Two Democratic Party Lawmakers Propose Ban on Cryptocurrency Issuance by US Public Officials
Democratic Standing Investigative Subcommittee Member Begins Investigation into Trump's meme Coin
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Democratic Senator Chris Murphy proposed the 'Modern Income and Misconduct Enforcement Act (MEME Act)' on the 6th, defining profit generation through meme coins by US public officials as illegal.
The Modern Income and Misconduct Enforcement Act describes making it illegal for the president, vice president, congressmen, high-ranking administrative officials, and their families to issue, sponsor, and promote securities, financial products, and cryptocurrencies. According to the bill, violators must pay all profits obtained through the actions defined as illegal to the US Treasury, including civil fines up to $240,000, criminal penalties of up to 5 years in prison.
Democratic Representative Sam Ricards also proposed a similar bill, showing movements that seem to point out Trump's profit-making through meme coins.
Moreover, Richard Blumenthal, a Democratic Standing Investigative Subcommittee member, announced on the 6th through an official statement that he will begin investigating the Trump Token and the DeFi project 'World Liberty Financial' conducted by Trump's family.
Previously in January, Trump issued and promoted a meme coin called Trump Token (TRUMP) before his official presidential inauguration, generating significant profits. The Trump Token recorded a 10,000% surge within a day of issuance, reaching 36th in cryptocurrency market capitalization. Afterward, the Trump Token crashed, absorbing about $6-14 billion in the cryptocurrency market.
Reporter Seung-won Kwon ksw@blockstreet.co.kr
