A brand new invoice is making its method via the US Congress, in a bid to stop politicians from launching their very own cryptocurrency cash. This transfer comes after many buyers misplaced cash big-time on the TRUMP meme coin, which is related to US President Donald Trump. The coin’s wild trip has made individuals marvel if politicians needs to be allowed to create and promote these sorts of economic belongings.
The Rise And Fall Of TRUMP Coin
Last month, the TRUMP meme coin and one other coin linked to Melania Trump turned prompt sensations. Both shortly hit big milestones, boasting multi-billion-dollar valuations simply hours after they debuted.
But the joy didn’t final. The value of TRUMP coin took a nosedive. It fell greater than 80% from its highest level. Many individuals who purchased the coin ended up shedding some huge cash. This scenario has caught the eye of regulators and finance officers.
HOUSE DEMOCRATS INTRODUCE MEME ACT TO BAN OFFICIALS FROM PROMOTING CRYPTO MEME COINS
– In response to President Donald Trump’s latest launch of a meme coin, House Democrats have launched the Modern Emoluments and Malfeasance Enforcement (MEME) Act.
– This laws goals to… pic.twitter.com/cu4gM2o9wY
— BSCN (@BSCNews) February 27, 2025
A New Law Called The MEME Act
California Rep. Sam Liccardo is main the cost with a new bill. It’s referred to as the MEME Act, which stands for Modern Emoluments and Malfeasance Enforcement Act. The thought is straightforward: cease the President, Vice President, members of Congress, high-ranking authorities officers, and their households from endorsing, issuing, or sponsoring monetary belongings, together with meme cash.
Liccardo believes that the Trump household took benefit of their political place to make cash off these cryptocurrencies. He argues that they used their affect for private acquire. The objective of this legislation is to maintain federal officers from cashing in on digital belongings. This contains issues like shares or cryptocurrencies. This is necessary as a result of it may create conflicts of curiosity or open the door to corruption.
Worries About Trading And Foreign Influence
Liccardo is worried about the potential of insider buying and selling. Also, he’s apprehensive about overseas affect over US politics. Cryptocurrencies have a world attain, which makes them susceptible. The MEME Act is designed to stop federal officers from utilizing their positions to revenue from these belongings, thus conserving their pursuits aligned with the general public good.
For instance, if a politician is aware of about upcoming rules that might have an effect on the worth of a cryptocurrency, they may use that info to make a revenue earlier than the general public is aware of. This is unfair and erodes belief in authorities.
What’s Next For The Bill?
The MEME Act faces a troublesome street forward. Republicans presently management each the House and the Senate. This means it is going to be troublesome for the invoice to achieve assist. However, Liccardo is decided to maintain pushing the invoice ahead. He hopes to get wider assist if Democrats acquire a majority in the long run.
Featured picture from Pexels, chart from TradingView
