Former British Minister Rory Stewart today said that Trump's meme coin allows contributions to the campaign without having to publicly disclose finances as required.
Stewart discussed this topic in a podcast he co-hosts, condemning Trump's use of meme coin for personal gain as a "disgusting" form of corruption.
Is Trump's meme coin a new form of influence?
In an episode of the "The Rest is Politics" podcast aired this morning, Stewart presented how Trump's meme coin could be used to contribute to the campaign, arguing that this is a new way for influential figures and large corporations to influence Trump's political decisions.
Stewart noted that because the cryptocurrency industry in the US is still not strictly regulated, Trump could receive these contributions without being financially accountable.
"He does not declare any money received, does not declare any revenue from it. But this is a great way to contribute to the campaign," Stewart said in the podcast.
He highlighted a specific example that emerged earlier this week. Javier Selgas, CEO of North American Freight Technologies Inc., announced a $20 million investment in TRUMP tokens.
Since this company is publicly listed, the stock exchange requires the company to disclose how they use their money.
"In his SEC filing, he says this is a reasonable business decision because it is a support for his company's business interests for a free trade deal," Stewart added.
The company's official press release confirmed these intentions. Stewart provided other examples showing how President Trump uses meme coin to encourage others to curry his favor.
Concerns about financial interests and political favoritism
At one point in the podcast, Stewart expressed surprise about how the US President leverages his cryptocurrency projects to gain political and financial benefits.
"Trump's corruption is beyond imagination. It is so astonishing that we can hardly keep up," he said, adding, "It is very simple - basically transferring money directly into Donald Trump's bank account from any foreign diplomat [or] foreign businessman in the world, and we have seen that when you make these transfers, lawsuits disappear, [and] contracts are awarded."
Stewart subtly referred to cryptocurrency companies like Coinbase and Ripple, which have donated millions of dollars to Trump's presidential campaign before the 2024 election. Public Citizen previously reported that each company spent around $50 million on campaign funding.
In March, the SEC dropped civil lawsuits against Coinbase and Ripple. This news immediately raised suspicions about potential conflicts of interest.
Stewart also pointed out the possibility of paying millions for a private dinner with Trump. He asserted that this could be a way to buy access and influence.
Mar-a-Lago access for major donors
In March, reports suggested that business leaders could have private meetings with the president at Mar-a-Lago for a significant fee.
"You can give cash directly to him, or you can pay, it seems, from 1 million to 5 million USD for a dinner at Mar-a-Lago or a meeting with him," Stewart said in the podcast.
This opportunity is similar to the latest announcement related to Trump's meme coin, offering an exclusive dinner with the president for top TRUMP token holders.
Trump is offering an exclusive dinner for the top 220 token holders. Source: gettrumpmemes.comAccording to official rules, buyers must be among the top 220 TRUMP token holders before 05/22 to be eligible for the dinner. The top 25 holders will also receive a VIP White House tour.
Does the current system fully regulate cryptocurrency in politics?
Last week, in an exclusive interview with BeInCrypto, former White House ethics lawyer Richard Painter said that Trump's current meme coin projects do not violate the law.
Since meme coins are not considered securities by the SEC, TRUMP does not violate federal securities regulations.
According to Painter, assuming Trump does not accept bribes, the meme coin dinner does not violate the Constitution's emoluments clauses. However, he warned that if the dinner does not take place, Trump could face fraud charges from state attorneys general or individuals.
In today's interview, Stewart added that during his term, Trump suspended a series of laws that only increased existing concerns about conflicts of interest.
"The protections that the US established to try to deal with this, of course, are laws that Trump has suspended. There are laws like the Foreign Agents Act, aimed at preventing Russian or Cuban agents from paying American politicians - which Trump has suspended. The Foreign Corrupt Practices Act, related to companies going abroad and bribery. Trump also froze this. Consumer Protection Acts - frozen by Trump," Stewart said.
Stewart's comments indicate a growing need for clarity regarding the use of digital assets in political activities, especially meme coins.
