Congress Targets Meme Coins: TRUMP Token Ban on the Table?
According to reports, legislation that would prohibit the issue of meme coins, such as President Donald Trump’s Official Trump (TRUMP) token, is scheduled to be considered by the US Congress. The Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would forbid public officials from making prohibitions on digital assets, is about to be introduced by House Democrats. On February 27, California Representative Sam Liccardo told ABC News of this information.
Any type of digital asset, commodity, or security would be prohibited for a wide range of public agencies and related individuals to issue, promote, or endorse under the proposed law. Liccardo underlined that the American people own public offices and that public servants shouldn’t be permitted to abuse their position of authority for private benefit. He also reiterated his call for the criminalization of corruption.
Will the MEME Act End Political Crypto Trading? House Democrats Take Action
The president, vice president, members of Congress, senior executive branch officials, their spouses, and dependent children will all be impacted by the MEME Act, which is anticipated to be introduced on February 27. Twelve Democratic sponsors are attempting to garner bipartisan support for the initiative, according to Liccardo.
The Trumps’ issuance of memecoins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the executive branch,
Liccardo
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