A group of House Democrats plans to introduce a new bill aimed at stopping public officials from creating, promoting, or profiting from digital assets.
According to a report from ABC News, The Modern Emoluments and Malfeasance Enforcement (MEME) Act, led by Representative Sam Liccardo of California, is set to be presented on February 27.
The bill would apply to a wide range of officials, including the president, vice president, members of Congress, senior government officials, as well as their spouses and dependent children. If passed, it would prevent them from issuing or endorsing cryptocurrencies, securities, or commodities.
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Liccardo and his supporters believe this measure is necessary to prevent politicians from using their positions for personal financial gain. “Let’s make corruption criminal again”, he said, emphasizing that public office should serve the people, not personal interests.
At least a dozen Democrats are backing the bill, with efforts underway to gain bipartisan support. The proposal comes in response to concerns over meme coins, particularly one linked to US President Donald Trump, The Official Trump (TRUMP) token.
Liccardo argues that these tokens could be used to take advantage of the public and raise concerns about insider trading and foreign influence. He stated:
The Trumps’ issuance of meme coins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the executive branch.
On February 25, Illinois Senator Dick Durbin introduced a bill called the Crypto ATM Fraud Prevention Act. What does it entail? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
