President Donald Trump has sparked controversy by offering a private dinner to the top 220 holders of $TRUMP, a meme coin he launched just days before taking office. The dinner, announced on the $TRUMP coin homepage, has raised concerns among Democrats, who are calling for an ethics probe into the matter.

The dinner, set to take place at an undisclosed date, will feature a special VIP package for the top 25 holders, including a private reception with Trump and a VIP tour of the White House the next day. The winners will be determined by the amount of $TRUMP coin they hold and how long they hold it between April 23rd and May 12th. The promotion has already had a significant impact on the coin's value, with $TRUMP jumping by more than 50% to reach a peak of $14.32, adding an extra $100 million in value.

The move has been met with outrage from Democrats, with Sen. Chris Murphy (D-CT) calling it "the most brazenly corrupt thing a President has ever done" on social media platform X. Senators Elizabeth Warren (D-MA) and Adam Schiff (D-CA) have also requested that the U.S. Office of Ethics open a probe into the President's actions, citing concerns that Trump and his officials may be engaging in "pay to play" corruption by selling presidential access to individuals or entities, including foreign nationals and corporate actors with vested interests in federal action.

The likelihood of an investigation, however, is slim, given that Republicans control both chambers of Congress. In February, Trump fired the director of the Office of Ethics, who had just been confirmed by the Senate to serve a five-year term. This move has raised concerns about the independence and effectiveness of the Office of Ethics in holding the President and his administration accountable.

Trump's close ties to the crypto world have been well-documented, with the President courting the community during his second presidential race and appointing David Sacks as "crypto czar" to shape policy around virtual currency. Trump has also established a "Bitcoin Strategic Reserve" and eliminated the unit at the Justice Department that prosecutes crypto fraud. In return, crypto companies have donated millions of dollars to Trump's campaign and inauguration committee.

The controversy surrounding the $TRUMP coin dinner offer has sparked a wider debate about the intersection of politics and cryptocurrency. With the crypto market continuing to grow in influence and reach, concerns about the potential for corruption and abuse of power are likely to remain a pressing issue in the coming months and years.

As the story continues to unfold, it remains to be seen whether the Office of Ethics will launch an investigation into Trump's actions and whether the President's close ties to the crypto world will come under further scrutiny. One thing is certain, however: the $TRUMP coin dinner offer has sparked a firestorm of controversy that is unlikely to die down anytime soon.