Former UK Minister of State Rory Stewart said today that Trump’s meme coin allows campaign contributions without the required financial disclosures.
Stewart discussed the topic on a podcast he co-hosts, denouncing Trump’s use of meme coins for private gain as a “disgusting” form of corruption.
Is Trump’s Meme Coin A New Form of Influence?
In an episode of his “The Rest is Politics” podcast aired this morning, Stewart outlined how Trump’s meme coin can be used to make campaign contributions, arguing that it’s a novel way for influential figures and prominent businesses to influence Trump’s political decisions.
Stewart posited that because the crypto industry in the US remains largely unregulated, Trump can receive these contributions without any financial accountability.
“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 what it is is an amazing way of making campaign contributions,” Stewart said on the podcast.
He highlighted a particular example that surfaced earlier this week. Javier Selgas, the CEO of North American shipping company Freight Technologies Inc., unveiled a $20 million investment in TRUMP tokens.
Since the company is publicly listed, the stock exchange requires it to disclose how it’s spending its money.
“In his SEC filing, he says this is a sensible business decision because it’s advocacy for the business interests of [his] company for a free trade deal,” Steward added.
The company’s official news release confirms these intentions. Stewart offered other instances suggesting President Trump uses meme coins to encourage others to curry his favor.
Concerns Over Financial Gain and Political Favor
At one point in the podcast, Stewart expressed amazement at how the US President leverages his crypto ventures for political and financial gain.
“The corruption of Trump is beyond imagining. It’s so staggering that we can barely keep up with it,” he said, adding, “It’s incredibly straightforward – essentially a transfer directly to Donald Trump’s bank account from any foreign dignitary [or] businessman in the world, and we can already see that when you make these transfers, court cases disappear, [and] contracts are given.”
Stewart implicitly referenced crypto firms like Coinbase and Ripple, which donated millions to Trump’s presidential campaign before the 2024 elections. Public Citizen previously reported that each spent roughly $50 million in campaign financing.
In March, the SEC dropped civil lawsuits against Coinbase and Ripple. The news immediately raised eyebrows over conflicts of interest concerns.
Stewart further pointed out the ability to pay millions for a private dinner with Trump. He asserted this could be a way to buy access and influence.
Mar-a-Lago Access for High Donors
Last March, reports emerged stating that business leaders can secure a one-on-one meeting with the president at Mar-a-Lago for a substantial fee.
“You can give him cash directly, or you can pay, it appears, between 1 million and 5 million dollars for a dinner at Mar-a-Lago or a meeting with him,” Stewart said on the podcast.
This opportunity closely mirrors Trump’s latest meme coin-related announcement, which offers an exclusive dinner with the president to top TRUMP holders.
According to the official rules, buyers must be in the top 220 TRUMP token holders by May 22 to qualify for the dinner. The top 25 holders will also receive a VIP White House tour.
Does the Current System Adequately Regulate Crypto in Politics?
Last week, in an exclusive interview with BeInCrypto, former White House ethics lawyer Richard Painter stated that Trump’s current meme coin ventures do not break the law.
Since meme coins are not considered securities under the SEC, TRUMP does not constitute federal securities violations.
According to Painter, assuming Trump isn’t taking bribes, the meme coin dinner doesn’t breach the Constitutional emoluments clauses. However, he warned that if the dinner doesn’t happen, Trump could face fraud charges from state attorneys general or private individuals.
In today’s interview, Stewart added that, during his time in office, Trump suspended a series of laws that only intensified existing concerns over conflicts of interest.
“The protections that the US set up to try to deal with this are, of course, laws, which Trump has suspended. There are laws of Foreign Agents Act, which was about trying to prevent Russian agents or Cuban agents paying American politicans– that’s been paused by Trump. Foreign Corrupt Practices Act, that’s about companies going abroad and paying bribes. Trump has frozen that too. Consumer Protection Acts– frozen by Trump,” Stewart said.
Stewart’s comments illustrated the growing need for clarity regarding using digital assets in political activities, particularly meme coins.
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