Trump’s Gilded Age: Pay-to-Play Politics and the Ballrooms of Influence

The gilded age re-emerges in modern politics

Scholars describe how fundraising and access in the Trump era echo late 19th century patterns. Public filings show the Maga Pac pulling in about $300m in 2025, with the ballroom project raising an estimated $350m. Donors and political action committees reportedly expect favorable moves, less regulation, or favorable outcomes in deals and investigations.

Donors and projects that shape policy

Crypto and tech donors provided seven- and eight-figure gifts to support Trump and his ventures, including World Liberty Financial, launched in 2024. Notably, Elon Musk donated $290m to aid his campaign efforts and was tapped for a broader department of government efficiency drive.

Ballroom as a fundraising and policy lever

The White House East Wing renovation, a private dinner at a golf club that drew donors, and a mammoth 90,000 sq ft ballroom are framed as architectural revival but are tied to donor access, defense contracts, and regulatory shifts. Tech and defense firms have figures connected to funding and policy outcomes.

Crypto links and regulatory shifts

The administration backed crypto friendly orders and the Genius Act to regulate stablecoins, while donors to the campaigns gained access and potential pardons. Binance founder Zhao’s pardon drew scrutiny as the crypto industry faced fewer constraints in various measures and oversight.

Expert ethics perspectives

Law and ethics scholars warn that money and power intertwined with policy resemble a gilded age. Noble and Briffault note conflicts of interest and erosion of trust, while Warren and Blumenthal seek transparency and accountability.

What readers can do and discuss

Engage with these topics: share opinions, read watchdog reports from OpenSecrets and Guardian investigations, and consider how campaign finance rules could be strengthened. Explore related content on policy reforms and crypto literacy.