Copycat Trump crypto banquet? Trump allies aggressively sell "Bescent AI Conference" sponsorships, pay-for-access VIP cocktail parties and banquets

A venture capital fund run by Trump supporters recently sold conference sponsorships to tech companies, claiming it was the “first U.S. Treasury Department Artificial Intelligence Summit,” and stated that Treasury Secretary Yellen would announce the Treasury’s AI strategy at the event. On October 13, according to media reports, the investment fund 1789 Capital, operated by well-known Trump supporters, has been marketing an event to technology companies over the past few weeks, which it called the “first U.S. Treasury AI Summit.” The fund claimed that Treasury Secretary Janet Yellen would unveil the Treasury’s AI strategy at the summit, and that paid sponsors would receive special privileges including a VIP cocktail party and dinner. However, after media inquiries, the event organizers quickly shifted their approach. They announced a new name for the event — the “American Prosperity AI Summit” — and removed references to the Treasury Department. A Treasury spokesperson clarified that the agency had not approved the previously circulated promotional materials. Norm Eisen, an ethics lawyer at the nonprofit “Democracy Defenders Fund,” expressed shock. He pointed out: The official endorsement of the U.S. Treasury was being used for an event that would apparently provide personal benefit to outside actors. He said that while government officials often serve as speakers at corporate-sponsored conferences, it is highly unusual for organizers to directly present an event as a government activity and seek sponsorship. The Treasury Department confirmed that Yellen had been invited and planned to attend the event, as she is “interested in the economics of AI and how it serves American businesses and workers.” However, an official added Monday that if the government shutdown continued, she might cancel her attendance. Sponsor influence in exchange for payment The event, scheduled for October 21, offered sponsors a clear path to “buy influence.” Reports say at least a dozen companies have already sponsored the event. Other speakers include senior economic policy officials from the U.S. State Department, senior White House AI policy advisors, and staff from data analytics firm Palantir. According to a presentation sent to potential sponsors, sponsoring companies would not only receive event tickets, but also access to the VIP room, cocktail party, and branding opportunities such as “live-stream banner logos.” The highest level, “Presidential Sponsor,” would receive 25 event tickets, 2 VIP dinner seats, 8 cocktail party passes, 6 VIP room spots, as well as “large logo projection and large badge logo.” Promotional materials even mentioned a “sponsor snack” for this tier. One email to potential sponsors promised: “The event provides high-visibility opportunities intended to maximize brand influence.” Some company representatives who received the materials indicated interest in sponsoring, seeing it as a rare chance to connect with senior government officials and influence government AI policy. In recent years, as the significance of AI technology has grown, related companies have poured huge funds into Washington, frequently hosting various events and summits to strengthen their lobbying efforts. Trump ally business empire: From AI funds to private clubs The force behind this event is 1789 Capital, a venture fund closely tied to Trump’s circle. According to media sources, one founder of the fund, Christopher Buskirk, is also a donor to Vice President Vance. Another leader, Omeed Malik, is a major donor and close friend of Donald Trump Jr., the president’s son. Reportedly, Donald Trump Jr. is a partner at 1789 Capital, though he was not involved in this event. 1789 Capital investors have also established a club in Washington named “The Executive Branch,” where business leaders and donors can pay six-figure sums for membership and the opportunity to mingle with Cabinet ministers and other senior officials. The club has been criticized for its for-profit nature and close ties to the presidential family. Additionally, 1789 Capital itself is actively expanding in AI, last month announcing an investment in AI company Cerebras and currently investing in Reflection AI, a startup backed by Nvidia. Trump-themed crypto gala redux? The operation of this AI summit closely mirrors the controversial “Trump Coin Night” dinner not long ago, which was seen as a textbook case of turning political influence directly into cash. As previously reported by Wallstreetcn, at that May dinner, investors bought over $148 million worth of “Trump Coins” for entry. TRON founder Justin Sun, as the largest holder, not only dined with Trump but received a luxury gold watch. Outside the event, nearly a hundred protesters gathered, holding signs reading “Stop Crypto Corruption.” Oregon Democratic Senator Jeff Merkley appeared at the scene, calling the dinner “the Everest of corruption.” Government watchdog groups believe the dinner may have violated federal bans on soliciting gifts. The White House responded that the president attended “in a private capacity” and his assets were managed by a family trust. For investors, whether it’s the bustling crypto dinner or today’s seemingly professional AI summit, the core logic appears unchanged — in a framework closely tied to the Trump brand, money is, once again, being used to buy access to the center of power. Risk warning and disclaimer The market involves risk; investment should be cautious. 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