A brand new legislative push by Home Democrats is focusing on the $TRUMP meme coin, which has plummeted in worth since its launch.
Consultant Sam Liccardo, a freshman Democrat from California, plans to introduce the MEME Act, a invoice aimed toward stopping high-ranking authorities officers and their households from profiting off digital belongings like meme cash.
Liccardo argues that Donald and Melania Trump financially benefited from the cryptocurrency, which attracted early buyers earlier than quickly dropping worth.
His proposed laws would ban the president, vice chairman, members of Congress, and prime government officers from issuing, endorsing, or cashing in on securities, commodities, or digital belongings.
Whereas the invoice is unlikely to go beneath the present Republican-controlled Congress, Liccardo is rallying assist, hoping to realize traction if Democrats regain the bulk. He insists that public workplace shouldn’t be used for monetary achieve, warning that the Trumps’ involvement in meme cash raises considerations about insider buying and selling and overseas affect.
The MEME Act would impose legal and civil penalties for violations and apply retroactively, probably impacting belongings like Reality Social inventory. Liccardo has already secured backing from a dozen Democratic colleagues as he prepares to introduce the invoice.
