One presidential token is sending out dinner invitations. Another presidential token’s lawsuit has just been sent home.

On Wednesday, the official account of the TRUMP memecoin announced on X that its biggest holders would be invited to a “gala dinner” with President Donald Trump on 22 Nov, at the Trump National golf club in Virginia.¹ The event page, run by Fight Fight Fight LLC, the company behind the token, lists the prizes with admirable clarity: 185 seats, a VIP reception for the top 29, an 18-karat gold Trump watch for the top four. It also contains a sentence worth reading twice: “No attendees will be granted a private meet & greet with the President.”²

I want to be fair to the event page. It is the most honest document in this week’s column. It tells you exactly what you are buying, which is more than most memecoins manage.

The TRUMP memecoin’s table for 185

Seats go to the top 185 registered holders, ranked by a time-weighted score that rewards holding more tokens for longer, with a final snapshot on 12 Nov, according to Decrypt.³ The guest list also promises three “superstars”, not yet named. I’ll write about them when I can footnote them.

This is the third such dinner. The first, in May 2025, drew the top 220 holders; Decrypt reported that the 25 VIPs among them had spent an average of $4.8 million each, and that the president stayed for about an hour.⁴ A ticket, in other words, has never been cheap, but its price is set by the market rather than the host, and the market has moved.

The mechanics deserve a second look, because they are the product. A leaderboard with a snapshot on 12 Nov is, among other things, a reason to buy before 12 Nov and to keep holding until then. That is not an accusation; it is what a time-weighted contest is designed to do, and the event page says so in its own way. It is also a reminder that for a memecoin, the “utility” is often an event, and events end. The first dinner drew more than 100 protesters outside, Decrypt noted, which suggests the format has an audience beyond the guest list.

TRUMP was trading around $2.04 on Friday, a market value of about $576 million, down more than 97% since it launched in January 2025, Decrypt reported. That is a sobering number for anyone who bought early. It is a much less sobering number for the issuer, because the economics of a memecoin are not the economics of a company. According to the president’s latest financial disclosure, as reported by Decrypt, he earned just over $635 million from the token in 2025, almost entirely in licensing royalties.⁵

The bill that didn’t pass

The timing invites comment, and I’ll offer only the documented kind. On 15 Sep, the CLARITY Act, the industry’s long-awaited market-structure bill, failed a procedural vote in the Senate, 49-50. Restrictions on officials’ crypto holdings were a central sticking point. The final ethics language, which Trump had signed off on according to Decrypt, would have required covered officials to divest crypto interests or place them in a qualified blind trust. Democrats sought tighter rules on large holdings, dependent children and paid promotions; Senator Elizabeth Warren argued the language left loopholes, Decrypt reported.⁶

You do not need to take a side in that argument to notice its shape. The industry’s biggest legislative push of the year stalled partly over a conflict-of-interest question, and two weeks later the token at the centre of that question sent out invitations. Whatever one thinks of the ethics language, the gala is now part of the record any future version of the bill will be argued over.

Meanwhile, in Manhattan

The other presidential memecoin of the season had a quieter week, at least in public.

On 29 Sep, Judge Jennifer L. Rochon of the US District Court for the Southern District of New York dismissed the class action over LIBRA, the Solana token that Argentine President Javier Milei promoted on X in February 2025, with prejudice, and denied the plaintiffs leave to file a second amended complaint, Bitcoin.com News and crypto.news reported.⁷ The case, Hurlock v. Kelsier Ventures, named the token’s organiser Kelsier Ventures and its principal Hayden Davis, the decentralised exchange Meteora and Meteora co-founder Benjamin Chow, among others.

The plaintiffs alleged that insiders sold large amounts of the token shortly after launch. The court did not decide whether that happened. It decided narrower questions, according to the reports:

  • The racketeering (RICO) claims failed because a scheme lasting about six months was not long enough to show the “continuity” the statute requires.
  • Meteora could not be sued as an entity, because the plaintiffs had not shown it was an unincorporated association or partnership rather than software.
  • The claims against Chow did not show fraudulent intent, the judge found; other claims fell on jurisdiction or for failure to state a claim.

None of this is a finding that anyone did or did not mislead buyers. A dismissal with prejudice means the plaintiffs can’t bring the same claims again in that court. It doesn’t stop an appeal to the Second Circuit, and the reports didn’t say whether the plaintiffs plan one.

Milei has denied responsibility for buyers’ losses. “They knew very well the risk they were taking. If you go to the casino and lose money, it’s your problem,” he said in public remarks after the token’s collapse.⁸

So, for now, there is no US class action for LIBRA buyers to join. In Argentina, a federal court in Buenos Aires turned away two lawmakers who sought to join the local case as plaintiffs, Bitcoin.com News reported. My footnotes are below.

Incident ledger

The week to 3 Oct, verified items only:

  • FlashLoopAdapter (third-party Aave v3 loop module): two Safe multisig wallets drained via a spoofable module check, ~114.09 ETH (~$305,000), 1 Oct, per SlowMist. See the FlashLoopAdapter alert.
  • September in review: CertiK counted about $768 million in hack losses for September and PeckShield about $767 million, the worst month of 2026 so far, led by Bitget (~$388 million) and Liquid Network (~$319 million), BitKE reported.⁹

Losses this week, as tracked here: ~$305,000 across one verified incident. Our tally only counts what we could confirm on-chain or from a security firm’s alert; the real figure is almost certainly higher.

Elsewhere

  • Decrypt has the full rules for the 22 Nov gala and the CLARITY Act context.
  • Bitcoin.com News walks through the LIBRA opinion claim by claim.
  • crypto.news focuses on why the court let Meteora and Benjamin Chow out of the case.
  • BitKE rounds up September’s hack data from the security firms.

I keep coming back to the event page’s one disclaimer. It is the only line in either story that promises nothing, and it is the only one I would bet my lunch on.¹⁰ Political memecoins sell proximity: to power, to celebrity, to a moment. The dinner says the proximity is real but rationed. The courtroom says that when the moment passes, the receipt is the token, and the token is what it is.

See you next Sunday. — L.C.

Notes

  1. The announcement went out on 30 Sep. I have not embedded it because I couldn’t find an archived copy I trust; the event page carries the same details.
  2. Event page, as quoted by Decrypt on 3 Oct.
  3. “Time-weighted” means a holder who has owned a token for longer scores higher than one who bought the same amount yesterday. Loyalty, measured in blocks.
  4. Decrypt, 3 Oct 2026, summarising its own earlier reporting.
  5. Licensing royalties, not token sales, according to the disclosure as reported. The distinction matters to accountants and, possibly, to no one else.
  6. The vote was on a procedural motion; failing it means the bill could not proceed to final consideration at that time.
  7. The docket is Hurlock v. Kelsier Ventures et al, No. 1:25-cv-03891 (S.D.N.Y.), Document 274.
  8. As quoted by Bitcoin.com News, 2 Oct 2026.
  9. The two firms count slightly differently, which is why their totals differ by about $2 million.
  10. I do not bet. Nor do I hold crypto. The lunch is safe.

References

  • Decrypt, “Trump Is Hosting Yet Another Meme Coin Dinner: Here Are the Details”, 3 Oct 2026. https://decrypt.co/380002/trump-third-meme-coin-dinner-details
  • $TRUMP Coin Club, “Gala Dinner” event page. https://www.gettrumpmemes.com/gala-dinner
  • Bitcoin.com News, “US Judge Dismisses Libra Crypto Class Action Against Kelsier”, 2 Oct 2026. https://news.bitcoin.com/regulation-and-legal/us-judge-dismisses-libra-crypto-class-action-against-kelsier/
  • crypto.news, “LIBRA lawsuit dismissed as court rejects claims against Meteora and Chow”. https://crypto.news/libra-lawsuit-dismissed-as-court-rejects-claims-against-meteora-and-chow/
  • Justia, Hurlock v. Kelsier Ventures et al, 1:25-cv-03891, Document 274. https://law.justia.com/cases/federal/district-courts/new-york/nysdce/1:2025cv03891/642202/274/
  • SlowMist, FlashLoopAdapter alert on X, 2 Oct 2026. https://x.com/SlowMist_Team/status/2105855276536725599
  • BitKE, “Crypto Hacks Surpass $700 Million in September”. https://bitcoinke.io/2026/10/crypto-hacks-in-september-2026/

This article was written by Ludovico Ceccarelli, an AI author persona at CryptoWatchDesk, and was reviewed, fact-checked and edited by Akriti Seth. It is not investment advice. Ludovico Ceccarelli holds no crypto assets.