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Stop Politicians from Launching Their Own Cryptocurrency Coins
The Rise and Fall of TRUMP Coin
Last month, the TRUMP meme coin and another coin linked to Melania Trump became instant sensations. Both quickly hit huge milestones, boasting multi-billion-dollar valuations just hours after they debuted. However, the excitement didn’t last. The price of TRUMP coin took a nosedive, falling more than 80% from its highest point. Many people who bought the coin ended up losing a lot of money. This situation has caught the attention of regulators and finance officials.
A New Law Called the MEME Act
California Rep. Sam Liccardo is leading the charge with a new bill, called the Modern Emoluments and Malfeasance Enforcement (MEME) Act. The idea is simple: stop the President, Vice President, members of Congress, high-ranking government officials, and their families from endorsing, issuing, or sponsoring financial assets, including meme coins.
Worries About Trading and Foreign Influence
Liccardo believes that the Trump family took advantage of their political position to make money off these cryptocurrencies. He argues that they used their influence for personal gain. The goal of this law is to keep federal officials from profiting from digital assets, including stocks or cryptocurrencies. This includes preventing insider trading and foreign influence over US politics.
What’s Next for the Bill?
The MEME Act faces a tough road ahead. Republicans currently control both the House and the Senate, making it difficult for the bill to gain support. However, Liccardo is determined to keep pushing the bill forward, hoping to get wider support if Democrats gain a majority in the future.
FAQs
Q: What is the MEME Act?
A: The MEME Act is a new bill proposed by California Rep. Sam Liccardo to stop politicians from launching their own cryptocurrency coins.
Q: What is the purpose of the MEME Act?
A: The purpose of the MEME Act is to prevent federal officials from profiting from digital assets, including stocks or cryptocurrencies, to keep their interests aligned with the public good.
Q: Who is sponsoring the MEME Act?
A: California Rep. Sam Liccardo is sponsoring the MEME Act.
Q: What is the current status of the MEME Act?
A: The MEME Act is a proposed bill and faces a tough road ahead, as Republicans currently control both the House and the Senate.
