3 months ago
US Democratic Congressman Sam Liccardo introduced a measure connected Feb. 27 to forestall authorities officials and their families from profiting from cryptocurrencies, including memecoins.
The projected legislation, known arsenic the Modern Emoluments and Malfeasance Enforcement (MEME) Act, has gained enactment from aggregate Democratic colleagues and is designed to “make corruption transgression again.”
If passed, the measure would prohibit elected officials similar the president, vice president, members of Congress, and elder enforcement officials — on with their spouses and babelike children—from issuing, promoting, oregon financially benefiting from securities, commodities, oregon cryptocurrencies, including memecoins.
The lawmaker besides views the measure arsenic an enlargement of the Emoluments Clause, which prevents officials from accepting gifts from overseas entities. He argued that profiting from governmental power successful fiscal markets should beryllium arsenic restricted.
Additionally, it would penalize violators and necessitate them to forfeit immoderate illicit gains made earlier the bill’s enactment.
Why MEME Act
Liccardo said helium introduced the MEME Act pursuing the arguable motorboat of TRUMP, a memecoin linked to President Donald Trump.
According to him:
“The tokens raised a batch concerns among folks astir struggle of interest, astir exploiting nationalist bureau for idiosyncratic gains.”
The token, which debuted successful January 2025, experienced utmost terms volatility — soaring to a $13 cardinal valuation earlier plummeting by implicit 82% from its peak. A akin coin associated with First Lady Melania Trump besides crashed 93% wrong weeks.
Liccardo argued that the lone beneficiaries of these coins were Trump and a prime radical of insiders, leaving hundreds of thousands of retail investors astatine a loss.
He said:
“800,000 radical bought this memecoin of Trump’s. And conjecture what? Almost everyone of those 800,000 radical mislaid a batch of money.”
Liccardo described the concern arsenic corruption while emphasizing the request for legislative enactment to support investors from akin schemes successful the future.
Considering this, the MEME Act is structured to destruct fiscal conflicts of involvement among nationalist officials by enforcing strict prohibitions and penalties.
Despite its bold stance, the MEME Act faces important legislative hurdles.
With Republicans controlling Congress, the measure is improbable to walk successful the existent governmental climate. Even Liccardo reportedly admits that the connection serves arsenic a symbolic measurement for present — a instauration for aboriginal enactment if Democrats regain power.
The station US Congressman pushes MEME Act to prohibition officials perchance profiting from memecoins appeared archetypal connected CryptoSlate.
English (US) 