler Scientific just dropped $50M on Bitcoin, boosting its stash to over 4,264 BTC. With losses mounting and a crypto-first strategy now official, this healthcare firm is betting big again. What’s Next for Crypto? Major shifts to expect ahead With Texas and other U.S. states doubling down on MicroStrategy and BTC reserves, expect a growing wave of state-led crypto strategies. A formal Bitcoin reserve could become a blueprint for other red states, especially under pro-crypto leadership. The launch of the XRPI ETF on Nasdaq signals that altcoin futures ETFs are gaining traction. With CME backing XRP and Ethereum products next in line, this could bring mainstream capital to major alts fast. The GENIUS Act may have passed its Senate hurdle, but its foreign token ban and loose guardrails could trigger lawsuits, revisions, or even state-level pushback. Keep an eye on regulation updates to predict how the market might react. Crypto never sleeps, and neither do we – catch you next week with the hottest moves and biggest surprises. Stay sharp!
President Donald Trump is facing scrutiny after speaking at a private event for top investors in his $TRUMP memecoin while standing behind a lectern emblazoned with the official presidential seal — a move that may violate federal law. The event took place Thursday at Trump National Golf Club in Virginia, where Trump addressed 220 investors in his cryptocurrency project. According to US law , the presidential seal cannot be used in any manner that could imply government approval or sponsorship. Violators can face fines or up to six months in prison. Trump, who arrived at the club aboard a military helicopter, praised attendees and took aim at the Biden administration’s crypto stance. When asked about potential conflicts of interest, White House Press Secretary Karoline Leavitt said the president’s involvement was personal. “It is not a White House dinner,” she told reporters. “It’s not taking place here at the White House.” Related: Pictures give glimpse inside Trump’s memecoin holder dinner Trump features presidential seal at private properties This isn’t the first time Trump has featured the presidential seal at his private properties. Forbes has previously reported its use as golf markers at several Trump-owned clubs. In a May 22 letter to the Justice Department, 35 House members asked the public integrity section acting chief, Edward Sullivan, to launch an inquiry over the memecoin dinner to determine whether it violated the federal bribery statute or the foreign emoluments clause of the US Constitution. Under the emoluments clause, a US president is barred from accepting any gift from a foreign state without the approval of Congress. Source: Molly Ploofkins Bloomberg reported that a majority of the attendees at the memecoin dinner were likely foreign nationals based on their connections to crypto exchanges. “US law prohibits foreign persons from contributing to US political campaigns,” said the letter. “However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities.” Related: US lawmaker introduces anti-corruption bill ahead of Trump's dinner Trump embraces crypto despite previous skepticism Trump’s embrace of crypto marks a sharp turn from his skepticism during his first term. The $TRUMP memecoin, launched earlier this year, peaked at $74.34 before falling to $14.44 by May 22. High-profile guests at the dinner included Tron founder Justin Sun , ex-NBA player Lamar Odom, and Asian crypto executives Sangrok Oh and Vincent Liu. Sun, who reportedly invested over $40 million in $TRUMP tokens and spoke at the dinner, also has deep ties to Trump’s crypto ventures. He’s the top backer of World Liberty Financial, a Trump-affiliated firm currently under regulatory scrutiny. Magazine: Crypto scam hub expose stunt goes viral, Kakao detects 70K scam apps: Asia Express