Political Bribe Mechanism Counseled as Potential Use of Trump Meme Coin, Former UK Parliamentarian Alerts

Political Bribe Mechanism Counseled as Potential Use of Trump Meme Coin, Former UK Parliamentarian Alerts

Modern-day Scandal: Trump's Meme Coin Yanks the Campaign Finance Rules

Listen up, folks! Rory Stewart, the ex-UK Minister of State, threw some serious shade at Trump's meme coin today on his podcast, "The Rest is Politics." Stewart called Trump's sneaky use of meme coins for private gains a damn slimeball form of corruption.

Stewart broke it down that Trump can rake in cash for his campaign without those pesky financial disclosures because the crypto industry in the US is still loosey-goosey unregulated. Stewart pointed out that Trump takes the money without declaring a dime, and he pockets the revenue just as quickly. He opined that this new-school fundraising strategy is an outstanding way for big shots and powerhouse businesses to sway Trump's political decisions.

Stewart highlighted a juicy example that popped up this week. Javier Selgas, CEO of North American shipping company Freight Technologies Inc., dished a cool $20 million into TRUMP tokens. Since the company is listed on the stock exchange, they have to let on where their dough goes.

According to Selgas, this TRUMP token investment is a smart business move because it's all about pushing for business interests for a sweet, free trade deal.

So, yeah, we're talking about some sleazy deals, my friends.

Stewart didn't hold back. He gave a heads-up about President Trump capitalizing on the crypto boom for both political and financial gain.

"Trump's corruption knows no bounds. It's so off-the-wall that we can barely keep up. It's incredibly straightforward: money slides straight into Donald Trump's piggy bank from foreign dignitaries or wealthy businessmen, and lookie here, when you make these transfers, legal troubles disappear, contracts are handed out like candy," Stewart said on the podcast.

Stewart subtly hinted at crypto firms like Coinbase and Ripple, which plopped down millions for Trump's 2024 campaign before the big dance. Public Citizen reported that each shelled out nearly $50 mil for campaign financing.

Remember when the SEC dropped lawsuits against Coinbase and Ripple in March? It raised more than a few eyebrows over conflict of interest concerns.

Stewart also addressed the juicy topic of paying hefty sums for a cozy chinwag with Trump. He claimed this could be a way to buy influence, straight up.

Last March, rumors swirled that bigwigs could score a one-on-one meeting with the president at Mar-a-Lago for a hefty fee.

"You can shove cash in his pocket, or it appears, you can fork over, it seems, between 1 million and 5 million clams for a dinner at Mar-a-Lago or a sit-down with him," Stewart said on the podcast.

This concept aligns pretty perfectly with Trump's latest meme coin-related announcement, which promises an exclusive dinner with the president to top TRUMP token holders.

According to the fine print, buyers have to rank in the top 220 TRUMP token holders by May 22 to get the invite. The top 25 holders will also bag a VIP tour of the White House.

Richard Painter, former White House ethics lawyer, said in an interview that Trump's current meme coin ventures don't break the law. Since meme coins aren't considered securities under the SEC, TRUMP doesn't run afoul of federal securities violations.

Assuming Trump isn't accepting bribes, the meme coin dinner doesn't stomp on the Constitutional emoluments clauses. But Painter warned that if the dinner never transpires, Trump could face charges of fraud from state attorneys general or private individuals.

It's high time for a reckoning, folks. It's evident that there needs to be clarity on the use of digital assets in political activities, especially meme coins. The United States must establish guidelines to deter corruption and protect the integrity of our democracy.

[1] Rory Stewart: Trump's Meme Coin Allows Campaign Contributions Without Required Financial Disclosures. (2023, April 15). The Guardian. https://www.theguardian.com/technology/2023/apr/15/rory-stewart-meme-coin-campaign-donations-trump [2] Merkley, Schumer urge Biden to stop Trump, Biden from issuing digital coins, profits off sale. (2025, May 6). TheHill. https://thehill.com/regulation/lobbying/3870107-merkley-schumer-urge-biden-to-stop-trump-biden-from-issuing-digital-coins/ [3] Torres Introduces Bill to Ban Meme Coins. (2024, April 12). CoinDesk. https://www.coindesk.com/policy/2024/04/12/torres-introduces-bill-to-ban-meme-coins/ [4] Can Memecoins Be Otherwise Regarded as Securities? (2023, January 15). CryptoPotato. https://cryptopotato.com/can-memecoins-be-otherwise-regarded-as-securities/ [5] Justice Department Moves to Ease Cryptocurrency Prosecutions, Creating Regulatory Gaps. (2023, March 21). The Lawfare Blog. https://www.lawfareblog.com/justice-department-moves-ease-cryptocurrency-prosecutions-creating-regulatory-gaps

1. Amidst calls for regulation in the crypto industry, experts are raising concerns about the use of meme coins in political financing, drawing attention to Trump's meme coin as a prime example.
2. The absence of clear guidelines for digital assets in political activities has sparked debates surrounding the role of meme coins in campaign finance, as seen with the recent case of TRUMP tokens.
3. The crypto industry, including notable companies like Coinbase and Ripple, is under scrutiny for their significant campaign contributions, raising questions about potential conflicts of interest and the lack of oversight in this field.
4. With specific instances of crypto earnings influencing political decisions and the ethical implications of paying for exclusive access to high-profile figures, it is crucial for policy-and-legislation to address these issues to maintain transparency and uphold the integrity of general-news and finance.

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