Former UK minister Rory Stewart said today that Trump's meme coin allowed campaign contributions without the required financial disclosure.
Stewart discussed the subject in a podcast he co-host, criticizing Trump's use of coin meme for private gain as a “disgusting” form of corruption.
Is Trump's meme coin a new form of influence?
At a stage of his “The Rest is Politics” podcast released this morning, Stewart described how Trump's meme coin could be used to make campaign contributions, which focus on this novel way for influential numbers and well -known businesses to influence Trump's political decisions.
Stewart states that since the Crypto industry in the US remains irregular, Trump may receive these contributions without financial responsibility.
“He did not declare any of the money coming in, he did not declare any of the income he would get here. But what it was was an amazing -wonderful way of making campaign contributions,” Stewart told Podcast.
He featured a particular example that appeared earlier this week. Javier Selgas, the CEO of North American Shipping Company Freight Technologies Inc., has opened $ 20 million investment in Trump's tokens.
Since the company is publicly listed, the stock exchange needs it to reveal how it spends its money.
“In his SEC filing, he said it was a reasonable business decision because it was advocacy for the business interests of [his] Company for a free trade deal, ”Steward added.
The official release of the company's news confirms these goals. Stewart offers other opportunities suggesting President Trump is using coin memes to encourage others to curry his favor.
The financial income concerns and politics favor
At one point in the podcast, Stewart expressed the amazement of how the President of the United States enabled his crypto ventures for political and financial gain.
“Trump's corruption is not thought. It is so exciting that we can hardly maintain it,” he said, and added, “it is incapable -believers – essentially a move directly into Donald Trump's bank account from any foreign dignitic [or] Traders in the world, and we can see that when you make these transfers, lose cases in court, [and] Contracts are provided. “
Stewart explicitly consulted crypto companies such as Coinbase and Ripple, which gave millions of the Trump President's campaign before the election in 2024. The public citizen had previously reported that each had spent nearly $ 50 million in funding the campaign.
In March, the SEC dropped civil demands against Coinbase and Ripple. The news immediately raised eyebrows to conflicts of interest concerns.
Stewart even taught the ability to pay millions for a private dinner with Trump. He insists that this can be a way to buy access and influence.
Access to Mar-a-Lago for high donor
Last March, reports appeared to say that business leaders could save a one-one-meeting President Mar-A-Lago for a large fee.
“You can give him cash directly, or you can pay, it will appear, between 1 million and 5 million dollars for a Mar-A-Lago dinner or a meeting with him,” Stewart told Podcast.
This opportunity closely reflects the latest coin-related meme-related announcement, offering an exclusive dinner with the President to raise Trump holders.
According to official policies, consumers must be in the top 220 holders of the Trump token on May 22 to qualify for dinner. The top 25 holders will also receive a VIP White House tour.
Is the current system sufficient to regulate crypto politics?
Last week, in an exclusive interview with Beincrypto, former White House lawyer Richard Painter said the current meme coin ventures would not break the law.
Since the meme coins are not considered security under the SEC, Trump does not form federal security violations.
According to Painter, thinking that Trump was not taking a bribe, the meme coin dinner did not violate the clause that the Constitution's emoluments clauses. However, he warned that if dinner did not happen, Trump could face fraud charges from state lawyers general or private individuals.
In today's interview, Stewart added that, in his time in office, Trump suspended a series of laws that only intensified the existing concerns over conflicts of interest.
“The protections set by the US to try to deal with it are, of course, laws, that Trump has suspended. There are laws of foreign law agents, which are about trying to avoid Russian agents or Cuban agents who pay politicians in America – that Trump has stopped. Foreign skills, are about the companies that go abroad and pay trump. It's frozen too.
Stewart's comments describe the growing demand for clarity about the use of digital assets in political activities, especially coin memes.
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