Donald Trump's Meme Coin Could Potentially Serve as a Political Bribery Tool, According to Former UK Parliament Member's Alarm.
Spilling the Beans on Trump's Meme Coin Shenanigans:
Ex-British Minister Rory Stewart lit a fuse today, declaring that Trump's meme coin allows campaign contributions sans the mandatory disclosures. In an eyebrow-raising podcast discussion, Stewart branded Trump's utilization of meme coins for personal profit as a sleazy form of corruption.
Stirring the pot, Stewart suggested that Trump could leverage his meme coin to receive anonymized contributions, capitalizing on the crypto industry's lax US regulations. "He doesn't reveal a dime of the greenbacks that come in, neither does he disclose the revenue he rakes in," Stewart clarified on the podcast.
Javier Selgas, the top-dog of North American shipping company Freight Technologies Inc., recently pledged a whopping $20 million in TRUMP tokens as a testament. As a publicly listed corporation, the stock exchange compels it to exposit where its cash flow streams. Selgas listed this investment as a logical business decision, citing advocacy for the company's business interests regarding a free trade deal.
Stewart raised red flags across the spectrum, pointing out Trump's habit of exploiting his crypto endeavors for financial and political gain. "The Donald's corruption transcends the wildest imaginations. It's so staggering that we're struggling to keep up," he quipped, further emphasizing, "It's a direct transfer of cash to Trump's personal checking account from any foreign dignitary or money-scatterbrain worldwide."
Stewart reminisced about crypto firms like Coinbase and Ripple contributing hefty sums to Trump's presidential campaign before the 2024 elections. Public Citizen previously revealed that each shelled out approximately $50 million for campaign financing.
In An March, the SEC called off civil lawsuits against Coinbase and Ripple, sparking a broil over conflicts of interest concerns. Stewart flung more fuel on the fire, implying possible payoffs for private dinners with Trump, serving as a means to pump cash and secure sway.
Last March, rumors swirled that business tycoons could score a private tête-à-tête with the president at Mar-a-Lago for an impressive fee. "For a dash of cash, or for what seems like an eye-popping payment between $1 million and $5 million for a dinner with the president, or a confab with him," Stewart quipped on the podcast.
In striking similarity to the latest meme coin-related announcement, Trump offered an exclusive dinner for top TRUMP token holders. The rules stipulate that buyers must rank among the top 220 TRUMP token holders by May 22 to be eligible for the dinner. The elite 25 holders would score a VIP White House tour.
Former White House ethics lawyer Richard Painter previously suggested that Trump's meme coin ventures don't run afoul of the law. As meme coins are not regarded as securities under the SEC, TRUMP doesn't incur federal securities violations. However, Painter cautioned that failure to host the dinner might lead Trump to face fraud charges from state attorneys general or private individuals.
Stewart chimed in, arguing that Trump gutted a plethora of protection measures during his tenure to try to tackle conflicts of interest, relinquishing the Foreign Agents Act, the Foreign Corrupt Practices Act, and Consumer Protection Acts. "Protections that the US set up to handle this are, of course, laws. These, Trump has suspended," Stewart added.
In a nutshell, Stewart's comments underscored the need for clarification when it comes to employing digital assets in political activities, particularly meme coins. So keep your eyes peeled, and your wallets ready as the crypto- political drama unfolds!
- Rory Stewart, the ex-British Minister, stated that Trump's meme coin allows for campaign contributions without mandatory disclosures.
- Stewart accused Trump of using meme coins for personal profit, branding it as a sleazy form of corruption.
- Javier Selgas, the CEO of Freight Technologies Inc., pledged $20 million in TRUMP tokens, citing it as a business decision for advocating the company's interests.
- Stewart expressed concern over Trump exploiting his crypto endeavors for financial and political gain, stating that foreign dignitaries or anyone could transfer cash to Trump's personal account.
- Coinbase and Ripple were previously reported to have donated around $50 million each to Trump's presidential campaign.
- In a move similar to Trump's meme coin, elite TRUMP token holders are offered exclusive dinners and VIP White House tours, raising questions about potential conflicts of interest and possible payoffs for private meetings with Trump.
