Multiple bills meant to stop federal officials from profiting off digital assets have stalled in Congress — none have made it past the committee stage — even as US President Donald Trump prepares to host top holders of his personal memecoin at his Florida estate next month.
Bills Introduced But Stuck In Committee
The Modern Emoluments and Malfeasance Enforcement Act, the Stop Presidential Profiteering from Digital Assets Act, and the Curbing Officials’ Income and Nondisclosure Act were all introduced over the past year.
All three remain in limbo. Meanwhile, the event they were partly designed to address is moving forward as planned.
Trump’s team has confirmed a luncheon at Mar-a-Lago on April 25 for the top 297 holders of the TRUMP token. The 29 largest holders get something extra — a private reception with the president himself, pending background checks.
An exterior view of the Mar-a-Lago mansion. Image: Davidoff Studios/Getty Images
Whale Wallets Surge To Highest Point Since October
The market reacted fast. In the days after the luncheon was announced, the token jumped more than 50%, briefly touching $4.35.
🐳 You may have noticed OFFICIAL TRUMP coin temporarily decoupling over the past few days (+36% since Wednesday). As this was happening, our data indicates that there are now 83 1M+ coin $TRUMP wallets, the most in over 5 months. Coincidence? Likely not. pic.twitter.com/CDBaON4Xba
— Santiment (@santimentfeed) March 16, 2026
Data from analytics platform Santiment shows the number of wallets holding over 1 million TRUMP tokens has climbed to over 80 — the highest count since October 8 last year. At roughly $3.7 million per wallet at current prices, these are not small positions.
As of Wednesday, TRUMP was trading at $3.70, up 25% over the past seven days, according to CoinGecko.
Token ownership is heavily concentrated. CoinCarp data shows the top 10 wallets control more than 90% of the entire supply. The top 100 hold over 95%. Of the 642,882 wallets on record, the vast majority hold a sliver of what the biggest players carry.
Tether CEO Paolo Ardoino is among those scheduled to attend and speak at the April event. Zeus Research analyst Dominick John said that Ardoino’s presence could shift the gala from a social gathering into something closer to a product showcase.
“His appearance could transform the event into a progress showcase for the TRUMP token,” John said.
Last Year’s Gala Offers A Possible Preview
Trump held 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 attended as the largest tokenholder at the time.
The pattern from that event is instructive. The announcement in late April sent the price to $15.58. By the night of the dinner on May 22, it had slipped to $14.50. A month later, it sat at $8.90.
John expects history to repeat. “Historically, Trump events show an announcement-driven hype phase followed by a gradual post-event downtrend,” he said. “This event will follow a similar trajectory, unless new developments are unveiled around this event.”
The luncheon is still five weeks away. Whether the price holds — or follows last year’s slide — remains to be seen.
Featured image from Unsplash, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Credit: Source link
