A staunch defender of President Donald Trump delivered a rare rebuke of the MAGA leader over Trump's crypto dinner that rewarded the top 220 investors of his meme coin.
Trump held an hour-long dinner Thursday night at his golf club in Virginia with investors who collectively spent about $394 million on the coin. The top 25 were also promised a private cocktail reception and a tour of the White House.
Critics have warned the dinner enriched the president's pockets while selling access to the White House. And they found themselves an unlikely ally late Thursday in Pete Seat, a former White House spokesman who served as deputy assistant press secretary to President George W. Bush.
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Seat told panelists on CNN's "NewsNight" that Trump's dinner was a bad idea.
"Politically, it had value. Right? He leaned into the crypto bros, he strung them along, got their votes. Now he's got to cut them off," said Seat.
He quickly clarified that his issue is less about Trump than it is about the country.
"Crypto is a scam," he said, to agreement from multiple panelists. "These investors desperately need the government to legitimize their so-called investment. Otherwise, they'll lose everything. And if they get what they want, which is displacing fiat currency, the U.S. dollar, we’re no longer the reserve currency. We no longer have the power to sanction. We lose everything."
Seat backed off his criticism slightly, adding that there are other ways to "buy access" to the president as well, such as by donating to his campaign.
The problem, he said, is what this could do to America.
Host Abby Phillip found his response notable given he's a supporter of Trump, and echoed Seat's remarks.
"That’s very interesting. It’s more of a national security question more than anything, which I think is colliding honestly with Trump’s pocketbook. He’s in that meeting not because they necessarily — that he wants to hear what they have to say. He’s in that meeting because they paid money to see him. Which is in direct conflict to what you're saying, which is what’s in the best interest of the country, from a fiscal perspective."
Seat agreed with the host's criticism.
"And they still get access. I agree with what you said earlier. The most precious commodity is the president's time. And the calendar is policy. And by him going to this and spending the time, those precious minutes — it’s a mistake," he concluded.
Watch the clip below or at this link.
