The political world and the cryptomarkt come together in an unprecedented way now that President Donald Trump has launched his own memecoin, Trump Official (Trump). The currency shot at lightning speed to a market capitalization of $ 8.8 billion, but quickly dropped back to a more modest $ 2.5 billion.
The unexpected step of Trump and the increasing interference of other prominent figures in the Memecoin market raise considerable resistance from American politicians. This feeds the call for strict regulations, including the possible introduction of the meme act.
Democratic representative introduces MEME ACT
The Democratic representative Sam Liccardo from California wants to submit a bill to prohibit high American officials and their families to benefit financially from personal memecoins. The bill, called the Modern Emoluments and Malfeasance Enforcement (MEME) ACT, must prevent the president, vice president, congress members and top officials to publish, promote or support digital assets such as cryptocurrencies.
Liccardo calls Trump-coin “corrupt”
Although there is little chance that the law will be passed by the Republican majority in the congress, Liccardo wants to build support for a future democratic congress. He labels Trump’s memecoins as “self -enrichment and possibly corrupt”.
The meme act would not only impose criminal and civil sanctions, but also with retroactive effect, so that Trump may not be able to get a profit from his coin. Liccardo is currently supporting twelve democratic co-entrepreneurs.
Trump earns $ 100 million from Trump-Cain
The criticism of the Democrats about the alleged abuse of memecoins by politicians is not falling out of the blue. According to Reuters, Trump managed to earn no less than $ 100 million with the launch of his own currency. Melania Trump, the wife of the president, also earned millions of dollars with her Melania token.
Memecoin scandal in Argentina
Not only in the United States, political interference in memecoins causes controversy. In Argentina, the Memecoin sector also ended up in a negative daylight when a Memecoin, supported by Javier Milei, the president of the South American country, completely crashed after a back pull.
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Source: https://newsbit.nl/democraten-noemen-trump-coin-corrupt-en-eisen-meme-act/
