House Democrats take shots at $TRUMP memecoin with New Bill

House Democrats are preparing to present a caller measure called the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would, by legislation, prohibit nationalist officials from making wealth disconnected meme coins oregon integer assets. 

According to ABC News, the measure targets tokens specified arsenic the $TRUMP and MELANIA tokens, which were rapidly released by erstwhile President Donald Trump and his wife, Melania Trump. California Representative Sam Liccardo has made it nationalist that the measure is acceptable to beryllium debated today…

The projected authorities volition forestall nationalist officials similar the president, vice president, Congress members, and elder officials from utilizing their positions for idiosyncratic fiscal gain, particularly done issuing, sponsoring, oregon endorsing integer assets.

California Representative Sam Liccardo, who is starring the effort, said, “Let’s marque corruption transgression again,” adding that U.S. nationalist offices should service the radical and not beryllium utilized for profit. 

The $TRUMP token was released successful January 2025, conscionable days earlier Donald Trump took office. Melania Trump followed with her ain coin soon after. Since their launch, some tokens person mislaid a batch of value. The $TRUMP coin fell 82% successful value, and the $MELANIA coin dropped by 93%. 

A batch of investors mislaid their wealth connected these 2 memecoin, which lawmakers are present looking into.

Liccardo’s measure is 1 of the precise archetypal efforts to modulate the memecoin market. The connection would enforce transgression and civilian penalties for officials who interruption the rules. Liccardo hopes the measure volition summation enactment from some parties, adjacent though it whitethorn look challenges successful a Republican-controlled Congress.

Other memecoin-related proposals person been introduced successful Congress. For example, connected February 20, 2025, Senator Cortez Masto suggested banning national employees from profiting from meme coins tied to the Chinese Communist Party. 

Also Read: Tanmay Bhat’s Twitter Hacked, Fake Memecoin Announced