Rory Stewart Says Trump's Meme Coin Allows Campaign Contributions Without 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.

Former UK Minister of State Rory Stewart has slammed the corruption he sees in the US political system, specifically highlighting the legal loopholes that allow foreign businesses to fund politicians through meme coins without financial disclosure.

While discussing the topic on a podcast he co-hosts, Stewart went on to express disgust at the blatant corruption he sees in the Trump administration, noting how the former president is using meme coins for private gain.

Is Trump’s Meme Coin A New Form of Influence?

In an episode of his “The Rest is Politics” podcast this morning, Stewart discussed how Trump’s meme coin can be used to make campaign contributions. He argued that it’s a novel way for influential figures and prominent businesses to influence Trump’s political decisions.

The minister claimed 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,” said Stewart.

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He pointed to a particular example that surfaced earlier this week. Javier Selgas, the CEO of North American shipping company Freight Technologies Inc., announced 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,” said Stewart.

The company’s official news release confirms these intentions.

Stewart offered other instances that suggest President Trump is using meme coins to encourage others to curry his favor.

Concerns Over Financial Gain and Political Favor

At one point in the podcast, Rory Stewart expressed astonishment at how the US President is juggling his crypto ventures with political and financial gain.

“The corruption of Trump is beyond imagining. It’s so staggering that we can scarcely keep up with it. 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,” he said.

The minister was likely referring to crypto firms like Coinbase and Ripple, which donated millions to Trump’s presidential campaign ahead of the 2024 elections. According to Public Citizen, each firm spent around $50 million in campaign financing.

In March, the SEC dropped civil lawsuits against both firms. The news sparked immediate concern over potential conflicts of interest.

Stewart went on to highlight the ability to pay millions for a private dinner with Trump, asserting that this could be a way to buy access and influence.

Mar-a-Lago Access for High Donors

Last March, reports stated 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,” said Stewart.

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?

In today’s interview, Stewart went on to say that, during his time in office, Trump suspended a series of laws that only serve to heighten 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,” said Stewart.

The minister’s comments highlight the pressing need for clarity regarding using digital assets in political activities, particularly meme coins.