Congress Democrats have introduced a bill to ban top federal officials and their families from issuing or promoting meme coins and other financial instruments, citing ethical concerns. California Democrat Rep. Sam Liccardo is leading the push against Trump's meme coin, arguing that it was necessary to respond to the token's release and its subsequent price drop. Liccardo believes that Trump exploited his authority and office for personal gain, calling his actions unethical. The bill, called the MEME Act, would apply to top officials and their families, and violations could result in fines and prison time. If passed, the legislation would prevent the president, his family members, and members of Congress from issuing or promoting securities and crypto assets like meme coins. The bill may face challenges in the Republican-controlled Congress, but Liccardo sees it as a symbolic step against corruption. The legislation aims to address concerns about transparency, insider trading, and improper foreign influence.



Other News from Today