Rory Stewart Warns of Political Bribery Risks with Trump's Meme Coin

Former UK Minister of State Rory Stewart has raised concerns about the potential misuse of Trump’s meme coin as a mechanism for political bribery. Stewart, who discussed the issue on his podcast, criticized the use of meme coins for private gain, describing it as a "disgusting" form of corruption. He argued that Trump’s meme coin could be used to make campaign contributions without the required financial disclosures, thereby allowing influential figures and prominent businesses to influence Trump’s political decisions.

Stewart highlighted the largely unregulated nature of the crypto industry in the US, which he believes enables Trump to receive contributions without any financial accountability. He cited an example where Javier Selgas, the CEO of North American shipping company Freight Technologies Inc., invested $20 million in TRUMP tokens. Selgas justified the investment as a business decision aimed at advocating for a free trade deal, as disclosed in his SEC filing. Stewart suggested that this investment was a means for Selgas to curry favor with Trump, potentially influencing his political decisions.

Stewart also expressed amazement at how Trump leverages his crypto ventures for political and financial gain. He described the corruption as staggering, noting that it allows for direct transfers to Trump’s bank account from foreign dignitaries or businessmen, leading to the disappearance of court cases and the awarding of contracts. He implicitly referenced crypto firms that donated millions to Trump’s presidential campaign, raising concerns about conflicts of interest.

Stewart further pointed out the ability to pay millions for a private dinner with Trump, asserting that this could be a way to buy access and influence. He mentioned that business leaders can secure a one-on-one meeting with the president at Mar-a-Lago for a substantial fee, mirroring Trump’s latest meme coin-related announcement. According to the official rules, buyers must be in the top 220 TRUMP token holders by May 22 to qualify for the dinner, with the top 25 holders also receiving a VIP White House tour.

Stewart’s comments illustrated the growing need for clarity regarding the use of digital assets in political activities, particularly meme coins. He noted that during his time in office, Trump suspended a series of laws aimed at preventing conflicts of interest, including the Foreign Agents Act and the Foreign Corrupt Practices Act. Stewart’s warnings underscore the potential for misuse of meme coins in political activities and the need for stricter regulations to ensure transparency and accountability.