In a move addressing the intersection of politics and cryptocurrency, House Democrats have introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act. Spearheaded by California Representative Sam Liccardo, the legislation aims to ban public officials and their families from issuing, sponsoring, or endorsing digital assets, including memecoins.
Legislative Details
The MEME Act seeks to prevent the President, Vice President, members of Congress, senior executive officials, and their immediate families from profiting off digital assets. This initiative comes in response to former President Donald Trump’s launch of the $TRUMP memecoin on January 17, 2025, shortly before his inauguration.
Representative Liccardo emphasized the need for such legislation, stating, “Let’s make corruption criminal again.” He highlighted concerns about transparency, potential insider trading, and foreign influence associated with public officials promoting digital assets.
$TRUMP Memecoin Controversy
The $TRUMP token experienced an initial surge, reaching a peak market value of over $14.5 billion by January 19, 2025, but has since declined by approximately 66%.
Critics argue that the Trump family’s involvement in such ventures raises ethical concerns and potential conflicts of interest. A forensic analysis revealed that while Trump’s entities profited nearly $100 million from trading fees, over 813,000 wallets collectively lost $2 billion trading the $TRUMP coin.
Broader Implications
The MEME Act, supported by a dozen Democratic sponsors, aims to curb the financial exploitation of political authority. While its passage in a Republican-controlled Congress remains uncertain, the bill signifies growing concern over the fusion of politics and cryptocurrency.
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