The post House Democrats Aim to Ban Presidential Memecoins with the MEME Act – CryptoNinjas appeared on BitcoinEthereumNews.com.

Key Takeaways: The MEME Act seeks to prevent public officials from profiting from digital assets like memecoins. The proposed legislation would cover the president, vice president, Members of Congress, senior officials, and their relations. The bill has a retroactive element, aiming to address past actions like the launch of the $TRUMP coin. Politics and cryptocurrency have a complicated, and at times contentious relationship. In a signal of these complications, House Democrats are gearing up to present the Modern Emoluments and Malfeasance Enforcement (MEME) Act, legislation seeking to prohibit public officials from distributing or endorsing digital assets — namely memecoins like President Donald Trump’s Official Trump (TRUMP) token. California Representative Sam Liccardo is leading this proposed legislation, which asks important questions about ethics, transparency, and the potential for corruption in the digital age. 🇺🇸 TODAY: House Democrats reportedly set to introduce the MEME Act, a bill that would ban public officials from issuing or endorsing memecoins like $TRUMP. pic.twitter.com/ZQS1r88YXp — Cointelegraph (@Cointelegraph) February 27, 2025 The MEME Act: A Short History of its Birth and the Reason for Action The MEME Act was introduced out of worries that public officials could be using their position to profit personally by issuing and promoting digital assets. Liccardo, a freshman congressman who represents Silicon Valley, has spoken out repeatedly about what he believes: that public office is a public trust, not a way to get rich. His reason for proposing the MEME Act was due to his view that President Trump was clearly being unethical in how he engaged with memecoins. Liccardo stated, “Let’s make corruption criminal again. Our public offices belong to the public, not the officeholders, nor should they leverage their political authority for financial gain.” Public officials issuing memecoins is just another form of public exploitation for personal gain, and such actions should raise red flags to the public…

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Filed under: News - @ February 27, 2025 7:25 pm