Trump's 'Pay-to-Play' Politics Fuels a New Gilded Age, Experts Warn
Donald Trump's transactional approach to governance and fundraising is ushering in a new Gilded Age, according to scholars and analysts, where wealthy donors to his political causes reap significant political and financial rewards. This style, described as "pay-to-play," has seen major contributors benefit from lax regulations, federal contracts, and other advantages, intertwining money and political power in unprecedented ways.
Unprecedented Fundraising and Influence
Trump's Super Political Action Committee (PAC) raised a staggering $300 million in 2025, with expectations that these funds will primarily support the 2026 midterm elections to maintain Republican control of Congress. Concurrently, his lavish White House ballroom project has garnered $350 million in donations. Ethics experts argue that this fundraising, coupled with policy decisions favouring donors, mirrors the excesses of the late 19th century Gilded Age, known for its robber barons and government corruption.
Larry Noble, a former general counsel at the Federal Election Commission, stated, "Trump's unprecedented fundraising for his MAGA PAC and his White House ballroom vanity project from wealthy donors and corporate interests who stand to benefit from his administration's decisions are among the most recent examples of how he views governance as a pay-to-play business." Noble emphasised that contributors often expect a substantial return on their investment, whether through halted investigations or approved business deals.
Crypto Industry as a Prime Beneficiary
The cryptocurrency sector stands out as a major winner under the Trump administration. While making multi-million dollar donations to Trump's Super PAC and ballroom project, the industry has enjoyed strong administrative backing. Notably, Trump and his family launched their own crypto venture, World Liberty Financial, in late 2024, which has reportedly added billions to their net worth.
Trump's shift from criticising cryptocurrency as a "scam" to promoting it during his 2024 campaign has been marked by executive orders easing regulations and oversight by the Securities and Exchange Commission. He also supported the Genius Act, a bill establishing a regulatory framework for stablecoins, in which World Liberty Financial holds significant stakes.
Cornell economist Eswar Prasad highlighted concerns, saying, "Trump and his family have hardly been shy about cozying up to crypto tycoons, and have been quite brazen in their pay-for-play approach to this sector. Crypto executives willing to provide financial support to the Trump family's crypto-related ventures have received access to the president and top officials, favorable regulatory rulings, and even pardons when convicted of crimes."
High-Profile Donors and Their Gains
Elon Musk, the world's richest man, donated a record $290 million to support Trump's election and was appointed to lead efforts to reduce federal workforce and spending. His net worth soared by approximately $200 billion during Trump's tenure, with SpaceX securing billions in Pentagon contracts.
Other top donors include:
- OpenAI president Greg Brockman and his wife, contributing $25 million.
- Foris Dax Inc, the US arm of Crypto.com, donating $30 million.
- Binance, Nvidia, shale oil billionaire Harold Hamm, and the Winklevoss twins of Gemini.
A report from Public Citizen noted that many seven-figure donors to the ballroom project have benefited from government contracts, reduced regulations, or other advantages under Trump, including companies like Lockheed, Meta, Google, Ripple, and Coinbase.
The White House Ballroom as a Symbol
Trump's proposed 90,000 square foot ballroom, estimated to cost up to $400 million, has become a microcosm of this new era. Funded privately, it aims to host state dinners and inaugurations, replacing temporary structures. To expedite the project, Trump fired all six members of the Commission on Fine Arts in October, later appointing loyalists, including the architect behind the initial designs.
In mid-October, Trump hosted a glitzy dinner at the White House for about 130 wealthy donors to the ballroom. Nvidia CEO Jensen Huang, who contributed around $1 million, praised the project as a "historic and national monument." Subsequently, Trump approved Nvidia selling a powerful chip to China and signed an executive order limiting state AI regulations, moves aligned with donor interests.
Ethical Concerns and Political Repercussions
Critics, including Democratic senators, have condemned these practices as emblematic of corruption. Senator Richard Blumenthal of Connecticut stated, "Trump appears to be using his massive $400 million gilded ballroom as a vehicle for corruption. At a time when Americans are struggling to afford healthcare and make ends meet, Donald Trump has spent his time cozying up to billionaires, big tech, and major corporations to solicit donations for a personal luxury."
Senator Elizabeth Warren added, "This is the most corrupt administration in history, and Donald Trump's gold-encrusted ballroom seems to be his latest tool for influence-peddling and bribery."
Former Republican Michigan representative Dave Trott echoed these sentiments, saying, "Trump surely has ushered in a new gilded age in America. Everything is for sale from pardons to the ballroom, and Trump does not care who gets hurt."
Trump's Defence and Future Implications
Trump and the White House have repeatedly denied any conflicts of interest, asserting that decisions are made with America's interests foremost. In a recent interview, Trump defended his family's business dealings, noting he never took a presidential salary and comparing his actions to those of George Washington.
However, with the 2026 midterm elections approaching, the political stakes are high. Trump has warned that losing the House majority could lead to impeachment, emphasising the need for Republican victory. His Super PAC aims to raise an additional $200 million before the elections to secure GOP control.
As Richard Briffault, a Columbia law professor, summarised, "What's striking is how close the 'winners' under Trump match the 'givers' to Trump. There may not be any explicit quid pro quos, but when you compare the winners with the givers you've got the essence of conflict of interest." This dynamic, experts warn, risks eroding public trust and deepening political inequities, echoing the contentious legacy of the original Gilded Age.
