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Former UK Minister of State Rory Stewart said today that Trump’s meme coin allows campaign contributions without the 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.
💥 Is Trump’s Meme Coin A New Form of Influence?
In an episode of his “The Rest is Politics” podcast aired this morning, Stewart outlined how Trump’s meme coin can be used to make campaign contributions, arguing that it’s a novel way for influential figures and prominent businesses to influence Trump’s political decisions.
Stewart posited 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,” Stewart said on the podcast.
He highlighted a particular example that surfaced earlier this week. Javier Selgas, the CEO of North American shipping company Freight Technologies Inc., unveiled 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,” Steward added.
The company’s official news release confirms these intentions. Stewart offered other instances suggesting President Trump uses meme coins to encourage others to curry his favor.
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