It was pitched as the world’s most exclusive invitation. Hundreds gathered at President Trump’s private country club in Virginia in May for a gala evening. Guests included Justin Sun, a cryptocurrency billionaire who, in the Biden administration, was under investigation for suspected financial crimes. He and the other attendees had won their seats by being the top buyers of $TRUMP memecoin, a form of crypto that benefits Mr. Trump’s family.

“There is a lot of common sense in crypto,” said Mr. Trump, as the room was served a meal accompanied by Trump-branded wine and water. “And we’re honored to be working on helping everybody here.” Mr. Sun later expressed gratitude and received an 18-karat-gold Trump Victory Tourbillon watch. And with that, cryptocurrency elided its dark past and ascende

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