I don’t know if he’s got a ploy, maybe a bad one. The other type of campaign finance violation is still quite serious, if it’s willful. They could argue not reporting the debt / repayment is because only Cohen could have known that it constituted a campaign contribution. It’s pretty crazy, though. Trump said on April 5 he didn’t know, then, where Cohen got the money for the payment. Simultaneously, this is revealed as a blatant lie, while also becoming the preposterous “truth” necessary to making the whole scheme hold together, legally. That he reimbursed without knowing what it was for, until just recently.
The funny part is that the president and his lawyer are hashing out their legal strategy via TV news interview and tweet.