House Democrats are set to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, a direct transfer in opposition to meme cash like TRUMP and MELANIA. The proposed MEME Act would prohibit politicians and their households from creating or selling such cash.
Democrats To Introduce MEME Act To Oppose Political Meme Coins
According to an ABC News report, Democrat Rep. Sam Liccardo will introduce the MEME Act to ban the highest US authorities officers and their households from creating and capitalizing on private meme cash. Specifically, the invoice would prohibit the president, vice chairman, Congress members, senior government department officers, their spouses, and dependent kids from issuing, sponsoring, or endorsing a safety, commodity, or digital asset.
This proposed invoice immediately opposes political meme cash like TRUMP and MELANIA, which US President Donald Trump and First Lady Melania Trump promoted simply earlier than Trump’s inauguration earlier this 12 months. Liccardo informed ABC News that he believes that the president and first woman profited from their respective meme cash and enriched earlier buyers.
However, the Congressman believes such a transfer from authorities officers is improper. He acknowledged that public workplaces belong to the general public, not the officeholders, and as such, such people shouldn’t leverage their political authority for monetary acquire. He additionally remarked that Trump’s issuance of meme cash financially exploits the general public for private features and raises issues of insider buying and selling and exterior affect on the chief department.
Although nonetheless one of many top meme coins, the official Trump coin has tanked in worth. It is presently buying and selling at round $12 and down over 80% from its all-time excessive (ATH) of $75.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto information author and editor who has coated subjects that minimize throughout DeFi, NFTs, sensible contracts, and blockchain interoperability, amongst others. Boluwatife has a knack for simplifying probably the most technical ideas and making it simple for crypto newbies to know. Away from writing, He is an avid basketball lover and a part-time degen.
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