The Cohen-Trump tape is interesting. Question 1 is whether it raises any legal issues. I've heard various commentators on this. In addition to the campaign finance issues, the most remarkable theory I've heard so far is that the two discuss setting up a company and financing it to pay off the magazine that had bought the story. If this involved lying to a bank about the purpose of any financing, then that could create legal liability.
I am not familiar with what must be shown to demonstrate a crime on these points, and so really have no opinion on it. It is interesting however.
The second question is whether this is going to have any political consequence for Trump. I really do not think so. The context of the audio certainly suggests that Trump was aware of what was going on and the discussion was about how they achieve the goal of putting the kibosh on the story. This directly contradicts Trump's prior statements that he knew nothing of it.
But, honestly, proof of Trump lying has become an every day thing. The Republican party, by and large, has made the decision to accept his very poor character and his lying. This is just another example of it. If it hurts him at all, it is with the never Trump part of the GOP that may one day turn out to vote against him in a primary. That seems unlikely. So I just don't think it matters politically.
Final point is that I do wonder if this is just the tip of the iceberg when it comes to these tapes. Trump sure does seem to be going out of his way today to bash Cohen and to discredit him. Its as though he suspects that far worse is just on the horizon. Others are hinting that to be the case.
Time will tell.