Fast forward to last week, and guess who hosted a dinner for the big kahunas of the TRUMP meme coin? Sounds like a quirky headline, right? This isn’t digital assets flex by some eccentric billionaire. This might be a glimpse into the future of political fundraising. Yet, it poses significant ethical issues.

Buying Influence With Crypto?

Think about it. The TRUMP coin dinner contest was a unique chance to rub elbows with a major political player. How much access you had was determined by the number of meme coins in your wallet. Is this really what we want our political system to look like? Are we really on the verge of a dystopian reality where political influence is literally based on how much money you have in your crypto wallet? This isn’t just making a donation to get a candidate you believe in elected, this is purchase an audience with them.

The even scarier part is that all the participants, including those ranked in the top 220, receive NFTs as prizes. It makes a mockery of real solidarity by turning that into a mere transactional favor. A limited-edition “Diamond Hand” NFT will be offered, promoting the ongoing retention of TRUMP tokens beyond the dinner. This strategy would be able to artificially inflate the price of the TRUMP token.

This isn't just about Trump, either. Because this model, if successful, would be the sort of thing any smart politician of any party would want to replicate. Imagine a future where political campaigns are funded primarily through meme coins and NFTs, with access and influence granted to the biggest digital hoarders. It's a deeply unsettling prospect. The "Next Era of TRUMP," a rewards points program for holding TRUMP tokens, is a way to keep the audience engaged.

Transparency? What Transparency?

One of the largest concerns with using cryptocurrency as a means of political fundraising is their anonymity. Blockchain technology is too often lauded solely for the transparency it fosters. It can obscure the origin of money. How can we be sure that foreign actors aren’t using this new technology to manipulate our elections? How do we follow the money and uphold the rule of law to hold people accountable?

The current regulatory landscape is completely unprepared for how to address these concerns. It’s essential that we have uniform, clear, admirable, and most importantly enforceable rules that would govern the use of cryptocurrency in political fundraising. There are now mandatory disclosure requirements. There are limits on the value of crypto that can be donated, as well as other safeguards to ensure foreign interference doesn’t happen.

Do not ignore the grinding accusations surrounding this occurrences. They’ve ignited claims of graft, cronyism, political corruption and even the opening of insider trading opportunities from those former fundraiser filled dinners. All of these allegations are unproven. Even beyond that, they underscore the risk of abuse that comes when money and politics mix in the shadowy world of cryptocurrency.

Leaving Small Donors Behind?

Though the ethical implications are huge, beyond that is the matter of accessibility. Traditional political fundraising, while flawed, at least allows individuals with modest means to contribute and feel like they're participating in the democratic process. How does the little guy bend elbows with the whales-based system that was rigged in advance to support bigger crypto portfolios? It’s difficult terrain to tread.

Together, this kind of fundraising in turn risks establishing a dangerous two-tiered political system. In this case, the wealthy wield disproportionate power as the public outcry of average Americans is silenced. It deepens disparities, further damaging communities already hurt by inequities, and it undermines public confidence in our institutions even more. The TRUMP meme coin has gone up almost 50% in value during the last month. Unfortunately, the only people benefiting from this arrangement are the coin’s owners.

The gala dinner, set to be held in just 10 days, will be the real litmus test. Or will it be a look into what’s to come, as politics becomes more and more overtaken by the influence of crypto and NFTs? Will this be our wake up call? Then let’s hold all those involved in the process to a higher standard. Greater transparency, accountability, and fairness we must require for our political system.

It would be tempting to write this off as a Trump-era sideshow, a freakish oddity for those who got lost in the political weeds. I think it's something far more significant: a warning sign that we need to act quickly to protect the integrity of our democracy. If we don’t act now, we’re going to find ourselves in a dystopia where political access and influence is traded like a virtual currency. This would effectively drown out the voices of everyday Americans. Perhaps of greatest note, it’s interesting that the “Diamond Hand” NFT will use the Solana blockchain. This large detail doesn’t change the controversy surrounding the whole quid pro quo process.

We need to ask ourselves: Are we comfortable with this future? Because if we’re not, then we must begin to hold our leaders accountable today to make that a reality.