front pagePolicy supervisionHouse Democrats push MEME bill to ban Trump, political tokens

House Democrats push MEME bill to ban Trump, political tokens

Published on

spot_img

Yerevan (CoinChapter.com) - Congressman Sam Liccardo has introduced the MEME Act, a bill that seeks to ban political meme coins such as the TRUMP token and impose penalties on officials who launch or support them. The proposal prohibits the U.S. president, members of Congress, senior officials and their families from creating or promoting cryptocurrencies, commodities or securities for personal or political gain. Violators could face civil and criminal penalties.


The bill also requires Donald Trump to return all profits from the issuance of the TRUMP token. Liccardo received the support of 12 Democratic co-sponsors, but the bill lacks bipartisan support. The MEME Act faces challenges in its passage as most Republicans support cryptocurrency.

Political meme coins spark crypto industry concerns
The launch of the TRUMP token has drawn attention to crypto scams and political corruption. Reports show that nearly 50% of TRUMP token investors were first-time cryptocurrency users, making them vulnerable to fraud. Within days of the launch, scammers took advantage of the hype around the project and stole $857 million.
Liccardo addressed these concerns in an interview:

“That was not my plan when I ran for office, I can assure you. [Trump’s] behavior was clearly unethical, which raises the question of why there isn’t sufficient clarity around the prohibition of political meme coins. You need to have some enforcement mechanism, and a private right of action helps keep everyone honest.”

The MEME Act reflects growing scrutiny of the use of cryptocurrencies in politics. It seeks to prevent elected officials from using crypto assets for financial gain.

Crypto scams and political tokens come under scrutiny
The rise of political meme coins has drawn criticism from industry insiders, including Ethereum co-founder Vitalik Buterin. Concerns about crypto scams, fraud, and the misuse of digital assets in politics continue to rise. Some foreign governments have explored the possibility of launching political meme coins for financial or propaganda purposes.
The MEME Act seeks to set legal boundaries for political crypto projects. Some in the crypto industry believe the tokens facilitate money laundering and fraud, while others see them as part of the innovation of digital assets.

MEME bill faces uncertain future in Congress
Republicans are generally supportive of cryptocurrencies, which makes it unlikely that the MEME bill will gain traction. Even Republican lawmakers who are skeptical of cryptocurrencies may not publicly oppose Trump’s involvement in digital assets.
It’s worth noting that Liccardo’s bill has limited support outside of House Democrats, but it adds to the ongoing discussion about crypto regulation and political corruption. In addition, whether or not the bill advances, the debate over political meme coins, financial transparency, and cryptocurrency regulation continues in Congress and the crypto industry.

Latest Articles

Hedera价格预测:是否会飙升至8美元?随着Lightchain AI吸引主要投资者,市场展望乐观

Hedera价格预测显示,它可能会飙升至8美元,围绕该项目的看涨前景正在逐渐形成。随着Hedera的势头增强,Lightchain AI也在吸引重要投资者,已经在预售阶段以0.006美元的价格筹集了超...

卡尔达诺触发重大买入信号,FXGuys预售目标在2025年第三季度达到1000万美元

Cardano(ADA)发出明确的买入信号,激励交易者和机构支持者 ADA似乎有可能因更高的资金流入和积极的技术信号而上涨。然而,随着Cardano的发展,FXGuys的第三阶段预售突破450万美元...

这一区块链突破能否比Solana更快地带来20倍收益?

这种区块链突破能否带来比Solana更快的20倍收益?Lightchain AI 已经通过预售筹集了超过 1720 万美元,预售价格为 0.006 美元,并且将自己定位为加密领域最有前景的项目之一。凭...

索拉纳与以太坊:抛开以太坊在即将到来的山寨币季节达到15000美元的预期,SOL和该加密货币更具上涨潜力

尽管当前市场态势鹰派,关于哪种代币将在即将到来的Altseason中引领潮流的猜测仍在继续。作为主要的山寨币,以太坊(ETH)可能会未能达到其15,000美元的价格目标。然而,投资者可以从Solana...

More Articles

Hedera价格预测:是否会飙升至8美元?随着Lightchain AI吸引主要投资者,市场展望乐观

Hedera价格预测显示,它可能会飙升至8美元,围绕该项目的看涨前景正在逐渐形成。随着Hedera的势头增强,Lightchain AI也在吸引重要投资者,已经在预售阶段以0.006美元的价格筹集了超...

卡尔达诺触发重大买入信号,FXGuys预售目标在2025年第三季度达到1000万美元

Cardano(ADA)发出明确的买入信号,激励交易者和机构支持者 ADA似乎有可能因更高的资金流入和积极的技术信号而上涨。然而,随着Cardano的发展,FXGuys的第三阶段预售突破450万美元...

这一区块链突破能否比Solana更快地带来20倍收益?

这种区块链突破能否带来比Solana更快的20倍收益?Lightchain AI 已经通过预售筹集了超过 1720 万美元,预售价格为 0.006 美元,并且将自己定位为加密领域最有前景的项目之一。凭...
en_GBEnglish