US Congress to Consider Bill Banning Presidential Memecoins

The US Congress is reportedly set to consider a bill that would ban the issuance of memecoins, such as President Donald Trump’s Official Trump (TRUMP) token.

House Democrats are preparing to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would prohibit public officials from profiting from digital assets.

California Representative Sam Liccardo stated on February 27 to ABC News that the bill would impose a broad ban on public officials issuing, sponsoring, or endorsing any securities, commodities, or digital assets.

“Let’s make corruption criminal again,” said Liccardo, adding that US public offices belong to the public, and officials should not be allowed to use their political authority for financial gain.

Bill to Prohibit Public Officials from Issuing Digital Assets

The MEME Act, expected to be introduced on February 27, will cover the president, vice president, members of Congress, senior executive branch officials, as well as their spouses and dependent children.

Liccardo stated that the bill addresses the financial exploitation of the public through the Trumps’ issuance of memecoins, raising concerns about insider trading and foreign influence over the executive branch. He added that the bill would prevent public officials from using digital assets for financial gain and is an important step in restoring public trust.

Democrats argue that the bill is critical to ensure the government operates more transparently and in the public’s interest.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Democrats Propose Banning Presidential Meme Coins appeared first on Coin Engineer.