Concerns Arise Over Trump’s Meme Coin: Possible Undisclosed Contributions and Influence on Political Decisions

• Former UK MP Rory Stewart raises alarms over Trump’s meme coin, suggesting it facilitates undisclosed campaign contributions that could enrich the ex-president.

• Stewart emphasizes that these meme coins might serve as tools for businesses and foreign actors to sway Trump’s political decisions without any accountability.

• Concerns surrounding Trump’s meme coins include offers of exclusive access, like private dinners, which could lead to conflicts of interest and bribery allegations.

Rory Stewart critiques Trump’s meme coin system, alleging it enables hidden campaign contributions and influences political decisions without accountability.

Is Trump’s Meme Coin A New Form of Influence?

In a recent episode of his “The Rest is Politics” podcast, Rory Stewart boldly articulated his concerns regarding Trump’s meme coin as a potential vehicle for manipulative campaign contributions. He insists this mechanism allows influential business entities to exploit a loophole in the largely unregulated U.S. crypto industry, thereby influencing Trump’s political maneuvers without adhering to traditional financial oversight.

Stewart stressed that Trump’s approach enables him to receive various contributions without necessary disclosures. “He doesn’t declare any of the money that comes in; he doesn’t declare any of the revenue he gets out of it. But it serves as an extraordinary avenue for campaign contributions,” Stewart pointed out effectively.

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A striking illustration Stewart provided involved Javier Selgas, CEO of Freight Technologies Inc., who recently disclosed a $20 million investment in TRUMP tokens. This instance exemplifies how traditional businesses can utilize meme coins to connect with Trump’s political favor while remaining compliant with the necessary regulatory framework.

Concerns Over Financial Gain and Political Favor

During the podcast, Stewart elaborated on the unsettling ways in which the former president potentially utilizes his crypto ventures for personal and political gain. “The corruption of Trump is beyond imagining. It’s so staggering that we can barely keep up with it,” Stewart remarked, showcasing his disbelief in the apparent lack of checks on such transactions.

Stewart highlighted troubling connections between the crypto sector and Trump’s campaign financing, noting the significant financial investments made by firms such as Coinbase and Ripple, which cumulatively exceeded $100 million before the 2024 elections. Their involvement raises significant concerns about perceived corruption, especially when the SEC decided to terminate civil lawsuits against them earlier this year.

He also indicated that individuals willing to pay hefty sums for private dinners symbolize a deeper issue within political fundraising. “The ability to pay millions for a private dinner with Trump could serve as a method of buying access and influence,” Stewart highlighted.

Mar-a-Lago Access for High Donors

Reports have surfaced indicating that substantial financial contributions could grant business leaders private meetings at Mar-a-Lago. “You can give him cash directly, or you can pay, it appears, between 1 million and 5 million dollars for a dinner or a meeting with him,” he noted, correlating this practice to Trump’s recent announcements involving dinners for significant TRUMP token holders.

According to the official guidelines, those qualifying must be within the top 220 TRUMP token holders by May 22 to partake in this exclusive dinner, with the top 25 holders also receiving a VIP tour of the White House.

Does the Current System Adequately Regulate Crypto in Politics?

In an exclusive interview, former White House ethics lawyer Richard Painter argued that Trump’s meme coin ventures, as they stand, do not violate any existing laws. Because meme coins lack classification as securities under the SEC’s guidelines, Trump’s actions remain within legal boundaries concerning federal securities laws.

However, Painter warned that if the promised dinner with top token holders does not transpire, Trump could potentially face legal repercussions, including fraud claims from state attorneys general. This scenario illustrates the urgent necessity for regulatory clarity regarding the involvement of digital assets in political activities.

Stewart concluded by emphasizing the crucial role that regulations play in addressing the ethical considerations surrounding political use of digital assets, particularly when involving meme coins.