When Donald Trump unveiled a meme coin a few days before his second inaugural, the ethical mess was obvious. The Campaign Legal Center’s Adav Noti explained at the time, “It is literally cashing in on the presidency — creating a financial instrument so people can transfer money to the president’s family in connection with his office. It is beyond unprecedented.”

But when the president and his partners launched a contest of sorts last month, it took the story to a new level: Those interested in investing in Trump’s meme coin — and by extension, giving the president money — were told they’d have a chance to win special access to Trump and the White House.

Democratic Sen. Chris Murphy of Connecticut said of the scheme,…