NYU professor Scott Galloway on Thursday detailed a “transnational oligarchy”

G. Galloway and CNN host Anderson Cooper were discussing the $TRUMP cryptocurrency meme coin, which Trump released on Jan. 17, three days before his inauguration as the 47th president of the United States.

New York University professor Scott Galloway on Thursday discussed the $TRUMP cryptocurrency meme coin and argued that it’s fuelling a “transnational oligarchy” which is protected by “proximity” to President Donald Trump.

Galloway and CNN host Anderson Cooper were discussing the meme coin, which Trump released on Jan. 17, three days before his inauguration as the 47th president of the United States.

As Cooper noted, Trump’s meme coin “rose more than 60 percent on Wednesday” after the president offered “the most EXCLUSIVE INVITATION in the world” to the top 220 investors in his meme coin, Fox News reports.

“The top 25 are further promised what's being billed as an exclusive reception with the president before dinner and a special VIP tour the following day,” Cooper reported.

Cooper, detailing the recent coin developments, asked Galloway if it’s “pay to play” to essentially offer access to the president based on meme coin purchases.

“We see it everywhere,” Galloway said, arguing the same is true for music festivals like Glastonbury and Coachella.

“But what we’ve never seen is that you can buy access like this to the president on this kind of scale, where essentially he's opened a Swiss banking account and whoever's put in the most money into that Swiss banking account gets invited to a dinner at one of his country clubs. The potential here for grift is just unprecedented. We've never seen anything like this.”

The NYU professor noted Trump “has increased his wealth approximately $175 million a week … or 700 million a month” via his meme coin.

“We’ve never seen anything like this. I think what this signifies is a lot of people have argued, correctly, with some veracity, that America has been for sale for a long time. There’s a lot of corruption in Washington. But we've never had the world for sale before. Just the potential here for corruption on a geopolitical global scale, we've never seen anything like this.”

“I also want to acknowledge that there's been grift on both sides,” Galloway later said. “I would argue that Democrats are corrupt for thousands or hundreds of thousands, and the president has decided to be corrupt for billions. So to a certain extent, you can admire that he's decided to be corrupt for a much greater dollar amount. This is just going to take the wealth of every almost every American down who doesn't have proximity to the president. This is corruption, and it makes us less wealthy.”

“To a certain extent, just the level of brazen hypocrisy here is just it's it's noxious. And I think it goes to a larger issue here … and that is I worry that there's a kind of an emerging cohort of what I call the 'transnational oligarchy' that can buy their own schooling, their own health care, their own rights. They're sort of, if you will, they're protected by the law, but they're not bound by it. Whereas the bottom 99 percent are bound by the law but no longer protected by it.

“And I believe that these transnational oligarchs who get their wealth from proximity to the president, don't have as vested interest in maintaining the Constitution or enforcing our Bill of Rights, because they essentially have their own democracy by virtue of their wealth, which separates them from the rest of us and creates a lack of fidelity to the Constitution.”