US Congressman pushes MEME Act to ban officials potentially profiting from memecoins
US Congressman pushes MEME Act to ban officials doubtlessly making the most of memecoins US Congressman pushes MEME Act to ban officials doubtlessly making the most of memecoins
The MEME Act drives debate on ethical boundaries for public officials within the rising digital asset dwelling.
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US Democratic Congressman Sam Liccardo introduced a bill on Feb. 27 to halt authorities officials and their households from making the most of cryptocurrencies, alongside with memecoins.
The proposed legislation, identified because the Contemporary Emoluments and Malfeasance Enforcement (MEME) Act, has received give a rob to from extra than one Democratic colleagues and is designed to “make corruption prison again.”
If handed, the bill would prohibit elected officials love the president, vp, people of Congress, and senior executive officials â alongside with their spouses and dependent childrenâfrom issuing, selling, or financially making potentially the most of securities, commodities, or cryptocurrencies, alongside with memecoins.
The lawmaker also views the bill as a spread of the Emoluments Clause, which prevents officials from accepting items from international entities. He argued that making the most of political affect in monetary markets must be equally restricted.
Additionally, it might penalize violators and require them to forfeit any illicit positive factors made sooner than the billâs enactment.
Why MEME Act
Liccardo said he introduced the MEME Act following the controversial initiate of TRUMP, a memecoin linked to President Donald Trump.
In line with him:
“The tokens raised loads concerns among of us about battle of ardour, about exploiting public space of job for non-public positive factors.”
The token, which debuted in January 2025, skilled excessive tag volatility â hovering to a $13 billion valuation sooner than plummeting by over 82% from its high. A the same coin linked to First Girl Melania Trump also crashed 93% within weeks.
Liccardo argued that the handiest beneficiaries of those money had been Trump and a opt out neighborhood of insiders, leaving thousands and thousands of retail traders at a loss.
He said:
“800,000 of us sold this memecoin of Trump’s. And bet what? Nearly every person of those 800,000 of us lost reasonably about a money.”
Liccardo described the location as corruption while emphasizing the need for legislative action to provide protection to traders from the same schemes in due course.
Brooding about this, the MEME Act is structured to glean rid of monetary conflicts of ardour among public officials by enforcing strict prohibitions and penalties.
No subject its dauntless stance, the MEME Act faces principal legislative hurdles.
With Republicans controlling Congress, the bill is unlikely to pass within the sizzling political native climate. Even Liccardo reportedly admits that the proposal serves as a symbolic measure for now â a foundation for future action if Democrats gather vitality.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's ability. He imparts insights on a range of topics love DeFi, hacks, mining and culture, underlining transformative vitality.
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On this text
The Trump memecoin, officially launched by Donald Trump on the Solana blockchain, is a digital asset named TRUMP.
Donald John Trump became born on June 14, 1946, in Queens, Unique York City.
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