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Trump's Meme Coin Raises Concerns Over Political Influence

Coin WorldWednesday, May 7, 2025 3:09 pm ET

2min read

Former UK MP Rory Stewart has raised concerns about the potential misuse of Trump’s meme coin, suggesting that it could facilitate undisclosed campaign contributions and enrich the . Stewart’s critique centers on the idea that these meme coins might serve as tools for businesses and foreign actors to influence Trump’s political decisions without any accountability.

Stewart’s concerns were articulated in a recent episode of his podcast, “The Rest is Politics,” where he discussed how Trump’s meme coin system allows for contributions without the necessary disclosures. He pointed out that Trump does not declare the money that comes in or the revenue he gets from it, making it an extraordinary avenue for campaign contributions. Stewart highlighted the case of Javier Selgas, CEO of Freight Technologies Inc., who invested $20 million in TRUMP tokens, as an example of how traditional businesses can use meme coins to gain political favor while complying with regulatory frameworks.

Stewart also elaborated on the potential for personal and political gain through Trump’s crypto ventures. He noted that significant financial investments by firms such as Coinbase and Ripple, which cumulatively exceeded $100 million before the 2024 elections, raise concerns about perceived corruption. The termination of civil lawsuits against these firms by the SEC earlier this year further complicates the issue. Stewart also mentioned that individuals willing to pay hefty sums for private dinners with Trump could be buying access and influence, highlighting the deeper issue within political fundraising.

Reports indicate that substantial financial contributions could grant business leaders private meetings at Mar-a-Lago. Stewart noted that individuals can give cash directly or pay between $1 million and $5 million for a dinner or meeting with Trump. This practice is correlated with Trump’s recent announcements involving dinners for significant TRUMP token holders. According to the official guidelines, those qualifying must be within the top 220 TRUMP token holders by May 22 to partake in this exclusive dinner, with the top 25 holders also receiving a VIP tour of the White House.

Former White House ethics lawyer Richard Painter argued that Trump’s meme coin ventures do not violate any existing laws because meme coins lack classification as securities under the SEC’s guidelines. However, Painter warned that if the promised dinner with top token holders does not transpire, Trump could face legal repercussions, including fraud claims from state attorneys general. This scenario underscores the urgent necessity for regulatory clarity regarding the involvement of digital assets in political activities.

Stewart concluded by emphasizing the crucial role that regulations play in addressing the ethical considerations surrounding the political use of digital assets, particularly when involving meme coins. The concerns raised by Stewart and Painter highlight the need for greater transparency and accountability in the use of meme coins in political fundraising and decision-making.

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