TRUMP memecoin faces ban as U.S. Democrats push for MEME Act -Details
Democrats are pushing a legislation to prevent top officials from exploiting investors through memecoins.
- House Democrats plan to ban top federal officers from memecoins through MEME Act.
- Legislators claimed that TRUMP benefited the president at the expense of Americans.
In a direct swipe at TRUMP memecoin, the U.S. House Democrats plan to stop the president and other government officials from issuing or promoting memecoins.
According to Californian Democrat representative Sam Liccardo, the Modern Emoluments and Malfeasance Enforcement (MEME) Act would address the problem.
“Today, I introduced the MEME Act, which prohibits top federal officials from issuing, sponsoring, or promoting a security, commodity, or digital asset with criminal and civil penalties.”
TRUMP vs. MEME Act
Liccardo added that Official Trump [TRUMP] memecoin promoters and President Donald Trump duped 800,000 Americans who collectively lost $2B.
The legislator told ABC News that he believed that President Trump and First Lady Melania Trump enriched themselves from the meme coins at the expense of investors across the world.
“The Trumps’ issuance of memecoins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the executive branch.”
Note, however, that this isn’t the first attempt at blocking public officers from memecoins.
On the 20th of February, Democrat senator Cortez Masto proposed an amendment to block U.S. public officers from promoting or benefitting from meme coins linked to the Chinese government.
These concerted anti-memecoin efforts come after massive memecoin carnage that has left retail investors with huge losses.
LIBRA meme coin, reportedly launched by the team behind the memecoin and initially promoted by the Argentinian president, saw 86% of investors lose $251 million per the Nansen report.
Some market makers for LIBRA and TRUMP, like Hayden Davis of Kelsier Ventures, publicly admitted to insider trading.
The memecoin trading has since cooled off, with Pumpfun tokens dropping from a record high of $3B in January to $144M as of press time.
Over the same period, the memecoin has tanked 85%, declining from $75 to $11, at press time. MELANIA dumped harder. It was valued at $0.8, down 93% from its highs of $13.8.
