In a bold political maneuver, Democratic lawmakers in the United States have initiated a multi-faceted approach to scrutinize President Donald Trump’s cryptocurrency ventures. This initiative, comprising two proposed bills and a subcommittee investigation, aims to curtail Trump’s potential profitability from these digital assets.
The centerpiece of this legislative effort is the Modern Emoluments and Malfeasance Enforcement Act, commonly referred to as the MEME Act. The bill seeks to prevent federal officials from utilizing their positions for financial gain through the promotion of memecoins. Senator Chris Murphy, a key proponent of the bill, stated that the act is designed to prohibit the president, vice president, members of Congress, senior executive branch officials, and their immediate families from issuing or endorsing any form of cryptocurrency or digital assets.
“Today I’m introducing a bill – the MEME Act – to ban a President or Member of Congress from issuing a meme coin. The Trump Coin is the biggest corruption scandal in the history of the White House.” – Chris Murphy
If the MEME Act is passed, violators could face significant penalties, including civil fines up to $250,000 and possible incarceration for up to five years. Concurrently, Representative Sam Liccardo has introduced similar legislation in the House, but given the Republican majority in Congress, the future of these bills remains uncertain.
Simultaneously, Democratic Senator Richard Blumenthal, who serves as a ranking member of the Permanent Subcommittee on Investigations (PSI), declared that a preliminary inquiry has commenced into several Trump-associated ventures, including the Official Trump (TRUMP) token and the Trump-backed platform, World Liberty Financial (WLFI). As part of this inquiry, the PSI has sought documentation and communications from the firms managing the Trump coin and associated entities.
“With his cryptocurrency schemes, Trump is putting a for sale sign in front of the White House. I’m launching an inquiry into this brazen corruption whose scope & scale is staggering.” – Richard Blumenthal
Launched on January 18, the TRUMP coin’s value initially surged to an all-time high of $73.43, but has since experienced a steep decline, losing about 85% of its value. Nevertheless, it remains noteworthy that nearly two million wallets hold the TRUMP token, with a significant percentage of its investors still in profit. Analysis indicates that the creator of the memecoin has amassed approximately $320 million, bolstered by the recent increase in interest following a dinner invitation for top token holders at the White House.
As this inquiry unfolds, it will capture the attention of both political analysts and the cryptocurrency community, raising questions about the ethical implications of public officials engaging in digital asset ventures. The results of the MEME Act and the PSI’s investigation could set significant precedents regarding the intersection of politics and cryptocurrency in the United States.
