A brand new invoice is making its approach by means of the US Congress, in a bid to cease politicians from launching their very own cryptocurrency cash. This transfer comes after many traders misplaced cash big-time on the TRUMP meme coin, which is related to US President Donald Trump. The coin’s wild experience has made individuals surprise if politicians must be allowed to create and promote these sorts of monetary property.
The Rise And Fall Of TRUMP Coin
Final month, the TRUMP meme coin and one other coin linked to Melania Trump grew to become immediate sensations. Each rapidly hit big milestones, boasting multi-billion-dollar valuations simply hours after they debuted.
However the pleasure didn’t final. The worth 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 case 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 current launch of a meme coin, Home Democrats have launched the Trendy Emoluments and Malfeasance Enforcement (MEME) Act.
– This laws goals to… pic.twitter.com/cu4gM2o9wY
— BSCN (@BSCNews) February 27, 2025
A New Legislation Referred to as The MEME Act
California Rep. Sam Liccardo is main the cost with a brand new invoice. It’s referred to as the MEME Act, which stands for Trendy Emoluments and Malfeasance Enforcement Act. The concept is easy: cease the President, Vice President, members of Congress, high-ranking authorities officers, and their households from endorsing, issuing, or sponsoring monetary property, 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 purpose of this legislation is to maintain federal officers from benefiting from digital property. This contains issues like shares or cryptocurrencies. That is essential as a result of it may create conflicts of curiosity or open the door to corruption.
Worries About Buying and selling And International Affect
Liccardo is worried about the opportunity of insider buying and selling. Additionally, he’s frightened about international affect over US politics. Cryptocurrencies have a worldwide attain, which makes them weak. The MEME Act is designed to forestall federal officers from utilizing their positions to revenue from these property, thus conserving their pursuits aligned with the general public good.
For instance, if a politician is aware of about upcoming rules that would have an effect on the value of a cryptocurrency, they may use that data to make a revenue earlier than the general public is aware of. That is unfair and erodes belief in authorities.
What’s Subsequent For The Invoice?
The MEME Act faces a tricky street forward. Republicans presently management each the Home and the Senate. This implies it will likely be troublesome for the invoice to realize help. Nevertheless, Liccardo is set to maintain pushing the invoice ahead. He hopes to get wider help if Democrats acquire a majority sooner or later.
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