A new draft law sets off through the US Congress to prevent politicians from starting their own cryptocurrency coins. This step takes place after many investors have lost a lot of money with the Trump Meme Coin associated with US President Donald Trump. The wild trip of the coin asked people whether politicians should create and promote this kind of financial assets.
The rise and fall of the Trump coin
Last month, the Trump Meme coin and another coin were connected to Melania Trump, immediate sensations. Both quickly met huge milestones and only have hours after their debate several billion dollars.
But the excitement didn’t stop. The price for Trump Coin took a fall. It fell from its highest point by more than 80%. Many people who bought the coin lost a lot of money. This situation has attracted the attention of supervisory authorities and finances.
House Democrats introduce Meme Act to prohibit civil servants from promoting crypto -memen coins
– In response to the recent introduction of a meme coin of President Donald Trump, the Haus Democrats presented the modern law on the emrocers and misconduct (meme).
– This legislation aims to … pic.twitter.com/cu4gm2o9wy
– BSCN (@BScnews) February 27, 2025
A new law called Meme Act
California MP Sam Liccardo heads the indictment with a new invoice. It is called the Meme Act, which stands for modern emrocers and the misconduct authority. The idea is simple: Keep the president, the Vice President, the members of the congress, high-ranking government officials and their families from supporting, supporting, providing or sponsoring financial assets, including Meme coins.
Liccardo believes that the Trump family has exploited their political position to make money with these cryptocurrencies. He argues that they have used their influence for personal profit. The aim of this law is to prevent federal officials from benefiting from digital assets. This includes things like stocks or cryptocurrencies. This is important because it could cause conflicts of interest or open the door to corruption.
Concerns about trade and foreign influence
Liccardo is concerned about the possibility of insider trade. He is also concerned about the foreign influence on US policy. Cryptocurrencies have a global range, which makes it vulnerable. The Meme Act is intended to prevent the federal officials from using their positions to benefit from these assets and thus correspond to their interests with the public well -being.
If, for example, a politician knows about upcoming regulations that could influence the price of a cryptocurrency, he could use this information to make a profit before the public knows. This is unfair and erodes confidence in the government.
What’s next for the bill?
The Meme Act stands in front of us in front of a hard road. The Republicans are currently checking both the house and the Senate. This means that it will be difficult for the invoice to receive support. However, Liccardo is determined to further advance the invoice. He hopes to receive greater support if Democrats win a majority in the future.
Selected picture of Pexels, Diagram by Tradingview