A brand new invoice is making its method via the US Congress, in a bid to cease politicians from launching their very own cryptocurrency cash. This transfer comes after many buyers misplaced cash big-time on the TRUMP meme coin, which is related to US President Donald Trump. The coin’s wild trip has made individuals surprise if politicians must be allowed to create and promote these varieties of monetary belongings.
The Rise And Fall Of TRUMP Coin
Final month, the TRUMP meme coin and one other coin linked to Melania Trump turned on the spot sensations. Each shortly hit large milestones, boasting multi-billion-dollar valuations simply hours after they debuted.
However the pleasure didn’t final. The value 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 example 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 latest 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 Regulation Referred to as The MEME Act
California Rep. Sam Liccardo is main the cost with a brand new invoice. It’s known 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 belongings, 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 objective of this regulation is to maintain federal officers from making the most of digital belongings. This consists of issues like shares or cryptocurrencies. That is vital as a result of it might create conflicts of curiosity or open the door to corruption.
Worries About Buying and selling And International Affect
Liccardo is anxious about the potential for insider buying and selling. Additionally, he’s nervous about overseas affect over US politics. Cryptocurrencies have a world attain, which makes them weak. The MEME Act is designed to forestall federal officers from utilizing their positions to revenue from these belongings, thus protecting their pursuits aligned with the general public good.
For instance, if a politician is aware of about upcoming laws that might 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 troublesome highway forward. Republicans presently management each the Home and the Senate. This implies it is going to be troublesome for the invoice to realize assist. Nonetheless, Liccardo is decided to maintain pushing the invoice ahead. He hopes to get wider assist if Democrats acquire a majority sooner or later.
Featured picture from Pexels, chart from TradingView
