House Democrats Propose MEME Act to Ban Public Officials from Issuing Memecoins, Targeting Trump’s Recent Launch
U.S. President Donald Trump has been criticized for launching his own memes for his knowledge of cryptocurrencies. The coin initially surged due to its impact, but then collapsed, causing significant losses to investors. In response, the U.S. Congress is considering legislation prohibiting public officials from making memes such as Trump’s tokens to prevent such problems.
Controversy about Trump’s meme coin launch
House Democrats are gear To introduce the Modern Mel and Malice Enforcement (MEME) Act, it aims to prevent public officials from obtaining financial gains from crypto assets.
Rep. Sam Liccardo, a freshman Democrat from California, announced Thursday that his plan announced a bill that would ban officials nationwide and their families from profiting from personal meme coins, from Congress to the White House.
The Modern Al-Air and Malice Enforcement Act (MEME) is designed to prevent key government figures (including the president, vice president, MPs, senior executive officers and their immediate family members) from issuing, endorsing or promoting any securities, futures, commodities or digital assets.
Rep. Sam Liccardo expressed concern that President Trump and First Lady Melania Trump would benefit investors who initially supported the meme coins.
However, the collapse of the meme coins caused huge losses to several investors. “I don’t know about it except for launching it, and I don’t know about it, except that it’s very successful,” Trump told reporters.
When he learned that his coins raised billions of dollars, he dismissed the payment, saying, “Billions of dollars – these guys’ peanuts,” while pointing to the tech billionaires at the AI press conference.
“Let’s make corruption crime again,” Liccardo said, stressing that the U.S. public office is the property of the people and officials should not use their political power for personal economic benefits.
The bill will ban Trump and Melania members from
Liccardo will introduce his bill on Thursday, but is unlikely to pass the current Republican-led Congress. He sees it as a way to make statements about corruption and lay the foundation for future actions for Democrats.
If the bill passes, it will initially ban Melania and Trump Meme coins. Liccardo mentioned that the bill was supported by twelve Democratic sponsors who aim to gain bipartisan support.
He noted that Trump’s release of memorials effectively utilized the public’s personal profits and raised concerns about potential insider trading and foreign impacts on the executive branch.
This is not the first time Trump has been on a crypto product adventure. He has won millions of people in 2022 with a series of NFTs in different superhero poses.
Some industry experts believe that the president who initiated their own meme coins may indicate that this is a trend that others may want to adopt.
