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New bill: Prohibit the Trump family from issuing cryptocurrency
An Important Bill on Cryptocurrency: MEME Act
On May 7, Senator Chris Murphy proposed the (MEME Act) Modernization and Misconduct Control Act. This bill aims to prohibit the president, senators, and other senior officials, as well as their families, from issuing or promoting cryptocurrency assets. Violators may face fines of up to $250,000 and 5 years in prison.
Targeting the Trump Family
The bill directly targets the Trump family’s involvement in projects such as the TRUMP Meme coin. It requires stakeholders to return all profits to the U.S. Treasury. Richard Blumenthal, the chairman of the Senate Investigations Subcommittee, has announced an investigation into World Liberty Financial and Fight Fight Fight, the developers of the TRUMP Token, to verify whether the Trump family improperly profited during the 50% surge of the Token on April 23.
Difficult Legislative Prospects
A decree to retrieve documents has been sent to the relevant companies. Although Congressman Sam Liccardo has submitted a support bill, the legislative prospects of the original bill remain bleak due to Republican control in both chambers.
This information is for market informational purposes only and is not investment advice.
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