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**House Democrats Aim at Trump’s “Meme Coin” with Fresh Legislation**
House Democrats are advocating for a new piece of legislation directly targeting former President Donald Trump’s “TRUMP” meme coin, intending to stop top-level U.S. authorities from benefiting from virtual properties.
Representative Sam Liccardo intends to present the “Modernizing Ethics and Misconduct Enforcement Act” (MEME Act) on Thursday. The legislation would ban national authorities and their relatives from releasing, promoting, or backing cryptocurrencies and other monetary properties.
Trump introduced the “TRUMP” coin in January, not long before his term finished, alongside an alike token named after Melania Trump. These cryptocurrencies encountered a quick rise in worth, followed by a considerable drop, leaving backers with significant deficits. Liccardo asserts the Trumps and early advocates gathered enormous earnings while regular backers endured.
Prosecutors declared, “Trump’s issuance of meme coins financially exploits the public for personal profit, while additionally raising apprehensions about insider trading and foreign impact in the executive branch.”
The MEME Act would pertain to the President, Vice President, members of Congress, senior executive authorities, and their relatives.
The legislation would additionally enforce criminal and civil punishments for infringements and would retroactively target earnings made before its enactment.
While the legislation is improbable to pass in a Republican-controlled Congress, Liccardo states he is building backing for future action.
Trump formerly stated his desire for the U.S. to become the “cryptocurrency capital of the world,” but has not remarked on the proposed legislation.
**Insider Trading on Capitol Hill**
The introduction of the MEME Act comes amid growing examination of insider trading by U.S. lawmakers. While national authorities are subject to monetary disclosure regulations, members of Congress have repeatedly been blamed for using privileged details to profit from stock trades. Toncoin (TON) Value Forecast for March 26th
In the United States, the “Stop Trading on Congressional Knowledge Act,” also known as the STOCK Act, was put into effect in 2012 with the intention of stopping members of Congress and other government workers from utilizing confidential information obtained through their formal positions for their own monetary benefit. The legislation primarily seeks to create a more equitable environment by guaranteeing that legislators do not have an unjust edge in the stock market as a result of their access to exclusive information.
