Law News is making the case that Cohen's admission to the payment could lead to criminal charges against himself and possibly the President.
They explain this is very similar to the John Edwards case where Edwards recieved outside money that he used to pay off someone he had an affair with during his candidacy for President. Such money, federal prosecutors argued, should be viewed as campaign contributions and would have been in excess of what's allowed for individual contributions.
Edwards claimed he didn't know about the payments which Cohen is arguing for Trump. And though that was enough for a jury to acquit Edwards on one charge and a hung jury on four others, it wasn't enough to not have charges filed in the first place.
Now Cohen is maintaining it was a lawful transaction that had nothing to do with the campaign. Problem is the payment came while Trump was seeking the Presidency so the question becomes why he made the payment, which he hasn't revealed. If it was made to benefit Trump as hush money then it very well could be considered a campaign contribution, would be in excess of what's allowed for an individual donation, and could lead to other charges like fraud and Cohen's disbarment.
Very interesting stuff here, but someone actually has to go to the trouble of investigating this further and pressing charges.