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**Democrats Showcase “MEME Statute,” Alleging Trump of “Deceiving” 800,000 Individuals**
* Democratic Congressman Sam Liccardo is ready to present a legal act that would forbid top-tier authorities from benefiting from individual meme tokens.
* The “MEME Statute” represents the “Updating Implementation of Funds and Morals Statute.”
California Democrat Sam Liccardo declared that a faction within his political association will put forward lawmaking to avert high-ranking government figures and their relations from profiting on individual meme tokens.
The “Updating Implementation of Funds and Morals Statute” (called the “MEME Statute”) would prohibit the President, Vice President, members of Congress, high-echelon executive division authorities, and their partners and reliant offspring from dispensing, advancing, or approving bonds, prospects, goods, or virtual properties.
“We’re intending to render dishonesty prohibited once more,” Liccardo asserted in a clip uploaded on X (previously Twitter) on Thursday.
He charged Trump with participating in a “deceiving” – a crypto term for a strategy where backers are enticed into acquiring tokens, solely for insiders to rapidly liquidate their possessions, abandoning others with useless resources. Toncoin (TON) Value Forecast for March 26th
Liccardo asserts to have guaranteed beyond a dozen co-backers for the legal act.
While there’s no confirmation that Trump or his relations have extracted properties from meme tokens linked with him or First Lady Melania Trump, certain individuals in the crypto society have denounced it as a money-making ploy.
Liccardo’s remarks happen at a juncture when meme tokens – formerly favorites of the crypto realm – are confronting difficulties.
This week, Bitwise CIO Matt Hougan implied that the existing crypto collapse could indicate the cessation of the meme token surge, notably when paired with the debate encircling Argentinian President Javier Milei’s “Peso stablecoin.”
At present, Republicans have stayed largely hushed on Trump’s broad crypto undertakings.
His participation encompasses meme tokens, DeFi applications, NFTs, and a freshly inaugurated investment undertaking dubbed Truth.Fi.
Trump’s crypto domain was formerly esteemed at beyond $16 billion.
The “MEME Statute” could compel Trump’s political association to adopt a posture on the subject.
Trumps agents have not yet commented on the case.
## Trump’s Meme Coin Craze
Ricardo has been a loud detractor of the ex-president’s participation in advertising meme coins.
Just days before taking office, on January 17, Trump supported a meme coin named after himself.
The token rose to $70, showing off a market capitalization of $24 billion, making it one of the top 20 most precious digital currencies.
From that time, its worth has dropped to $2.5 billion, exchanging at about $12, as per CoinGecko.
Not to be surpassed, the former First Lady also presented her own meme coin. Melania’s token at first took off to $1.6 billion but has since crashed by more than 90% to $130 million, as per CoinGecko.
Indeed, even Minister Lorenzo Sewell, who conveyed an enthusiastic supplication at Trump’s initiation, hopped on board with his own meme coin.
## 800,000 Failures
The proposed “Meme Coin Act” expects to boycott senior authorities from advancing meme coins and enable retail financial backers to sue malevolent entertainers occupied with monetary misrepresentation.
Ricardo expressed that “almost all of the 800,000 individuals who purchased meme coins have lost a great deal of cash. We will guarantee there are criminal and common punishments so individuals can document claims.”
While *DL News* has not autonomously confirmed this figure, Trump’s meme coin has lost more than 82% of its market capitalization, identical to roughly $12 billion, since its send off.
*ABC News* was the first to provide details regarding the “Meme Coin Act.”
*Pedro Solimano is a market journalist situated in Buenos Aires. Got a tip? Email him at [email protected].*
