Illustration by Gustavo Magalhães

In the months leading up to the 2024 presidential election, political ethics watchers, an endangered breed, worried about the increasing number of ways in which Donald Trump seemed to be for sale. “Trump keeps creating avenues for people to quietly give him money,” ran a Washington Post opinion headline, referring to the glitzy, $100,000 watches that Trump had recently presented for sale—purchasable with bitcoin.

Steve Benen, an MSNBC columnist, suggested a dark scenario: “A hypothetical wealthy donor wants to give the former president a $100,000 donation—far in excess of the legal limit—so he or she buys an expensive watch. At that point, the nominee could take his cut and write a comparable check in support of his candidacy, since there is no legal limit on what candidates can spend on their own campaigns.”

In the era of unlimited super PAC giving—when Elon Musk could throw hundreds of millions of dollars; the influence of X, the social media platform he owns; and his personal celebrity behind Team Trump with barely a regulatory hiccup—these concerns seemed practically […]

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